It’s not just about generating sales. You also need to ensure that the deal is profitable for both parties. It’s crucial to limit risks and avoid deals that may cost you in the long run for your company, either by lowering brand perceptions or capturing minimal profit margins.
Your team should have access to the relevant data in order to make intelligent decisions at every stage of a deal. That’s why it’s important to employ revenue management tools that turn your data into contextual alerts. Alerts on the Revenue Grid let you know the moment a next step has been added to an opportunity, or when an email sequence is not working and when the deal has been canceled- all of which will help ensure that your reps are taking appropriate actions at the right time.
You can also build trust and confidence during negotiations by using the right data. Pay attention to any hesitations or concerns in their conversations and understand them so that you can meet their concerns, explain why your solution is more suitable and make an ideal win-win situation. You should also think about your own goals when negotiating to balance short-term benefits with future ones. To achieve this, you must leverage multiple offers with different terms but the same overall value. This is referred to as Multiple Equivalent Simultaneous Offers (or MESO). If you take a proactive approach to negotiations, and creating a https://cloudweekly.news/dealmakers-podcast-the-source-of-expert-advice/ draft contract with your desired outcomes in mind You’re less likely to be the victim of drastic edits which can reduce the value of a contract.