Creating the Win-Win Sale: Helpful Practices for Lasting Relationships
A win-win sales process requires both parties to have the right mindset as they start discussing a deal. The relationship will never work if one side is out to “beat” the other in negotiations. If you enter the deal with a selfish mindset, then the sale will be a negative experience for all involved. For a mutually beneficial deal to work, all the cards must be on the table throughout the process. If you keep this philosophy in mind, there are limitless ways you can benefit.
Establish Guidelines Before the Sale
Research is a critical part of the entire process. As the seller, you need to confirm that your price point correlates with whatever service is being fulfilled. The cost of the service or good must be within the parameters that sustain a healthy business. Likewise, if a buyer does accurate research, then ideally, the product or service will sell itself based on industry standards.
For contract work, a different approach is required to forge a deal. Contracts are more flexible than a one-time sale. The buyer and seller need to look at their expectations regarding the contract. This includes the end results for both sides, as well as the costs involved. Too often, contracts are prolonged. Rather than an ongoing, extensive contract, try negotiating a shorter one with the opportunity to renew after a certain period. If a long contract is necessary, it’s a good idea to revisit the paperwork periodically to make sure both sides are still happy with the terms.
Are Negotiations Possible?
Whether you’re a buyer or seller, if the price point you desire is non-negotiable, then this needs to be addressed immediately. If neither party is willing to budge, your “negotiations” are about as useful as a mirage in the desert. In this case, the idea of a deal is appealing, but ultimately, it will never become a reality. A degree of transparency is required to find a compromise.
Knowing the other side’s angle, from the start, can help the process move forward. Negotiations are useful in sales if both sides feel they’re getting a fair deal. As long as one side doesn’t feel manipulated, then negotiations can remain positive. If clients or salespeople feel forced into a deal, they’ll eventually resent the arrangement. This situation only causes issues further down the road, making that wheeling-and-dealing moment not seem so profitable.
Desperation Leads to Failure
As a seller, you never want to be in a position where you need the sale. Even novice buyers can spot desperation. If a salesperson is willing to attach his or her soul to a product, then chances are the sale won’t stick. If negotiations begin to break down, then both sides need to take a closer look at whether they’re giving up too much – and whether a chance for recovery exists.
In most cases, no single sale makes or breaks a company. As a seller, if the numbers don’t look promising, then don’t make an impulse decision because you just really want the closed sale. If you’re a buyer, don’t break the bank because you really want a product or service. A good rule of thumb is if you can’t meet in the middle, then you should walk away.
Perks After the Sale
Good salespeople and companies know that the sales process doesn’t end with the sale. In fact, it is just the beginning. A good way to express this to a customer is to offer value-added perks after the close of a sale. A great value-added perk is something that doesn’t require a lot of time fulfillment for the seller, but gives huge value to the buyer. Some examples are:
- clothing stores that offer coupons for return customers,
- food establishments with “punch cards” for free menu items, and
- credit card companies offering cash back or rewards.
These perks offer real value to a customer just for being a customer. Many times, perks are the deciding factor for prospective clients.
A Lasting Future
A win-win sale should be the only type of sale sought by both the buyer and the seller. With the right mindset, any sales process can be mutually beneficial. Enter the sale with confidence and keep an open mind during negotiations. Carry yourself with dignity and always be respectful, even if there’s tension during the sale. Remember that one sale won’t make or break your company, so don’t let it make or break you. If you can maintain this mindset, then you’ll establish successful, lasting relationships. Once these relationships get rolling, all you have to do is ride the wave and enjoy the benefits of the win-win sale.
David Neagle,The Million Dollar Income Acceleration Mentor and author of The Millions Within, teaches entrepreneurs and commission-based sales professionals how to quantum leap their current incomes past the 7-figure income level, often in less than 12 months. As a world-class speaker, sales trainer, and success-mindset mentor to some of the globe’s top CEOs, David also privately mentors big decision-makers in their pursuit of quantum success and peace of mind.