It’s not just about generating sales. It’s also essential to make sure that the deal is profitable for both parties. This means reducing the risk by taking a proactive approach to negotiations and making sure that deals aren’t expensive for your business in the long term, either by reducing brand perceptions or capturing minimal margins.
To make informed decisions at each step of a business transaction, your team must have access to all the right information. It’s essential to utilize revenue management software that can transform your data into contextual notifications. Alerts on the Revenue Grid let you know when a next step has been added to an opportunity, when an email sequence is not working and if the deal has been canceled- all of which help to ensure that your reps are taking the proper actions at the appropriate moment.
You can also build trust and loyalty in negotiations by utilizing the right information. Be attentive to their concerns and fears and be able to empathize with them so that you can address them, then show how your solution fits better, and create an win-win situation. It is also important to think about your own goals and concerns in negotiations so that you can balance short-term gains with future benefits. To do this, try leveraging multiple offers that have different terms but have the same overall value–this strategy is called Multiple Equivalent Simultaneous Offers (or MESO). By taking a proactive approach to negotiations and writing an agreement draft with your intended goals in mind You’re less likely to fall victim to drastic changes that reduce the value of the deal.
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