As an Entrepeneur, it is natural to make a lot of deals, from getting investors to sign up to simply getting a “yes” from a customer. However, it’s also one of the most difficult parts of running a startup. Getting people to a point of agreement is harder than it sounds. However, there are plenty of strategies and tactics that can be used to succeed more often than not. Here, Robb Misso, the founder and CEO of Dynamic Manufacturing Solutions, shares 5 of them:
- Follow Up and Follow Through
One of the best things that can be done, whether negotiating a deal or a sale, is to follow up on discussions. Numerous talks will end inconclusively, for one reason or another, and giving people space and time to think is a legitimate strategy. However, it is also important to remember that left alone, most deals will fall apart. Always follow up, and always do it within 24 hours.
- Be the First to Say “Yes”
One of the best negotiation strategies an entrepreneur can utilize is to constantly agree to what the other party says. It’s simple, elegant, and will net a lot of sales. However, simple does not mean easy.
For example, agreeing with the right aspects of a customer’s statement is important. Don’t just agree to their demands. Agree to their concerns. Don’t agree to lower prices or give random discounts – pitch them more affordable options, ones that have fewer frills but provide the same services. Acknowledge and validate their underlying concerns to close more deals.
- Have Great Presentation
A good deal is not enough. It needs to be presented it well. That means having a well-prepared presentation. On the macro scale, that means having great branding to properly prep customers for a purchase. On the micro scale, proper presentation means having the right tools for the right time. A great elevator pitch, for example, gives the best chance to make deals when random opportunities come by. For planned negotiations and meetings, a properly constructed presentation ithat will properly show off and encapsulate all the relevant points is needed.
- Go After the Decision Maker
The main problem with many negotiations and sales is that more often than not, the final decision maker isn’t actually there. This is a common strategy that lets a party buy more time, and sometimes, you should let it happen. However, time is of the essence as an entrepreneur, so more often than not, it is important to get things done as soon as a possible. Whenever possible, go after the one with power. They’re the ones who need to be convinced.
- Utilize Time Limits
One of the best ways to get a “yes” is to set an expiry date. This creates a sense of urgency and forces a decision. Setting hard time limits can’t be done randomly, however. Offering something that justifies the limit is a must, such as a discount or a special perk in the negotiations that expires when time’s up.
Closing deals and setting up successful negotiations is a big part of being a good entrepreneur. Doing that lets advances the agenca and improve how a startup functions. It might be scary at times, even difficult, but the sooner one gets used to it, the better one will perform.
About Robb Misso:
Robb Misso founded Dynamic Manufacturing Solutions in order to go about manufacturing differently. For 25 years, he has worked tirelessly to create a positive work culture and empower skilled workers both inside and outside the office. Robb Misso is also the recipient of Austin’s “Recognize Good Award,” which honors community-minded individuals for local charity work.
Robb Misso Around the Web:
Our CEO & Founder, Robb Misso, was featured in the John Maxwell's "Behind the Curtain: CEO Spotlight" for his ability to raise the "culture" standard in #manufacturing