It's a cutthroat commercialist world we're living in; and in order to survive, sales negotiation training is absolutely essential. Whether it's a business arrangement or a personal transaction, how well you negotiate can spell the difference between profitable gains and financial disaster. Here are some sales negotiation training guidelines to keep in mind so you're never at the losing end of a deal.
Common sense dictates that the better the product and/or service, the lesser you'll be wanting for customers. And if the price is right, they'll come in droves. But this isn't a perfect world, and there will always be a better price, a better commodity, a better competitor than you in the market. So the best way to stay one step ahead is to make your product unique. How? By making yourself unique.
You, the seller, are part of the package. If you can't be the best or the most affordable, get back by being creative. If you can make the buyer's purchasing and bargaining experience quite memorable for them, rest assured they'll be back for more.
Be truthful about what your customers should expect and always get to the point. Don't bore your buyers with long-winded sales pitches. Cut to the chase and let your product/service do the talking. Build good rapport so that buyers will see you as dependable and someone they can trust so that they will be more than willing to part from their hard-earned money.
If your buyers are happy, they'll tell their friends about it, and their friends will tell their friends, and so on. Your business will have grown exponentially by word of mouth, and all because you made a customer satisfied.
Customer service should be your top priority, and buyer satisfaction ought to be paramount, but only within reason. You have yourself to think about as well. Give in to every whim or demand and you'll be closing shop long before you close a deal. Take control of the negotiation process. Remember that buyers nowadays are market-savvy and they'll come prepared to whittle you down to the bare minimum while snatching as many concessions as they can get their hands on.
A smart buyer will wait for you to talk first, but if you can get them to name their price first, then you hold the advantage. Try asking about their budget. They will give you the lowest possible figure, and it's your job to make a balance between what they are willing to pay and how much you are willing to accept.
If a compromise cannot be reached, know when to say 'no.' Don't treat a deal like your very life depended on it. If you can show the customer that you are able to walk away from a potential sale, then you hold power over them. Believe it or not, they will respect you more for it and may even return to do business in the future. Buyers won't want to deal with overeager sellers who fall apart so easily and try too hard to please.
Just as it does for sellers, sales negotiation training works for buyers as well. If you are the buyer, having other options is the trump card in any negotiation strategy. Never appear desperate and needy or you'll have practically given the seller permission to milk you for all you're worth. Know also when to walk away from any product or service. If you can do that, expect more trading to tip in your favor.
So next time you find yourself at the negotiating table, wear your sales negotiation training like a badge and negotiate your way to a better deal.