Is it time for one of those business deal meetings? Are you pondering possible scenarios during your meeting? Are you worried that you might not come to a mutual agreement?
The art of negotiation is a critical aspect in making business deals. Communicating the proper messages ensures that your client will easily understand you. Moreover, displaying a professional demeanor creates a positive impression on your clients.
Business negotiations should end with a mutual agreement. Emphasizing the benefits that both parties will gain is a fundamental part of business negotiations. Overall, it must let two parties fulfill their respective business objectives.
The process of negotiating
With the numerous ways on how to negotiate, there are three vital parts to remember. Planning, engaging, and closing are the basic parts of negotiating.
First, preparing your approach is a good way to plan for specific situations. Analyzing your client’s objectives and considering certain responses that you anticipate is a good start to the process.
Second, engage deals by proposing the first offer. You should display calm confidence and state rational ideas to gain your client’s attention.
Lastly, concluding deals by restating the vital points of the meeting to your client. It is important for you to write down all agreements and concessions made in a formal document to ensure credibility.
When engaging with your client, you may notice some non-verbal cues that indicate their feelings towards your offer. The most common subconscious indicators are facial expressions, hand gestures, and body movements.
For example, you may get a hint that your client agrees with your offer if they nod their head or stroke their chin. On the other hand, if you see a doubtful facial expression or constant foot movement, this may indicate that they disagree with your offer.
Handling Common Rejections
When a client rejects your offer, you should handle these situations in a respectful manner. Asking pertinent questions until you clearly understand why your client has rejected your offer is crucial. You would not want to lose out, only to realize that the reason could have been addressed.
You can also handle rejections by offering other beneficial deals. For instance, you may propose a deferred payment schedule or additional monetary/material incentives. Undoubtedly, you have to make sure that your business is capable of providing extra benefits.
Get Creative but Keep it Simple
Creative negotiation is a great way to get the deal done. Using your business’ resources in unconventional ways may motivate your client to agree with your offer. You just have to make sure that your creative ideas are legal and ethical to execute.
Offering unique items like a year supply of your company’s products or special discounts to your services are some ways to get creative. Generally, you must consider that your offer is not too complex. Keeping it as simple as possible is always best when negotiating.
When negotiating a deal, you have to express what is important for your client. Likewise, you also have to be certain that you are getting what is something you and your business need.