In the competitive market that businesses are facing currently, knowing how to negotiate can be the key distinguishing point between you and your competitors. In fact, negotiation is one of the most important pillars for a successful company. People who deal with sales need to master all strategies and know how to adapt themselves to different profiles, particularly in the B2B segment, which requires a more detailed analysis of each customer.
Negotiations between companies have varied particularities that must be taken into account, so everyone can gain from this relationship. With that in mind, we have selected 7 strategies to help improve your results:
1. Understand the market your company will delve into
One of the essential strategies for a successful B2B negotiation is to study the market in detail. After you really know it, you will have insights from potential companies that can buy your product or service, and you can then proceed to prospect them.
Research and market reports can help in this journey. Try to evaluate the whole environment of prospects, from their size to operation segment and time, so you can understand where you will be able to conduct profitable and sustainable business processes.
2. Know the pains of your customers
At offering time, the lack of knowledge about customers is often one of the major obstacles. After all, if you don’t know the difficulties of other companies, how will you know which tools to offer as a support?
By knowing the pains of each company, salespersons can create strategies and solutions with approaches that are specific to each profile, thus having more chances to close the deals.
3. Make your value proposition clear
This is one more of the key strategies for a successful B2B negotiation. Try to make always clear the distinguishing points you can offer with your service. Additionally, evince the reasons why such partnership will be really a value-adding, profitable one.
All customers must have the feeling that they are winning in each negotiation. Clarifying your value proposition will certainly be a distinguishing point for the customer to choose you and not one of your competitors.
4. Analyze the cost-effectiveness of all business processes
Evaluate the profitability and cost-effectiveness of each business process before starting any prospecting activity. It’s very important to understand if the return will be really satisfactory.
Analyzing the customers and the way they work is crucial to understand if the partnership will be successful and for the long term, or if it will be only something occasional, for a short time period.
5. Create humanized partnerships
The more humanized the partnership, the more chances it will have to succeed. The paradigm that business relationships must be strictly formal is no longer true. Although terms and contracts are still used, the B2C market already knows that relationships need to be more and more human, in order to engage the customers and awaken the sense of belonging.
The same must happen during B2B negotiations. Sellers must see other companies as market partners, and make it clear that the growth of such companies is very important to their own business.
6. Be a facilitator
We all know that excessive bureaucracy only hampers business relationships. Although many of such rules must be followed in the corporate world, try to think in a different way. Be a facilitator!
Try to make easier and more streamlined all processes that are within your reach, especially when it comes to communication. Allow negotiations to flow in the best possible way. This simple rule applies to any and all buying and selling process: the simpler it is, the easier and quicker it will be conducted.
7. Cultivate good relationships
In times of a fragile economy, cultivating relationships is very important. That old saying “you never know tomorrow” makes a lot of sense today. Countless companies are degrading, while others exhibit an exponential growth. The problem here is the inability to figure out what will be the next one or when it will happen.
If a partnership has come to an end, try to still nurture a relationship with such company, as it may indicate you to other companies. Indications are always valuable. If business deals with a given company are well established and more profitable than ever, make efforts to improve your relationship even more, in order to further strengthen such interaction.