Business Mentor: Negotiation tactics every entrepreneur should master

Armando Bartolome

Posted at Jul 24 2021 08:47 AM

New entrepreneurs may find it challenging to find new ways of slowly increasing their revenue. It has become doubly hard since the pandemic. Entrepreneurs should be creative in presenting their business to possible new clients, but having the charm is equally important. One should remember that to successfully close a deal, you need to understand the other person’s goal by presenting a compelling offer, which hopefully defeats any objections. 

When you lay down your cards, both you and your client may feel a little uncomfortable. You are offering the best you have, while the client may be seeking a much better offer. So, what do you do? Both of you to reach a compromise that would be mutually beneficial and successful. Eventually, you can determine what you want to ask for at the right time using the best technique to complete the deal.

One thing to keep in mind is that how you close a deal with one client may not be how you should present to the next client. The reason for this is that consumer preferences continue to evolve, thus, your negotiation tactics should also keep pace. As your business grows, there may also be a need to restructure your arrangements with your partners and investors. Therefore, being able to master the closing techniques will also help find new people for your organization.

Here are a few tips:

1. Determine who the decision-maker is 

More often than not, the decision-maker of a company would send someone else to learn all of the information about your company and what you offer. Even if the decision-maker is not in front of you, be sure to put yourself into the head of the decision-maker so that you can customize your sales pitch to that person’s interests, even if he is not actually at your meeting. This can be truly challenging but work on your best possible offer.

2. Present your authentic self 

Now, some would have made a script on how they will speak while in a meeting. If not properly delivered, your pitch may sound monotonous and unreal. You want to show your empathy towards your client’s business. While your major purpose is to increase your revenue, you should also show your concern about your client’s aim of increasing their revenue. Be prepared for questions that may be thrown at you and at the same time, show your concern about your client’s best interest.

3. Create a sense of urgency 

Provide a deadline to help give the client an inducement to commit. This doesn’t mean rushing the client, but rather letting the client realize that the product or service you offer is the right choice, right now. Hence, you may provide a discount or offer some free things or packages as incentives.

4. Triumph over objections 

You will be extremely lucky to sit down and let your client listen to your sales pitch and then immediately reach an agreement. More often, you will need to deal with answering a ton of questions. If you are not ready, these questions could just put you off. To avoid being in that predicament, prepare a team and have each person come up with questions with objections they might anticipate. Allow your team to hear your sales pitch to gauge any objections you may have missed.

5. Determine your biggest selling point against your competition

There may be several businesses that offer the same products and services that you have. How do you stand out and allow your prospective client to choose you? You can easily win them over by knowing your competition. Create the best offer possible that your prospective client would find tough to refuse.

6. Know what you are saying

You may lose your client if you were overconfident in telling your sales pitch to the point of sounding too exaggerated. Your clients wouldn’t be impressed. Stick to your area of expertise, focus on what is important and remain professional at all times.

Remember that closing a deal is not just getting what you want, but allowing your clients to realize that you are the best choice they have. Compromises are bound to happen which you should adhere to, which means finding the best solution that will suit both you and your client.

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For more information, you may contact Armando "Butz" Bartolome 
by email: business.mentor@butzbartolome.com
FB Page: Butz Bartolome
website: https://www.butzbartolome.com 

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