Do you have a negotiating strategy for your key deals?

Hopefully you are building momentum at the one third mark of the quarter. We heard from a lot of sales leaders that deals were pushed from last quarter to this quarter. For many of you, it is a top priority to close these deals.

In order to increase your odds of not just getting the deal but getting the deal you want, you must be prepared. Here is a list of questions top sales leaders ask themselves prior to negotiations. Are you reviewing these questions with your reps?

* What do you want? Be realistic about what you will get – there will be give and take – what is your bottom line price and at what point do you walk away from the deal and terms?

* What does the customer want? You need to know what the customer wants and why, so you can work towards their needs.

* How can the product/service be positioned advantageously? It may seem obvious but knowing why your customer wants your product/solution and positioning in their terms is critical.

* How is my customer likely to counter? What is the customer’s negotiating style – “all or nothing” or do they like to build consensus? Walk through the discussion in advance and be prepared with counter arguments or a concession plan (see below).

* What information is critical for me to get and not give? – Information is power. Knowing that you are positioned correctly and that the deal you proposed is justified, will allow you to manage any negotiation tactics that are employed by your customer.

* What is the concession plan? What is the list of items you can concede on to get your terms and at what stage will you divulge these? Knowing what you are going to give and what you want in return will prevent you from making emotional concessions and will also protect the value of your proposal. If you cannot concede on anything, what other creative solutions will yield the same result?

* What are the key sources of my leverage in the negotiations? (customer urgency to buy, exclusive source, price advantages, specific information, etc?) What does the customer recognize or admit and has this information been validated by an internal champion? If not, how do you know if you have leverage?

There are countless negotiation tactics, techniques and training programs devoted to developing negotiating skills. The list above serves as a basic plan that will help put some structure in your upcoming negotiations.

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1. Quarter End – Dash to the Finish
2. How are you leveraging Sales 2.0 in your sales strategy?
3. Start the Quarter with a Bang!
4. Sales Quarter End – 12 Point Checklist to Hitting the Number
5. Checklist for Hitting the Sales Target this Q