Be an active listener:
Listening is regarded to be an important skill that needs you to hone both your non-verbal and verbal communication skills. Are you listening to what is being said by the speaker, can be determined by looking at your facial expressions, posture as well as head movements. While having negotiations, the other person should b e given that feeling that besides hearing to what is being said by him, but also clearly understanding.
Eye contact is an absolute must for becoming an active listener. When agreeing to some points, it can be acknowledged with an ‘I agree’ or ‘Yes’. However, the speaker is not to be interrupted. Opportunity is to be availed for paraphrasing what is being said and the same repeated for ensuring being understood. Questions are to be asked to the speaker for clarifying information.
Asking open ended questions:
The below mentioned two questions are to be considered:
The price that is likely to work for you!
Answer: Why is the price steep? Is it because of past results?
For the next question, price related dialogue becomes a way for emphasizing previous clients’ results.
Setting high objectives:
Researchers have identified that as specific, challenging objectives are set, a better deal was secured when compared to those with lower or undefined goals. Although, an attempt is made for client negotiation, knowing that 20% cost of the final project could be reduced, timeline change or higher price negotiation is to be tried out, along with pr ice cut. You should have a GOAL.
Playing to client’s emotions:
Emotions at times compel people to make purchases for most of the time. It holds true, while determining the competing brands. (For instance, I have to buy Tide even though there exists other brands, since my mom used the same.)
Professional service industry also falls into this particular aspect. Your team’s excitement or relationship with the client is to be emphasized upon. How the creative team is being inspired is something that CMOs just love to hear.
Being confident of considering self as the best option:
In case, your job entailed the prospect’s qualifying, then working along with your knowing-the-techniques-to-negotiate-like-a-proagency is sure to benefit the client.
Hence, at the time of contract phase, in case things break down, and the terms are being negotiated, you can be rest assured of having business relationship with the client. Probably, it could be gaining his confidence. You are to emphasize having the necessary experience, understand marketing challenges faced by your client, and offer a functional plan that is superior to your competitors.
Emphasizing the urgency:
You identified the cost to client, during proposal phase, in case leads are not increased, sales driven by X%, etc. Also you are to determine as to how the project timeline would affect the quarterly or year-end goals. Consequences arising from delayed projects are something that clients are to be made wary about.
You along with the prospect hopefully would get past the phase. Once becoming a client, you are to develop a strong relationship with him. This effectively means, the end results related to the negotiation is to be satisfactory for the client. A feeling of both having made concessions is to be allowed to be felt by the client and is satisfied about, and not just any single party being termed the exploiter.
Objective of negotiation is actually not to derive everything desired. Rather, it is to do with how you cooperate and communicate with the client, to ensure developing a healthy relationship based on equal standing. Therefore, the result being stronger, leads towards partnership with equal amounts.
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