31 Aug Managing Business Deals
It’s not just about making sales. You also need to make sure that the deal is profitable for both parties. It’s crucial to limit risks and avoid deals that may be costly in the long-term for your business, whether due to a negative impact on brand perceptions or capturing a low profit margin.
Your team must have access to the right data for making informed decisions at each stage of the deal. It’s essential to utilize revenue management software that is able to convert your data into relevant notifications. Revenue Grid alerts you when you add a new step to an opportunity. They will also inform you if the email sequence fails or the sale has been deleted.
The right information will also allow you to build trust and build loyalty to your clients during negotiations. Listen for any hesitations or concerns in their conversations and empathize with them so that you can meet their concerns, explain why your solution is better suited and then create an ideal win-win situation. You should also consider your own goals when negotiating to weigh the benefits of short-term negotiations against future ones. To achieve this, you can try making use of multiple offers with distinct terms, but with the same overall value–this strategy is known as Multiple Equivalent Simultaneous Offers (or MESO). By taking an active approach to negotiations and writing an agreement draft with your goals in mind, you’re less likely to fall victim to drastic changes which can reduce the value of the deal.
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