Sales negotiation involves assessing customer needs, highlighting benefits, and convincing them to purchase goods or services. It can be formal or informal, and relies on strategy to settle prices and contract terms. Sales training programs help salespeople hone their negotiation skills.
Sales negotiation is a process that involves deliberating all the details needed to successfully complete a sale. As part of this type of negotiation, a salesperson interacts directly with a customer, assessing the customer’s needs, pointing out the benefits the customer can gain, and helping the customer see how purchasing the goods or services being offered would be a wise decision. The ultimate goal of any sales negotiation is to earn the customer’s business by meeting the customer’s expectations to the point that they will be willing to consider purchasing the goods or services offered in the future and complete the sale with the terms and conditions that are considered beneficial for all parties involved.
It is important to note that a sales negotiation can be a very formal process that is carefully worked out, or it can occur in a situation that unfolds unexpectedly. Some negotiations are very informal, while others are highly structured. In many cases, the negotiation phase of the sales process will rely on the use of some carefully employed strategy, although the exact wording of those strategies is often adapted to suit the circumstances surrounding the negotiation.
For example, after a formal introduction to the prospect a sales negotiation may follow. Your presentation can include any number of visual media, including video streamed over an Internet connection. Once the salesperson feels that the customer has received enough knowledge to see value and at least some applications for the product, the negotiation can begin. This often involves exploring as many applications as possible, identifying the costs associated with using the product, taking care to draw attention to the time and money savings that the customer can reasonably expect from using the product. From there, the negotiation moves on to settling product prices and mutually agreeing on the terms of the contract that will govern the newly established relationship between the buyer and supplier.
Most sales training programs will spend a lot of time helping new salespeople hone their ability to engage in effective sales negotiation. While the training will vary from program to program, most will include tips on how to efficiently assess the prospect, identify their most pressing needs, and use the data in a way that convinces the customer to make a commitment and purchase the product or service offered. While some forms of sales negotiation focus heavily on price, other factors such as quality, customer support, and timely delivery of goods or services are often employed as part of the tools in the negotiation process.
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