Business deals are more than simply making sales, it’s about ensuring that every deal is financially sound for both parties. It’s essential to minimize risk and avoid deals that may be costly in the end for your business by reducing brand perceptions or capturing a low profit margin.
Your team must have access to the right information for making informed decisions at each stage of a deal. It is essential to use revenue management software that is able to convert your data into contextual notifications. Alerts on the Revenue Grid let you know that a step next to take has been added to an offer, when an email sequence is failing and if an offer has been cancelled–all of which help ensure your reps are taking appropriate actions at the right moment.
You can also build trust and loyalty during negotiations by using the right data. Pay attention to their concerns and hesitations, and understand their feelings so that you can address them, then show how your solution can be better, and create an agreement that is win-win. You should also take into consideration your own objectives when negotiating to balance short-term benefits with future ones. To accomplish this, try making use of multiple offers with different terms but the same value overall. This strategy is known as Multiple Equivalent Simultaneous Offers (or MESO). When you draft a contract with your business goals in mind, you are less likely to be the victim of extreme edits which can reduce the value of a bargain.