We’ve all blown it at one time or another. We’ve made negotiating mistakes that cost us more than we could have imagined.
It’s time we get them out on the table, and hopefully as a result, we can avoid making these negotiating mistakes in the future.
Are you making these 6 negotiating mistakes?
1. Not knowing when to walk away.
If we don’t know at what point it makes sense to walk away, then we’re destined to make a commitment that simply does not make sense. Before you start any negotiating, you must have a list of what you will negotiate and what you won’t negotiate. Having the list keeps you focused and equips you to not give away the farm.
2. Thinking we’re negotiating with the decision maker, only to find out they have to take the final offer to someone else to gain approval.
This is a recipe for failure. You spend time negotiating a deal you think makes sense, only to have the customer take it to someone else to gain approval. Undoubtedly, the result is still negotiating and more concessions.
3. Offering too many things without agreeing on exactly what the customer really wants.
Putting too many options in front of the customer gives them the edge, and they will wind up finding a way to get everything.
4. Talking too much.
When we talk, we run the risk of saying something we’ll regret later. The smart negotiator knows when to appropriately use silence and allow the other person to do the talking.
5. Not being patient.
Negotiations aren’t to be rushed, and it’s amazing how negotiations can go sideways quickly when people feel rushed. Key of course is to make the other person feel time constrained while you exhibit zero pressure to close a deal quickly.
6. Negotiating with a customer when they don’t even know what they’re negotiating over.
This is by far the worst mistake salespeople make. You can’t negotiate until you know what you’re negotiating. To do this means you have to have had time to develop a level of communication with the customer.
Until you know what the customer is looking for and the timeline they have for making a decision, then it doesn’t make sense to even think about negotiating.
So there you have it: 6 negotiating mistakes that will take a toll on your sales. When you read these, do any of them sound familiar?
Copyright 2014, Mark Hunter “The Sales Hunter.” Sales Motivation Blog. Mark Hunter is the author of High-Profit Selling: Win the Sale Without Compromising on Price.