When sales people begin negotiating on price too early to get the deal, they give up the bank’s value and margins.
The solution: spend time building up the value side before you start negotiating.
- Correctly identify the client’s problems.
- Clarify the implications of those problems for the client.
- Know what additional costs, delays, or lost revenues are at stake.
- Know how much the bank’s solution could save the client.
When you have thoroughly explored the value side, then, when negotiation begins, you are in a position to start high on price because the perception of value is high. If you fail to build a compelling value before offering a price concession, you’ve adopted a risky and potentially expensive strategy.
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