Enhance customer lead management in Vendor negotiations

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no no no no no your price is too high what are you saying we've got a proposal from a competitor for a letter of price now these are words that any business owner and any sales professional dreads negotiation that's one thing we all hate as business owners but we love to do when we are customers so in this video i'm going to share with you five rare negotiation tactics that can help you protect your interest while you are in a sales conversation with your customer hi my name is rajeev tal raja and as a business coach i work with thousands of entrepreneurs in helping them design sales processes where they are able to close deals in a win-win-win manner where the customer wins and the business owner wins and make sure that the business wins by making a good amount of money so in this video i'm going to decode for you what do you need to do when your customer comes after you aggressively with a need to get a better deal and then negotiate sometimes even without any logic or rational so make sure you watch this video till the end and make a lot of notes during the video and towards the end of the video i have a special invitation for you to continue the learning journey with me so that you can take your business to the next level so let's get started with understanding five rare negotiation tactics that work in the real world that you need to learn and you need to apply in sales conversations with your customers the first key negotiation tactic that you need to do is prepare yes you heard me right i said prepare which means negotiation starts even before the negotiation meeting starts negotiation starts with preparation if you do not prepare what is your offer what is your boundary price below which you will not take the deal and what are your variables which you are willing to give away in a negotiation if you do not have clarity of these things and you walk into a sales meeting or a negotiation conversation it's like walking into a boxing ring without wearing the boxing gloves you're gonna get beaten black and blue if you have not prepared what are your variables to give away and what is your boundary price below which you will not take up the project so the first negotiation tactic that can protect you is preparation so make sure you prepare walk in with clarity what are you willing to give away and you got to be willing to give away something and what are you not willing to give away what is the threshold of your offer below which you will walk away from the deal saying guilt-free i don't want to do this project so preparation is the first negotiation tactic that protects business owners and sales professionals from hard negotiating clients so make sure you prepare the second negotiation tactic is sell value not price what do i mean by this when you are in a negotiation conversation with your customer your customer is constantly attacking your price they're constantly telling you your price is high competitors are offering it at much lesser i am getting it for a cheaper cost outside in the market they are attacking your price now when they are attacking your price and you start defending your price then it's a lost battle because you are not on the offensive you are on the defensive now and you will have to give in to their offense while they are attacking your price while they are talking about price you shift the orbit of the conversation and you sell value don't talk about the price sell the value of what you are offering sell the benefits of your product or service and attach your price to those benefits value the value of the benefits of your products or services so if a customer tells me rajiv your business coaching fees is very very high i wouldn't even address that i would just say hey listen for an entrepreneur to be able to set up the profitable scalable business model which can take their business to the next level for an entrepreneur to create marketing strategies and systems where they can generate leads consistently in their business and for an entrepreneur to design a sales process where they are in control of the sales process and they are able to close deals in a win-win manner and not giving in to the whims and fancies of their customer and for an entrepreneur to learn how to hire the right people build a second line of leaders build process systems and structures so that day-to-day activities are running seamlessly in their business you tell me what is the value of something like this that we bring as a coach a fair thinking entrepreneur would be willing to give equity and partnership for us to be able to do these things but we believe equity should be held by the entrepreneur and that's why we charge a services fee only now watch i didn't go into no but our price is justified no i spoke value and that value of that value is what will sell for me it's not about justifying the price so in a negotiation always focus on the benefit to the customer of your product or service always sell the value of your product or service don't get stuck in price discussions and price debates because that's a meaningless battle so that's the second critical negotiation tactic for you to keep in mind the third negotiation tactic that many business owners and sales professionals ignore is giving now you must be wondering what do you mean by giving rajiv yes what i mean by giving means you got to be willing to give away something so that the customer feels happy so that the customer feels that you're coming forward so that the customer feels victorious and they feel a sense of joy in purchasing whatever they are buying from you look good negotiation does not mean that you get what you want and you don't give anything to the customer in such a situation the sale will be a bitter sale where the customer will feel like they were overpowered by you and you don't want your customer to feel overpowered you want your customer to feel happy so you need to give in a negotiation so be clear about what can you give can you give a lower price can you give some value added benefits can you give some extended warranties can you give some free shipping you need to be prepared with what