What is your Sales Negotiation Handling IQ?
When you think about your team, do they tend to: Confuse negotiation with confrontation? Do they become emotional (take things personally, get angry, hostile or frustrated)? Do they play the blame game if they don’t achieve their desired outcome?
If your answer is ‘yes’ or ‘maybe’, then their sales negotiation handling IQ probably needs more work.
Negotiation is a process used to reach a compromise or an agreement, without heated arguments or disputes.
We negotiate for our salaries, for promotions, with customers, and even in sales. Some occupations may be more ‘negotiation-focused’ than others, but negotiation is a key characteristic in any business or career.
Sales Negotiation Training
Sales negotiation is a very important skill to have as you’ll be required to persuade your prospects to accept your terms of offer.
There is a whole body of literature out there about negotiation handling. Here are two negotiation techniques that are proven to work as inspired by best seller on psychology, Adam Grant and social psychologist, Adam Galinsky.
Implore the Technique of Anchoring – Make the First Offer
Contrary to traditional wisdom, best writer on work and psychology, Adam Grant recommends making the first offer. Based on his research, “people who make the first offer often get terms that are closer to their target offer.” for instance, when the initial amount is set high, the final negotiated amount will usually be higher and vice versa. This agrees with the principle of ‘anchoring’- the psychological premise that describes the common human tendency to be influenced by the first piece of information offered. The anchoring effect plays out in not just negotiations but in predicting emotions, persuasion and so on.
Make Your Prospects Feel They’ve Made A Good Deal
Every prospect wants to feel that they’ve got a good deal or a good bargain. According to Adam Galinsky, you should never succumb to the first offer even if it’s close to your offer. This creates a value proposition and your client will come away feeling as though they’re getting a great deal.
Qualities Successful Negotiators Have
In any negotiation, three qualities are crucial and very likely to influence the negotiation outcome:
- Interpersonal skills
Good negotiators are:
- Not emotional or confrontational
- They adopt a conscious, assertive approach
- They are calm, professional and patient
Good negotiators are flexible, aware of themselves and others, honest, win-win oriented and most importantly – good communicators.
KONA Group’s world-class Negotiation Skills Training & Coaching program is customised to your business and your negotiation requirements, and has been proven to demonstrably improve results.
Contact KONA today to see how we can help your team.