All the little details matter, including specific words and gestures, which can determine whether or not a sale is made.
Sure, you probably already have a few tricks up your sleeve when it comes to negotiating, but it never hurts to learn a few more.
Here are 4 tips which should help you become a more successful negotiator:
- Be the first person in a negotiation to quote a price
- Don’t take anything personal
- Make sure the final decision makers are present
- Mirror your prospect
There is a myth out there that allowing your prospect to “give you a number” will force them to show their cards so to speak and therefore give the seller the upper hand in the negotiations. Some studies have shown however the opposite.
In the book Negotiation, Adam D. Galinsky and Roderick I. Swaab write:
“In our studies, we found that the final outcome of a negotiation is affected by whether the buyer or the seller makes the first offer. Specifically, when a seller makes the first offer, the final settlement price tends to be higher than when the buyer makes the first offer.”
Act as though nothing matters. Entrepreneurs take their businesses very personal and tend to have thin skin. As a seller to an entrepreneur you immediately have the advantage. Play it cool, keep calm during the negotiations and pretend like the final sale doesn’t matter to you. Keeping cool, keeps the sale warm.
We always say to make sure that during final negotiations that all decision makers are present. When all the final decision makers are present this will allow all key parties to decide on the purchase. Having all key decision makers present should shorten the sales process. Prospects will not be able to use the excuse that a key party isn’t present and therefore they need more time to make a final decision.
Mirror your prospect – It’s important to match your prospects behavior to yours. The technique of mirroring takes practice to learn effectively. When you mirror your prospects, you build rapport with them. When prospects have your similar demeanor’s, they will feel a connection with you. Remember, people are inclined to follow and obey those they perceive as similar to themselves.
Are you ready to complete a Successful Negotiation?
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