It’s not just about making sales. You also need to make sure that the deal is profitable for both parties. This means minimizing risk by taking a proactive approach to negotiations and staying clear of deals that could prove costly for your company in the long run, whether through the devaluation of brand perceptions or capturing a small margin.
Your team needs access to the right data to make smart decisions at each stage of the deal. It’s vital to use revenue management software that can convert your data into relevant notifications. Revenue Grid alerts you when you add a new step to an opportunity. They will also inform you if an email sequence fails or in the event that a sale is dropped.
Having the right data will allow you to build trust and confidence with your clients during negotiations. Pay attention to any hesitations or worries in their conversations and understand them so you can address their concerns, show how your solution is a better fit, and create an agreement that is win-win. You should also take into consideration your own goals when you negotiate to balance the short-term benefits with future ones. To achieve this, leverage multiple offers with different conditions and the same overall value. This method is known as Multiple Equivalent Simultaneous Offerings (or MESO). By writing a contract outline with your objectives in mind it is less likely to be the victim of drastic changes that can reduce the value of the bargain.
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