Negotiating Tip: Don’t Give It Away At The End
Recently I was talking to a coaching client and as they were stepping me through their recent sales call, I noticed they’d fallen into a trap that has swallowed up many, many great salespeople. At the very end of his sales call—the deal was done and the client asked for that “one more thing”. We’ve all had it happen and it’s simply a negotiation tactic that works too many times.
Afraid he was going to lose the entire deal he gave in and acquiesced. In doing so, he lost a significant portion of his profit on the sale. Here’s the real story: if he would’ve held his ground, he would’ve still gotten the deal and not given up the extra dollars.
Too many times customers tend to ask for “one more thing” after the deal has been sealed and everything is done. Don’t think you have to say ‘yes’ to everything. You don’t have to. You don’t have to make every concession you’re asked for. In fact, clients will have more respect for you if you say no.
Guess what? That lets them know the negotiation is over. They’ve gotten everything. There is no more. Zip. Nada. Zero. But, as long as you keep giving in, they never know if they’ve gotten everything they can get and they will keep asking.
Remember, it’s important to establish ground rules that even you won’t violate—and many times you have to be the one to hold yourself accountable. There is a tremendous instinct to give in at the very last minute to save your deal. Well, here’s the real story: the deal’s not in jeopardy. You just think it is. 99% of the time the prospect is just making sure they got everything they could get and sadly if you give in—it creates doubt in their mind that wasn’t there.
“I really wish I could, but you are getting a great program at a great price,” is what you should say. Reinforce their decision to shake hands and sign the agreement. Anything else simply creates doubts and issues that weren’t there.
I had an old sales manager who used to call this “dropping your pants and giving away the farm”—and I’ve referred to it that way myself. Just the sound of that makes it something you don’t want to do. Trust me!
Stick to your guns. If you’ve finalized the agreement resist the temptation or urge to throw in that “one more thing” and you’ll have more profitable sales and ultimately happier clients.
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