The management of business deals is more than just making sales it’s about making sure that each deal is financially beneficial for both parties. This means minimizing risk by taking a proactive approach to negotiations and avoid deals that could be expensive for your business in the long term, either through the devaluation of brand perceptions or capturing minimal margins.
Your team should have access to the correct data in order to make intelligent decisions at every stage of the deal. This is why it’s crucial to use revenue management tools that transform your data into relevant alerts. Alerts on the Revenue Grid let you know when a next step is added to an opportunity, or when an email sequence is failing and when an offer has been cancelled–all of which can help you ensure that your reps are taking the right actions at the right moment.
The right information will also allow you to build trust and build loyalty with optimizing customer experiences through digital innovation your clients in negotiations. Pay attention to their concerns and doubts and sympathize with them so you can address them, then show how your solution is better, and create a win/win deal. It is also important to consider your own goals and obstacles when negotiating so that you can balance short-term gains with future benefits. To achieve this, make use of multiple offers with different terms, but with the same value overall. This is known as Multiple Equivalent Simultaneous Offerings (or MESO). By creating a contract draft with your desired outcomes in mind it is less likely to be the victim of drastic edits that could lower the value of a bargain.