A recent study of Fortune 500 firms across the globe and across a variety of industries highlighted a surprising fact regarding negotiations: 97% of verbal tactics followed a predictable two-option pattern. The buyer would either
- claim that they had a better alternative (the better, faster, cheaper assertion), or
- request a freebie or discount.
Once you understand these two buyer tactics and can anticipate them, it would seem that every sales negotiation training program should prepare salespeople to follow the right direction and answer these critical buyer objections more effectively.
- Know your stuff. Be clear on what the buyer really needs - not just what they think they want. Know how your solution performs compared to potential alternatives. And be clear on how your offering will truly provide a solution that is in their best interests. Be ready to share relevant case studies that prove how this has worked before and testimonials that prove you and your organization are what you say you are.
- Focus on value, not price. Quantify the cost of NOT solving the problem. Chances are that postponing a solution will be more costly than what you would charge to fix things. Try to get your buyer to consider what would happen if they do nothing. Then price becomes less of an issue.
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