Negotiation Skills Training and Coaching
How Effective are Your People at Managing Negotiations?
- Have a clear negotiation strategy and contingency plan?
- Know at every step of the negotiation process what they need to communicate and achieve?
- Understand the personality profiles and negotiation style of their customers?
- Identify and handle the negotiation tactics regularly used by buyers to get what they want?
- Communicate value in a negotiation without relying on price?
- Leave meetings wondering, “why is it that only the people who push their ideas the hardest, or speak the loudest, get heard around here?”
Are You Losing Business Because Of Poor Negotiations and Pricing?
Your team may be highly effective in attracting customers, but this quality alone is not sufficient for bringing new business. To do this, your team must also be able to negotiate well. Why? Because business deals often break and fall apart during this stage.
Negotiation skills are an important part of any sales person’s abilities, and the lack of it can cause serious problems. For instance, one of our clients came to us because their sales team was unable to close deals. Prospective customers would often go to their competitors because they offered better prices. When we came to examine the issue, we saw that the team lacked the skills and training needed to effectively negotiate a deal and close a deal.
What happens when this is an issue?
When your team is not able to negotiate well enough to close a deal, obviously you lose out on a good opportunity.
In some ways, losing prospective customers at the negotiation stage is worse than not getting customers at all. For one, you get a false sense of comfort in thinking that you have successfully attracted customers. Secondly, all the time and effort spent in talking to the customer until then also goes waste. This translates to poor productivity and efficiency, which may pull your business’s bottom line down faster than gravity.
How do you solve this issue?
There are several reasons why a team may be unable to negotiate well. In many cases, it is lack of training and skills, while in some cases it is because the salespeople lack the freedom to negotiate fully with customers. Here are some tips to help improve negotiation abilities of your sales team.
- Know more about the customer
One of the most common reasons for poor results at the negotiation stage is entering this stage without prior or adequate preparation.
There are two things your sales team must do and do well. Know everything about the products they are selling and learn as much as possible about the person they are selling to. Find out exactly what you can offer that will make it difficult for customer to turn your down.
- Give more freedom to the sales team
The other common mistake is to send the sales team into the negotiation room with their hands tied. That is, not giving the freedom to improvise the terms of the contract if situation demands.
Sometimes you have to make some compromises and give something away to get a customer, and your sales team should have the freedom to make these necessary compromises, be it on price or something else.
Even after implanting the said tips if your sales team performance at the negotiation stage doesn’t show improvement, you should use our coaching programs.
KONA Group’s world-class advanced Negotiation Skills Training & Coaching program is customised to your Business and your negotiation requirements.
Expected Outcomes from your customised negotiation skills training include:
- Increased profitability: it has been calculated that over 5% of operating costs can be saved through better negotiation (source: CEBR Research, 2009)
- Improved confidence and effective negotiation capability even in complex, high pressure situations
- The ability to own the negotiation, control the approach and improve the profit outcome
- The skills to identify and handle the negotiation tactics regularly used by buyers and tailor approach to different trading psychologies
- The knowledge of how to trade across a complex range of concessions, not relying on price
- The ability to differentiate between the “overt” and “covert” positions of the other party to recognise real business needs, overcome barriers, manage conflict, and secure the deal
To discuss how KONA’s Negotiation Skills Training and Coaching can improve your results, contact KONA Group:
11 Phillips Street
Neutral Bay NSW
432 Smith Street
We cover all States Australia wide including Sydney, Melbourne, Brisbane, Perth, Adelaide and Hobart.