Business deals are more than just making sales, it’s about ensuring that each deal makes financial sense for both parties. This means minimizing risk by taking a proactive approach to negotiations and avoiding deals that could be expensive for your business in the end, either through a decrease in brand recognition or capturing low margins.
Your team needs access to the relevant data in order to make intelligent decisions at optimizing customer experiences through digital innovation every stage of the deal. It’s essential to utilize revenue management software that can transform your data into relevant notifications. Alerts on the Revenue Grid let you know when a next step has been added to an offer, 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 the correct actions at the right time.
You can also build trust and loyalty during negotiations by using the appropriate information. Pay attention to any hesitations or worries in their conversations and understand them so that you can respond to their needs, demonstrate how your solution is a better fit and come up with an opportunity for both sides to win. It’s also important to take into consideration your own goals and concerns in negotiations so that you can balance short-term benefits with the benefits of the future. To achieve this, leverage multiple offers that have different terms, but with the same overall value. This is known as Multiple Equivalent Simultaneous Offerings (or MESO). By taking an active approach to negotiations and writing an agreement draft with your goals in mind it is less likely that you will fall victim to extreme edits which can reduce the value of the deal.