B2B Street Fighting Blog

best practice to negotiate larger deals more quickly

Posted by Carrie Welles on Thu, Nov 07, 2019 @ 04:15 PM

‘I sent my customer a proposal. They accepted it on the spot with no changes, and I closed the deal,’ said no salesperson ever!

Salespeople must understand that submitting a first proposal to their customer is an invitation to the negotiation dance. A dance that includes price concessions, line-item negotiating, demands, and giveaway pressure. Even if you have executed your sales process flawlessly, there will always be missing information and uncertainty in a customer negotiation. With the best intentions, salespeople set out to sell solutions only to end up negotiating price. They believe customers will view and negotiate the package as a whole. When in reality, customers enthusiastically negotiate line by line, and then inevitably pull price out of the equation and place a bullseye on it.

What if there was a better method of changing the conversation with your customer from delivering pricing to delivering value solutions? A method that would help keep you in control, manage the uncertainty, and close larger deals more quickly for you and your company? There is. Multiple Solution Options

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Tags: negotiation skills for sales, effective negotiation, multiple solution options

Shift the conversation from price of product to value of solution

Posted by Marie Dudek Brown on Thu, Aug 08, 2019 @ 03:56 PM

Q: Are you sick of hearing these 10 words from your customers?

“I can get the same thing cheaper from your competitor!”
Or, when the customer says,
"We
 want you to match the 10% discount offered by the competition.”
 
As a sales executive, you know too well, when negotiating on price

  • Buyers treat your brand as a commodity
  • Your sales reps run to their managers to get quick price discounting, thus…
  • You have to ‘buy the business’ to make the sale
  • And your sales cycle lingers on, taking too long

With potential buyers seeing you the same as everyone else. Because you sound like everyone else. They made it about price. And your reps are unable to change the conversation.
 

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Tags: negotiation skills for sales, business negotiations

sales training spotlight: negotiation blueprinting

Posted by Marie Dudek Brown on Wed, Jul 17, 2019 @ 07:57 AM

You could argue that when it comes to sales success, no skill is more important than negotiation.  

For reps and sales leaders, effective negotiation can often be the difference between a crushed number and a missed quota. The best sellers are able to “change the conversation” from price to value.

So how can you train reps and raise the overall negotiation competency of your organization to be among the best in the world?

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Tags: brian dietmeyer, webinars, effective negotiation

how to be a good B2B salesperson today

Posted by Brian Dietmeyer on Wed, May 01, 2019 @ 04:27 PM

B2B buyers are now mimicking B2C buyers. We are all aware that the role of retail salespeople is dwindling as buyers buy online. All the  information is out there in terms of what everybody else thinks of the product, its features and benefits, how users perceive it, how your service is rated, etc., so we no longer need that sales rep. 

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Tags: brian dietmeyer, sales enablement, precision guided selling

achieve 466% ROI on your negotiation improvement initiative

Posted by Carrie Welles on Wed, Apr 03, 2019 @ 07:43 AM

There are many sales skills that have impact on the value of a strong sales team within an organization:
  • Account Management
  • Value Selling
  • Questioning
  • Presentation skills
  • as well as a number of others.

However, one of the things we love most about our work in helping B2B sales organizations improve negotiation skills is the immediate, tangible, return on investment. Unlike many sales skills, negotiation is a hard skill: meaning not only is it highly measurable, but it also delivers business results fast! The other great news is that together, we, the Think! team with the client stakeholders, can identify this potential ROI before any investment is made to build the internal business case for a negotiation improvement initiative.

Here are results from five (5) Fortune 1000 clients in these industries: logistics, packaging, energy solutions and services, information services, and healthcare.

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Tags: negotiation skills for sales, business negotiations, negotiation strategies in business, Carrie Welles

what is end-of-quarter discounting costing you?

