Last Updated Apr 14, 2008 7:18 AM EDT
The trick to negotiating final terms is building up your negotiating power as a counterforce to the buyer's ability to buy or not buy. For a sales pro, negotiating power comes from having additional contacts in the customer account, a solid understanding of customer needs, and a unique perspective that the customer values.
If you've got negotiating power, there's no need to cave just to keep the deal alive. You can hold steady, cut a deal that makes sense for both firms, and earn the customer's long-term respect. Sound good?
To ensure that you've got sufficient negotiating power to cut a good deal, ask yourself the following six questions prior to negotiating:
- Do I have at least three contacts inside the customer's organization?
- Have I created legitimacy by articulating our policies and precedents?
- Have I built a relationship with the customer that goes beyond rapport?
- Do I fully understand the customer's needs and have an outstanding solution?
- Have I established the uniqueness of my company's products and services?
- Am I willing to be brave and strong and stick to my guns, even if I haven't made my quota yet?