This week's blog posts have focused on a few strategies you can use to improve your sales negotiating. There are dozens of strategies, techniques and tactics that can influence your results so I struggled with one last concept to discuss.
After serious consideration I decided to focus on one aspect of negotiating (and sales) that many people find challenging to effectively execute.
Silence
Many sales people-myself included-find dead air or silence during a sales conversation a difficult concept to manage. I know that I feel extremely uncomfortable when a period of silence engulfs a sales conversation.
However, silence is a very powerful weapon when you are negotiating.
It takes discipline. It requires effort. And it takes concentration.
Yet, when used properly, it can help you gain more leverage in a sales negotiation.
Here's how you can use silence to negotiate a better deal.
Many prospects and customers are also uncomfortable with silence. If you pause for three to five seconds before responding to a comment or statement they made, the other person will often volunteer additional information that they have otherwise kept to themselves.
Here's an example...
Several years ago my wife was speaking to someone who wanted to use one of my articles in their corporate newsletter. At one point during the telephone conversation, she sensed that he wanted to tell her something so she remained completely quiet. A moment later, he said, "But we only have a budget of $300...is that okay."
At that time I often allowed companies to reprint my articles at no charge but the person who my wife was talking to was used to paying for them. Her five seconds of silence helped generate a small sale.
A friend of mine is an account manager for an advertising company and he told me of a situation when he was discussing the terms of an advertising campaign with a new prospect. His prospect asked if he could get a better price on the package and my friend remained silent as he considered his options.
After several seconds of complete silence his prospect said, "Well, if you can't do that, it's okay." Since that day, my friend always pauses after a demand for a concession has been made. He figures this one action has saved him thousands of dollars.
When I worked the restaurant business (my first career) I used to interview people and a common tactic was called the pregnant pause. After someone responded to a question, I smiled and looked at them expectantly. In most cases, the candidate volunteered more information and in some cases, this information influenced my final decision to hire that person.
The easiest way to use this tactic in sales negotiation is to remain silent anytime someone asks you for a concession. In many situations, they will make a counter offer or retract their demand. And this means you can add money to your top line revenue and your bottom line profits.
It's not easy. But the results are worth it.