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13-1 Negotiating Buyer Concerns Selling Today 10 th Edition CHAPTER Manning and Reece 13.

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Presentation on theme: "13-1 Negotiating Buyer Concerns Selling Today 10 th Edition CHAPTER Manning and Reece 13."— Presentation transcript:

1 13-1 Negotiating Buyer Concerns Selling Today 10 th Edition CHAPTER Manning and Reece 13

2 13-2 Six-Step Presentation Plan 1.Approach (Chapter 10) 2.Presentation (Chapter 11) 3.Demonstration (Chapter 12) 4.Negotiation 5.Close 6.Servicing the Sale

3 13-3 Negotiation Defined Working to reach an agreement that is mutually satisfactory to both buyer and seller Negotiation is a process Ability to negotiate problems or objections is a most effective way to create value

4 13-4 Negotiation: A Win-Win Strategy Personal selling is not a “we versus they” process If trust is strong, negotiation becomes a partnership to work through, if not, negotiation becomes combative Seek to maintain long-term relationship

5 13-5 Strategic Planning FIGURE 13.2

6 13-6 Need for Product Conditioned response: “I don’t need the product.” Sincere need resistance a great challenge Not convinced of your product’s benefits Best way to overcome—prove your product is a good investment

7 13-7 The Product Itself Product not well established Product will not be popular Associates did not like the product Present product/system is satisfactory

8 13-8 Source of Product Ways to overcome include: Identify how product solves problems Superior benefits of your product Illustrate profits from adding second line Place trial order to evaluate merits Recruit champions inside buyer’s firm Stay visible and connected to client

9 13-9 Price Concerns: Trained Buyers Buyers trained in negotiation Budget limitation tactic Take it or leave it Split the difference

10 13-10 Negotiation Training by Acclivus See the Website

11 13-11 Price Concerns: Low Price Strategy Transactional buyers seek low prices Empowered salespeople able to apply various discounts Downside, lower profits and lower commissions

12 13-12 Dealing with Price Concerns Do clarify price concerns with questions Do add value, stress service Do not make price focal point Do not apologize for the price Do point out price/quality relationship Do demonstrate difference between price and cost Do not make concessions too quickly

13 13-13 Price Iceberg Price is only the tip of the iceberg; remind customer of value-added factors below tip FIGURE 13.3

14 13-14 Concerns Related to Time Also known as “the stall” Usually customer does not perceive benefits of buying now—or sees both positive and negative in product

15 13-15 Customer Objections Customer objections are often requests for more information to justify buying decision TABLE 13.1

16 13-16 Negotiating Buyer Concerns Know value of your offering Prepare for negotiations Understand the problem Create alternative solutions Find points of agreement Know when to walk away

17 13-17 Specific Negotiation Methods Direct denial Refute prospect’s opinion or belief Be firm, not offensive, think win-win Indirect denial Acknowledge prospects as partly right Feel-Felt-Found “I understand how you feel” “Others have felt that way” “Until they used the product and found it quite easy and reliable”

18 13-18 Specific Negotiation Methods Questions Convert problem into need-satisfaction question “How would a 30 percent reduction in breakdowns affect your company’s profitability?” Superior benefit Acknowledge prospect has valid concern and focus on superior benefit Superior benefits should outweigh specific customer concerns

19 13-19 Specific Negotiation Methods Demonstration Discuss competitive advantages of your product Demonstrations overcome buyer skepticism effectively Trial offer Prospect tries product without purchase commitment

20 13-20 Specific Negotiation Methods Third-party testimony Neutral third-party testimony adds credibility Almost never triggers client argument Postpone method Postpone answers to client concerns until later in dialogue Explain why you want to postpone

21 13-21 Negotiation Tips See the following for suggestions:

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