Posted by Brian Dietmeyer on Fri, Mar 22, 2019 @ 11:56 AM

We recently completed coaching on over $1b in deals for two tech companies globally. Two huge issues related to deal timing came out of the coaching that plague most sales organizations:

  • Waiting until the end of the quarter / quarter-end promotions
  • Waiting until 30-45 days out to plan for renewals

In fact, Harvard Business Review (HBR-8/2017) reports these same issues: 

  • Decreased deal size and win rate results for an estimated $98 million per year in lost revenue for the average company.
  • Conversely, it represents a potential gain of over 27% in revenue per company if properly addressed.

How did we let this happen? Market pressures from Wall Street and investors, irrational competitive behavior, internal quarterly pressures to “make our numbers;” they all contribute to the problem.  

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Tags: negotiation skills for sales

think negotiation is unpredictable? think again...

Posted by Brian Dietmeyer on Thu, Feb 07, 2019 @ 07:47 AM

Traditional negotiation training, as you no doubt already know, consists largely of memorizing long lists of tactics, countermeasures, and tips and tricks designed to prepare sales teams for every possible negotiation situation. This is based on the assumption that in a negotiation you never know what’s going to happen, and must, therefore, be prepared for anything. But what if I were to tell you that despite what you’ve always heard, 97% of what a seller is likely to hear coming out of a buyer’s mouth in a negotiation cannot only be anticipated, but also, if not nullified, at least greatly reduced in its power? (1)

It’s true. We can do it. 

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Tags: negotiation skills for sales, business negotiations, brian dietmeyer

how to turn sales' best practice into common practice

Posted by Brian Dietmeyer on Tue, Jan 08, 2019 @ 04:39 PM

We win deals when we:

“Show customers how we meet their business needs at higher confidence and lower risk than alternatives.” (1)

Winning has become more difficult: close rates are at an all-time low (49.6%), and actually lower than the odds at a craps table! (2)

Why is this? One reason is the end of sustainable competitive advantage. Our value, competitors’ value, and customer needs are all changing real time. In order to win we need to map each transaction and prove how our value meets needs better than their alternatives. As salespeople we need access to real time content that helps us capitalize on a series of short term transient advantages.

We call this competing at the speed of change.

“79% of B2B buyers believe the content provided by sales reps is very influential in their vendor selection, yet 75% of sales content created by marketing is never used by sales.” (3)

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Tags: sales enablement, 5600blue, precision guided selling

enable your growth strategy

Posted by Brian Dietmeyer on Mon, Oct 15, 2018 @ 04:41 PM

Senior executives know that, beyond mergers and acquisitions, a company’s growth is driven one deal at a time through the effective sales and negotiations of their direct and indirect salespeople.

That’s why American corporations spend $7.2 billion (1) every year on sales processes, account management skills, negotiation, and opportunity management training. That’s an average of $347,000 per company, according to Selling Power. But beyond proprietary (and perhaps biased) consulting reports and high-level academic papers on change, there’s little information available on whether those that invest money are achieving a return on their investment that’s at least equal to—if not better than—their cost of capital.

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Tags: enable your growth strategy, sales training initiatives

data-driven sales for the 21st century

Posted by Brian Dietmeyer on Mon, Sep 17, 2018 @ 04:36 PM

THE INVESTMENT

According to the Journal of Personal Selling & Sales Management, American corporations spend $7.2 billion every year on sales process, account management skills, negotiation, and opportunity management training—an average of $347,000 per company. However, beyond proprietary (and perhaps biased) consultants’ reports and high-level academic papers on change, little information is available on whether those making investments are achieving a return that is at least equal to—if not better than—what they are spending.

We are inclined to think that ROI is highly unlikely given the CSO Insights report that stated: only a quarter of reps consistently use their company’s accepted methodology more than half the time, only 10% resolutely (greater than 90% of the time).

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Tags: sales enablement, sales and negotiation

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The B2B Street Fighting blog brings you the latest on what's happening in the real world of business negotiation.

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