It’s more than just about making sales. It is also important to make sure that the deal is profitable for both parties. This means minimizing risk by engaging in negotiations with a sense of urgency and staying clear of deals that could prove costly for your company in the long run, whether through cheapening brand perceptions or by capturing only a tiny margin.
To make the right decisions at every step of a business transaction, your team needs access to all of the pertinent data. This is why it’s vital to make use of revenue management tools that can convert your data into contextual alerts. Revenue Grid alerts you when an additional step is added to an opportunity. They also notify you if an email sequence fails or if a sale has been dropped.
The right information will allow you to build trust and a relationship with your clients in negotiations. Listen to their concerns, doubts and sympathize with them so you can address them, explain how your solution fits better, and make an opportunity for both sides to win. It is also important to think about your own goals and challenges in negotiations so that you can balance short-term gains with the benefits of the future. To accomplish this, you should leverage multiple offers with different conditions and the same value overall. This strategy is called Multiple Equivalent Simultaneous Offers (or MESO). By preparing a contract draft with your business goals in mind it is less likely to be a victim of drastic changes that could reduce the value of the bargain.