It’s not all about making sales. It’s also essential to ensure that the deal is profitable for both parties. This means reducing the risk by taking a proactive approach to negotiations and avoid deals that could be expensive for your business in the long run, whether through cheapening brand perceptions or capturing low margins.
Your team must have access to the relevant data for making informed decisions at every stage of the deal. This is why it’s essential to employ revenue management tools that can turn your data into contextual alerts. Revenue Grid alerts you when you add a new step to an opportunity. They also notify you if an email sequence fails, or in the event that a sale is removed.
You can also build trust and loyalty during negotiations by utilizing the right information. Listen to their concerns and doubts and sympathize with them so you can address them, show how your solution fits better, and then create an agreement that is win-win. It’s also important to consider your own goals and concerns in negotiations so that you can balance short-term benefits with future benefits. To achieve this, make use of multiple offers that have different terms and the same overall value. This method is known as Multiple Equivalent Simultaneous Offerings (or MESO). If you take a proactive approach to negotiations and writing an outline contract with your objectives in mind You’re less likely to fall victim to extreme edits that can lower the value of the deal.