It’s more than just about making sales. It’s also essential to make sure that the deal is profitable for both parties. This means reducing risks by engaging in negotiations with a sense of urgency and making sure that deals aren’t expensive for your business in the long term, either through cheapening brand perceptions or capturing low margins.
Your team needs access to the relevant data to make informed decisions at each stage of an agreement. That’s why it’s important to employ revenue management tools that transform your data into context-specific alerts. Alerts on Revenue Grid let you know when a next step has been added to an offer, when an email sequence is not working and when an offer has been cancelled–all of which help to ensure that your reps are taking the appropriate actions at the right time.
Having the right data will allow you to build trust and loyalty with your clients in negotiations. Listen for any hesitations or concerns in their conversations and be able to empathize with them in order you can address their needs, highlight how your solution will https://cloudweekly.news/deal-life-cycle/ meet their needs better and come up with an ideal win-win situation. You should also think about your own goals when negotiating to balance the short-term benefits with future ones. To accomplish this, you should leverage multiple offers with different terms, but with the same overall value. This is known as Multiple Equivalent Simultaneous Offers (or MESO). By creating a contract draft with your objectives in mind, you are less likely to be a victim of drastic edits that could lower the value of an offer.