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Topic : Conducting Effective Negotiations
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By : Rajena Kumar Kumar, Sales/BD Manager, Infosys
Industry : IT Services Functional Area : Consumer Sales
Activity:  2 comments  1143 views  last activity : 07 06 2010 20:18:04 +0000
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Sales Professionals Negotiation Checklist

before negotiating begins...
    
    * understand the objections raised up to this point in the sales process and identify what your prospect's or customer's motivation (hot buttons) may be based on these objections
    * be certain you're dealing with a person with the authority to negotiate and make decisions
    * adopt the right negotiating attitude...
    * do not begin negotiations unless you've had an opportunity to fully present your value proposition
    * be confident in the value your product or service will return
    * be prepared to be patient which will lead to higher trust
    * be prepared to work towards a true win/win solution
    * be prepared to articulate to the prospect or customer how your product or service will be used by them and quantify what value they'll receive
    * know in advance at what point the agreement is no longer beneficial to you and your company and be prepared to walk away.



during negotiation...

    * listen
    * do not rush to fill pauses — be comfortable with moments of silence
    * be prepared to change the value proposition to support price concessions... support your price integrity by adjusting the overall value (change delivery times, follow up, service period, etc.)
    * use open-ended questions to confirm your understanding of their need.  
    * be prepared for tactical responses from prospects and customers... whether it's the flinch following your price quote or silence... don't react, instead respond with more questions
    * seek to identify agreement on small items to help develop momentum to the negotiation...
    * state your understanding of how the prospect or customer will benefit from your product or service – confirm this is accurate
    * summarize these agreements periodically
    * take notes to demonstrate your commitment to the negotiation and to help you find opportunities to summarize the smaller agreements verbally to the prospect or customer



after the negotiation...

if agreement is reached...

    * thank the customer or prospect for their time and reinforce the purchase decision
    * summarize verbally and/ or in writing the agreement for all appropriate parties
    * for your next negotiation, review the points that seemed to help move the negotiation process forward... study them... know them... use them

if no agreement is reached...

    * sincerely thank the prospect or customer for their time and commitment to the process
    * give the prospect or customer an "out"... this is an opening for them to come back to you and your company in the future
    * for your next negotiation, review the points that seemed to prevent the negotiation from moving forward... study them... know them... use them

 Top Comment : Deepali Gulati   | 03 06 2009 07:12:30 +0000
Good one, thanks for sharing. In fact they are the practical ones.
 
2 comments on "Sales Professionals Negotiation Checklist"
  Commented by  Mithilesh Singh, Sales/BD Manager, IBM    | 03 10 2009 08:08:56 +0000
Thank you Rajena kumar for spending time on sharing this useful information with us, these are the ones which every sales person/professional should follow to effective negotiate with the buyers. 
The most important checklist for me would be "for your next negotiation, review the points that seemed to prevent the negotiation from moving forward... study them... know them... use them" 
Learn from your mistakes...
  Commented by  Deepali Gulati, Sales/BD Manager, Nvish Solutions Pvt. Ltd    | 03 06 2009 07:12:30 +0000
Rating : +1 
Good one, thanks for sharing. In fact they are the practical ones.
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Experience in Indian Telecom products and processing knowledge is must., Malayalam Voice Process, Client of Manyatha Technologies, Bangalore
Experience in Indian Telecom products and processing knowledge is must., Telugu Voice Process (Chennai), Client of Manyatha Technologies, Bangalore
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