It’s not just about generating sales. You also need to make sure that the deal is profitable for both parties. This means reducing risks by engaging in negotiations with a sense of urgency and staying clear of deals that could prove costly for your business in the long term, either by reducing brand perceptions or capturing a small margin.
To make smart decisions during each step of a deal, your team requires access to all the relevant data. This is why it’s essential to employ revenue management tools that transform your data into relevant alerts. Revenue Grid alerts you when an additional step is added to an opportunity. They will also inform you if an email sequence doesn’t work or the sale has been dropped.
The right information will also help you build trust and a relationship with your clients during negotiations. Listen to their concerns, doubts and sympathize with them so you can address them, then show how your solution is better, and create an agreement that is win-win. It’s also important to take into consideration your own goals and concerns when negotiating, so that you can weigh short-term gains against future benefits. To do this, try using multiple offers that have different terms but have the same overall value. This is called Multiple Equivalent Simultaneous Offers (or MESO). By taking a proactive approach to negotiations and creating a link draft contract with your objectives in mind it is less likely that you will fall victim to extreme edits that diminish the value of the deal.