can you give which will be of value which will make the customer feel that you're forthcoming and make the customer feel that they also got something out of this negotiation conversation now this is a rule and a principle that is ignored by so many people because they think negotiation is this magical mystical capability of just getting what you want and not giving anything to the customer i disagree to that a good negotiation is a negotiation where there is giving happening on both sides they are coming forward and matching your offer price and you are going forward and giving them some value addition for the price that you are quoting so that they also feel victorious it's important to make people feel happy at the end of the conversation and not feel overpowered so make sure that you are giving in a negotiation which brings me to the fourth important negotiation tactic and the fourth important negotiation tactic is a principle that you need to communicate to your customer and a principle that you need to stand by in in a negotiation conversation and that fourth negotiation tactic is win-win or no deal you need to educate your customer and you need to tell them it has to be a win for them it has to be a win for you and if it is not a win-win for both of you or either of you then it's okay to not go ahead with that deal and still continue a professional cordial relationship as friends where the relationship can be nurtured and future projects can be explored it should either be a win-win or it should be a no deal when you ground yourself in that philosophy and you educate that to your customer in a negotiation conversation that helps you to anchor to the customer every time they're pushing you beyond your boundary you can remind your customer and say hey listen i told you clearly i want this to be a win-win conversation and a win-win deal if not i'm okay with a no deal you got to be willing to walk away if you are not winning because when you are willing to walk away when you are not winning the customer understands that they've pushed you beyond your threshold and they reconcile and they come forward as well so remember to educate your customer and constantly remind your customer in a negotiation conversation that it should be a win-win or no deal and you got to be comfortable with the no deal and letting them know that you're happy to maintain a cordial relationship just because the deal didn't go through doesn't mean you will stop communicating with them or to them so win-win or no deal is a powerful anchor to use in a negotiation conversation which brings me to the fifth and final negotiation tactic and the fifth and final negotiation tactic is not something that you do in a negotiation conversation it's something that you do as a business if you want to be extremely confident in negotiations and you don't want to compromise on your profitability then as a business you need to do marketing consistently marketing is the best solution to protect yourself from customer negotiation now if you're wondering how rajiv how does that make sense listen to me carefully when you do marketing consistently in your business you generate leads consistently when you generate leads consistently you have a pipeline of prospects who are willing to buy your products or services and when you have a pipeline of prospects who are interested in your products or services you have confidence as a business owner and when you have confidence because you have a pipeline you can hold your price point and let your customers know respectfully that this is our price we don't work below that and when they see that confidence seven out of ten customers buy at the price that you are offering and they dare not negotiate with you marketing is a powerful way of instilling confidence within yourself which gives you the conviction to hold your price and earn the profits that you deserve to earn so this is a big hack and if you hack this hack of marketing consistently trust me negotiation conversations will not scare you because you are sitting with confidence and conviction of a pipeline of leads so make sure you do marketing consistently to protect yourself from unreasonable negotiations of customers who are not willing to value the value of your products or services so these are the five rare negotiation tactics that you could use starting from today in your business in your sales conversations to protect yourself from the bad habits of the customers of unreasonable negotiation and to uphold a win-win deal so that you get what you deserve out of that process of selling so make sure you use these five negotiation tactics and come back and tell me in the comment section below how are they working for you because at the end of the day i do what i do and i teach what i teach because i want to make a bottom line difference to your business and if you found this video useful then make sure you subscribe to my youtube channel because i keep creating valuable content for entrepreneurs that they can apply in their day-to-day business to take their business to the next level so click on the subscribe button and lastly i told you i have a special invitation for you when i started this video so here's my invitation for you if you enjoy learning from me and you resonate with my method of teaching i want you to click on the link below and register yourself for my upcoming four hour live training called the business breakthrough seminar the business breakthrough seminar is a four hour training that i do to help entrepreneurs build a business which can grow without them yes you heard me right i help you build a business which can grow without you because most entrepreneurs are stuck in the trap of day to day fire fighting and when they are stuck in the trap of day-to-day firefighting they are not able to focus on growth and expansion so i break down for you in those four hours what exactly you need to focus on what exactly you need to build so that you can set up your business in a manner where it can grow without you and you're not involved on a day-to-day basis so click on the link below register yourself for the business breakthrough seminar i look forward to seeing you there at the business breakthrough seminar [Music] you