Wouldn't it be great if the best sales negotiators in the world could drop by our place and sit down with us for awhile to share what they've learned? If you knew that they were coming, what questions would you ask them? If we only had a few minutes to talk with a master sales negotiator, what would they want to share with us?
Buyers Need To Move Slower Than Sellers
Our sales negotiations are more often than not a game of back-and-forth: offers are followed by counteroffers which are then themselves countered. One thing that too many of us overlook is that the buyer's first counter offer is one of the most important events in a sales negotiation.
Before the buyer makes a counteroffer, the buyer has no idea if there is any chance of striking a deal. The more the buyer goes on talking and doesn't make a counteroffer, the greater the doubt in the seller will be. In fact, he/she may end up lowering their price just to get the buyer to make a counteroffer in the first place.
Learn To Say "Yes" Slooooowly
Sometimes, no matter what side of the table you are on, you'll be presented with a deal that is perfect just the way it stands. The price is right, the terms are good, and it meets your schedule. You are busy and have lots of other things to do - you want to say "yes" and move on to other things.
However, the master sales negotiators would caution you against doing this. It's not that there is anything wrong with the deal; it's just that you are going to leave the other side with a bad feeling about the negotiation. They are forever going to be filled with doubts about the deal (and they may do a poor job of keeping their part of the deal). However, if you say "no" a few times or at least take your time saying "yes", then they will feel as though they "earned" the final outcome and this will, surprisingly, leave them feeling more satisfied.
Breakdowns - Good For Buyers, Bad For Sellers
Most of the time, the deal that we're negotiating can be quite complex. In these cases it's natural for the buyer to request a breakdown of the prices involved. This is an excellent way to get some insight into the seller's costs.
On the other hand, providing such information is going to allow a buyer to do a better job of negotiating a lower price so sellers should work hard to not have to provide them. This can be impossible if they ask for it at point blank; however, trying to avoid ever getting into that situation is always a good plan.
Final Thoughts
As we've said before, the art of good sales negotiating does not rely on one single skill. Rather there are literally 1,000s of small details that if you can get them right, then you'll turn into a force to be reckoned with during any sales negotiation. The three skills that we've discussed here will get you on your way to becoming a sales negotiating pro and will allow you to close better deals and close them quicker.