I was recently asked you what my favorite trading story of my career in sales. I can not say the name of the customer for a privacy agreement, but after completing this business I can say I got some very clear conclusions that could be of great help for those who must go through a process of negotiation.
Since the price and payment terms to the language of the contract, the AUP and virtually any other aspect of trading, this important mark was undoubtedly an excellent competitor in all areas of the discussion process. Our original pact took approximately four months to materialize from the moment we started talking about the price and scope until we include the legal team and signed the contract.
In the end, I concluded this agreement with three key aspects useful to close a deal and that could also help you with your next business.
When you interact with large companies where at stake is the reputation of the brand, keep in mind that your work will always be a marathon. You must include in your quarterly predictions the time to work on these more extensive sales cycles. Then, listen and learn throughout the process, as this will help you negotiate the next big deal.
Our way to win the business was not easy: we had to demonstrate a competitive position, make great technical work, gain credibility, be attentive to detail and maintain a professional approach. However, all our efforts paid off when we finally managed to close the main treatment. Some time later, we were preparing for a major upgrade of the agreement and all participants were ready for the second part.
When it comes to an agreement much money, the comings and goings with the prospect to discuss any matter will be inevitable. However, at the end of the day, it all boils down to money. Always .
We were on the call number 100 (more or less) of our relationship with this client and I met our COO, Gray Chynoweth. We had changed the price for several weeks while we were negotiating future growth levels.
They sent forms with their numbers and proposals. We did the same. We compared with the competition. We did the same. We send our best offer, but came back for more.
In my mind, we were down the road.
For me, the negotiation was over and we had to adjust only the final legal details. Our conversation went something like this (and here I draw my last main point):
[Prospect] “Kyle, we revise the price one last time.”
I was silent for about 5 seconds while my brain was looking for some hidden power to return to the reserve battle.
[Prospect] “Your price is still higher than the competition’s and we seek. We would like a final discounted price and we could close this deal we both interests of both sides “.
Silence again. I let out a sort of murmur, but not heard.
I did not know what to say and wanted to remain friendly. They have probably been 15 or 20 second pause but in my head felt like 10 minutes. total and absolute silence. I continued without a word, I looked at Gray and pointed to the phone. Both look a strange mix of suspense and trust. We were silent for just knowing what would happen next, and finally, this act ended up being the key to close the deal.
[Prospect] “I understand that’s your final price. I think we can accept, although we had to make last attempt “.
Our silence led me to learn one last lesson about the negotiations. Never underestimate silence . All who know me know I am a person who talks a lot. I’m the kind of representative friendly, direct, transparent, who would like to establish relationships with customers and sales accept significant challenges. But beyond all these qualities, sometimes the best strategy is simply to say nothing and let the silence speak for you.
In fact, there is another key lesson to be learned, and maybe you can use it to close your fiscal year and plan how you can become the best sales representative in the coming years.
Sometimes you just have to relax and let your technology, reputation and relationship do all the work. Trust the value that your service offers to customers. In the end, the best negotiations occur when both sides think they won and they did the best for their businesses.
This article was originally written in English for HubSpot by Kyle York , CEO of revenue Dyn , the world leader in Internet performance solutions. Kyle is also chairman of abi Innovation Hub, committee member Rock On Foundation and cofounder of 1band 1brand.