Archive for April 23, 2007

The Crucial Turning-Point Factors in Sales and Negotiation

April 23, 2007

In the midst of selling or conducting negotiation, have you ever had this feeling that the deal will go on well in your favor. Then out of a sudden, quick as a flash, things took a turn for the worse. Something just seemed to go awry. The sale was lost and the negotiation adjourned, never to reconvene again. (Not to mentioned, relationship strained and commission gone.)

That situation you have encountered, my friend, is what I call The Turning Point of Sales and Negotiation. At that particular point, a factor or two popped up and it was not handled properly or skillfully, hence the potential deal dissipated.

In my Dynamic Selling workshop today, I shared with my participants 3 of the Crucial Turning-point Factors in sales and negotiation. Factors are so extremely crucial that you cannot even take the risk of not knowing them, much less to ultilize them.

Why are they called Factors? Because they are the key causes and reasons of the progress of the sales and negotiation process.

These factors are extremely crucial as they play the most direct part in affecting how the sales and negotiation process will go. Will the situation accelerate to your advantage or will it take a U-turn, leaving you lagging behind, wondering why and what went wrong.

These crucial Turning-Point Factors are:

1. Your Inner Associations: As issues are being discussed, certain specifications, terms and conditions are being brought up. Generally, if you have a negative reaction to some of these terms internally within yourself, they will, in turn, subconsciously affect the mind and heart of your prospect… negatively. Emotional distrust hence occurs.

(Very experienced buyers and negotiator can sense or detect the preference of the association within your mind.)

2. Timing: This is vital as it is also a reflection of your ability to organize information and craft the sales negotiation process. You must know when to pull out the goodies, when to unveil the temptations or bonuses.

Similarly, you must also know when is the right time to inform your customer a certain disadvantage of the product or service you are selling or how to deliver the wrong news in the right way.

Timing alone can sometimes solely determine the success and failure of the process.

3. Your Prospects’ Feedback: You must know after applying the first 2 factors in the process, how do your prospects feel about them. Hence, in this particular factor, it truly takes into account your talent in applying and managing the entire sales and negotiation process. This is almost immediately followed by your ability to read your prospects.

No matter what the feedback is, you must first read, therefore reacting and adjusting your behavior. This takes both patience and humility to fully digest or interpret the prospect’s feedback.

Best wishes to your next sales and negotiation!