Close Larger Deals Faster with Sales Negotiation Skills Training
Sellers today must work harder than ever to reach the final stage in pursuing a sale: the negotiation. Therefore, the urge to close can overwhelm other considerations, namely price. In the moment, many sellers concede to pricing pressure, rather than explore the customer’s underlying needs to protect the value of the sale. McKinsey research shows that a 1% increase in discount results in an 8% decrease in operating margin. However, research shows that this price concession isn’t necessary. In fact, findings from Bain & Company show that in many cases, customers are willing to pay more. In a survey, 82% of respondents stated that they “strongly agree” that they would pay an average of 4.2% more for a “high-quality” product. By controlling perceptions of value, sales negotiators can preserve or even increase the deal size.
When sellers negotiate, they do so for the success of not only the sale but all future sales with the customer. For this reason, it’s critical to drive an outcome that creates a precedent for success. Doing so means converting demands into needs. Demands are often inflexible. Needs, however, can be addressed in ways that protect pricing. This technique represents a critical element of the sales negotiations process: control. Training sellers to have a consultative approach will better equip them to understand customer challenges. Therefore, sellers can control the outcome by connecting the value of the offering to the customer’s business needs and avoid the trap of trading too soon.
Consultative Sales Negotiation Training Program
Richardson’s Consultative Sales Negotiation Training program offers specific practices that sellers can apply in a variety of negotiations, regardless of deal size or industry. The universality of the approach is possible because it relies on the immutable truths behind how customers make decisions. These principles help sellers shape the customer’s perception of value while working towards a mutually beneficial outcome. With a combination of social psychology, interactive learning, and customization, learners leave training with the tools, skills, and confidence to move a commitment to a close.
Business Outcomes of the Consultative Sales Negotiation Training Program
- Effectively justify value to protect or increase deal size
- Increase win ratio and decrease the sales cycle by effectively leading the negotiation with confidence and control to an effective, mutually beneficial outcome
- Protect price and avoid discounting while preserving the customer relationship
Help your employees gain the skills to:
- Control the impulse to jump to trading by illustrating how the solution satisfies customer needs
- Use preparation to prime the customer thereby building trust and maximizing the outcome
- Lead the sales negotiation process with an effective opening that anchors the value of the deal
- Preserve the deal size by converting demands to needs to prevent or limit trading
- Learn to achieve mutually beneficial results
- Convert a commitment to a close by overcoming deadlocks through trading, if needed
- Execute effective follow-up to solidify the deal and maintain momentum
- Leverage the psychological principles at work during the decision-making process
Richardson’s Sales Negotiations Training program is available in the following modalities: