Chris Croft Shares How to WinEven with Weaknesses, Ep #339
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Everything\\xa0depends on preparation. When you\\u2019re in a negotiation, you\\u2019re under pressure. You need a good plan or all is lost before you start. Planning is often the most neglected part of a negotiation, too. Why? Because salespeople think they can\\u2019t plan because they don\\u2019t know what the other person will do. They want to go in and\\xa0\\u201cSee what happens.\\u201d Chris Croft believes that mindset is all wrong. You need a plan\\u2014just work in a few \\u2018what ifs.\\u2019
Outline of This Episode
- [0:48] Why planning and preparation is an important step in negotiation
- [2:10] The key steps a salesperson should take to prepare for negotiation
- [8:46] How to \\u201cbe nice\\u201d in a negotiation when you dislike the other person\\xa0
- [11:12] The attributes or characteristics that make a great sales negotiator
- [14:43] Tools and resources to improve your negotiation outcomes
- [19:53] Chris\\u2019s top three negotiation planning dos and don\\u2019ts
- [22:52] You can negotiate from a place of weakness and still win
The key steps a salesperson should take to prepare for negotiation
Chris believes that there are four key categories you need to focus on:\\xa0
- Your position: What do you want from a particular deal? Recommendations? Mentions on their website? Payment terms? Then you have to focus on things you can offer them that they deem valuable. Maybe they want free trials, more information, or to be publicized on your website. You need to think through alternatives and focus on your strengths.
- Their position: What do they want? What do\\xa0we\\xa0think they want? What can they offer us? What are the things you can trade? If you have a list prepared, it\\u2019s far easier to throw out ideas that\\xa0aren\\u2019t\\xa0discounted. What are their weaknesses? When you think through their weaknesses, you will feel stronger.\\xa0
- The numbers: There are three big numbers\\u2014the price you expect to get, your opening offer, and your walk-away point (the lowest number). You have to prepare all three of these numbers. The other thing you need to think about is the value of trade items. What if they can pay in one week versus 90 days? Assign a value to these things.\\xa0
- The style: Always be nice, even if you dread or dislike the other person. You\\u2019ll get a better deal. But you must also be strong. Walk away if you need to.\\xa0
If you start by focusing on these areas, you\\u2019ll be well prepared for your negotiation.\\xa0
How to \\u201cbe nice\\u201d in a negotiation when you dislike the other person
Your body language in the first 30 seconds sets the scene for the negotiation. So smile, shake someone\\u2019s hand, and look them in the eye when you walk into the room. Sit at a 90-degree angle so you aren\\u2019t confronting them. Don\\u2019t sit with your arms folded. Be relaxed and smiley.\\xa0
When you say you need a high price and they say they can\\u2019t afford it, don\\u2019t point out that they\\u2019re cheap or that they don\\u2019t understand your value. Instead, say \\u201cIt\\u2019s difficult to get ahold of these things\\u201d or \\u201cIt\\u2019s expensive to make this.\\u201d Or you could point out the demand for your product or service.
If you\\u2019re buying, don\\u2019t accuse someone of trying to rip you off. Just point out the reasons you can\\u2019t afford something. You blame it on yourself. It\\u2019s\\xa0your\\xa0problem\\u2014not theirs.\\xa0
The attributes or characteristics that make a great sales negotiator
Self-discipline is important in every aspect of sales and especially negotiation. Sit down, go through your checklist, and prepare. Secondly, you must detach from the outcome and avoid emotional involvement. You\\u2019re playing a chess game with your customer. Rather than panicking, think \\u201cWell that\\u2019s interesting, I didn\\u2019t expect that.\\u201d\\xa0
Salespeople think you sell, wait for the customer to say \\u201cI love it\\u201d and then negotiate. Chris believes that selling and negotiation should happen in parallel. You should negotiate from the start.\\xa0
You can negotiate from a place of weakness and still win
Chris\\u2019s mom saved a voucher for a free stay and gave it to Chris and his wife for a weekend away in Oxford. Right before their trip, they received a message from the hotel saying they were placed in a better room than planned, but they\\u2019d have to pay an extra 30 pounds when they arrived.\\xa0
So Chris decided to negotiate when they arrived at the hotel. So they drove to Oxford and arrived in the evening. When they went in, Chris pointed out that he wasn\\u2019t happy about paying the extra 30 pounds. The staff member apologized but said he had to pay it.\\xa0
So Chris said he wasn\\u2019t prepared to pay for it and asked to see the manager. His wife was practically kicking him. The woman said, \\u201cI am the manager.\\u201d So Chris pleaded one last time, prepared to concede. But the manager\\xa0waived the 30 pounds. Chris succeeded. He was negotiating from a place of weakness\\u2014but so were they. The key was to focus on their weaknesses, not his.\\xa0
The moral of the story? He should\\u2019ve prepared his wife for the negotiation.\\xa0
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