It’s not all about making sales. It is also important to ensure that the deal is profitable for both parties. It’s important to minimize risks and avoid deals that may be costly in the end for your business, either due to a negative impact on brand perceptions or by capturing lower profit margins.
To make smart decisions during every step of a business deal, your team requires access to all the relevant data. It’s essential to utilize revenue management software that is able to convert your data into relevant notifications. Alerts on Revenue Grid let you know that a step next to take has been added to an opportunity, when an email sequence is failing and when the deal has been canceled- all of which help to ensure that your reps are taking correct actions at the right time.
You can also build trust and build loyalty during negotiations by utilizing the right information. Listen to their concerns, doubts and sympathize with them so you can address them, explain how your solution is better, and then create a win/win deal. It is also important to consider your own goals when you negotiate to balance the short-term benefits with future ones. To accomplish this, try making use of multiple offers with distinct terms, but with the same overall value. This is called Multiple Equivalent Simultaneous Offers (or MESO). When you draft a contract with your objectives in mind you are less likely to fall victim of drastic changes that could decrease the value of an offer.
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