Like selling, negotiating is a skill and you have to learn some basic techniques and tips in order not to make these common mistakes:
- Not being prepared
- Conceding too quickly
- Not knowing your bottom line
- Going in with your bottom line price
- Being overly confident
You have to go into a price discussion being prepared with your second or third best price so you give yourself some room to negotiate. Remember, you can always go down but you cannot go up.
Get comfortable with silence – theirs and yours. When they ask for a concession – think about it first and even say ‘I’ll get back to you on it” if it’s a major request.
Some useful phrases that work for buyers and sellers:
- What else can you do for me?
- Is that your best offer?
- Let me think about it and get back to you
- Never give up something without getting something else In return.
You can ask ‘What should I take out of my proposal then?” That way you find out their low-value items. Non-money concessions can include three written referrals, a video testimonial, or an invite to their association of choice to speak – whatever is of future value to you in prospective new clients.
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Have fun and make money!
Patti Pokorchak, MBA
Marketing & Sales Consultant
Working with service-based businesses who want to make a difference AND make money.
Small Biz Sales Coach 416-951-3842