It’s more than just about making sales. It is also important to ensure that the deal is profitable for both parties. This means minimizing risk by engaging in negotiations with a sense of urgency and avoid deals that could be costly for your business in the long run, either by reducing brand perceptions or capturing minimal margins.
To make smart decisions during every step of a business transaction, your team needs access to all the right data. It is essential to use revenue management software that converts your data into a contextual notification. Alerts on the Revenue Grid let you know the moment a next step has been added to an opportunity, or when an email sequence is failing and when an offer has been cancelled–all of which help to ensure that your reps are taking appropriate actions at the right time.
Having the right data will allow you to build trust and build loyalty to your clients during negotiations. Listen to their concerns and doubts and sympathize with them so you can address them, then show how your solution will work better, and then create an agreement that is win-win. It is also important to consider your own goals and concerns in negotiations so that you can balance short-term gains with future benefits. To achieve this, you must leverage multiple offers with different terms but the same value overall. This is known as Multiple Equivalent Simultaneous Offerings (or MESO). By taking a proactive approach to negotiations and preparing the contract in a draft format with your desired outcomes in mind You’re less likely to fall victim to extreme edits which can reduce the value of the deal.