Selling is seldom just a matter of engaging prospects and sealing deals. Successful salespeople know the importance of skillful negotiating in bagging more deals for increasing their sales profits, whether selling in-person, on the phone, or online.
While there’s no single guaranteed method to ace sales talks, here are some tried and tested practices to help you increase your sales profits.
Focus on value, not price
While price is important when you’re selling, focusing only on price can negatively impact the sales discussion.
Online sales courses emphasize that instead of basing your talks on the price, it pays to focus on the value that your offering will bring the customer.
The buyer’s perception of how valuable the product or service is often sets the tone for the talks. Customers seldom ask for unattainably high discounts for high-value products that are likely to bring the buyer higher returns.
By pointing out how valuable the product or service is, you can help the customer to see that they stand to gain more in value than what they lose in monetary terms.
Do your research
One of the best ways to help the customer visualize the product’s value is by thoroughly researching their needs.
Ask yourself questions like: What does the customer hope to achieve with the product? What could persuade the customer to make the purchase decision?
By asking the right questions, you bring into focus what the customer values the most. Once you get a handle on the customer’s most critical needs, you can drive the customer to a purchase decision by highlighting how your offering is the best solution for their pain points.
Actively listen before offering discounts
When your prospect indicates that they want to secure a lower price, resist the urge to quickly offer a discount to close the deal swiftly.
For one, you might inadvertently offer well beyond the customer’s expectations, chipping away at your bottom line.
Also, if you are trigger-happy with discounts, your prospect may get the view that your product isn’t as valuable as you claim. If customers start doubting your offering, you will likely lose your grip on any future sales.
Before you jump to the offer, take the advice of the best online courses geared at driving sales: Listen to what the customer has to say. Ask questions to see how the prospect ranks the value of your product or service.
Evaluating how the customer values the product or service will enable you to calculate a reasonable discount that allows you to close the deal at a profit. When you settle for a reasonable discount, make your offer and wait for the prospect’s response.
Avoid feeling pressured into countering your own proposal. Instead, it helps to be patient and wait for a response before making another offer if you need to.
Reign your emotions in
Sales talks tend to be high-pressure engagements, especially if the talks aren’t smooth sailing on your part.
The pressure of the discussions can lead to frustration and agitation, which may take hold of you when talking to customers. This can be especially true in an online setting where it’s more difficult to read the other side’s body language.
The best negotiation training courses often teach techniques to control emotions like:
- Acknowledging the emotions to begin with. Empathy toward yourself goes a long way.
- Accepting and embracing emotions rather than pushing your feelings down.
- Taking a break to manage negative emotions.
- Finding an outlet to release your negative emotions, such as talking to someone.
The calmer you remain, the higher your chances of steering the prospect toward a buy decision. Regardless of how long the sales talks drag on, it’s essential to stay composed. If you push the prospect, you will likely alienate the customer and lose valuable business opportunities.
Know when to walk away
Knowing when to walk away from a sale is often just as important as pressing on patiently. Successful salespeople learn how to read the customer and pick up on cues.
If the customer remains lukewarm and shows a complete lack of interest in any of your offers, it’s often time to move on.
Holding on when it becomes crystal clear that you are not going to see eye to eye with the customer will likely lead to frustration and wasted time.
Every customer is different, so you may benefit from courses that teach the art of reading between the lines.
By practicing your negotiation skills, you can close more deals successfully and boost your profits both online and offline.