Have you ever almost closed a deal, only to have the prospect circle back and want to discuss the details? Most sales professionals dislike this part of the conversation. Sales negotiation can feel intimidating, especially when you’re so close to landing a new client. You don’t necessarily want to play hardball, but you also want to protect your profits.

So, what’s the best way to approach client negotiations? According to Greg Waldorf, a lecturer at Stanford Graduate School of Business, you should always aim for a win-win solution—one that keeps the customer happy but also protects your interests.

In this issue of Promotional Consultant Today, we share Waldorf’s six tips for more successful client negotiations.

1. Ask questions. To negotiate better, you have to know what really matters to your prospects. Maybe they’ve worked with a competitor and had a bad experience. Maybe they’re comparing your offer to another one that isn’t quite an apples-to-apples scenario. Whatever the case may be, you can get to the heart of what the prospect wants by asking questions and listening. Understand their priorities and determine how you can provide something they care about, says Waldorf.

2. Don’t make it only about price. Negotiations should never revolve on price alone. Think about how you can improve their situation or solve an issue that doesn’t involve price. Then, be prepared to discuss these solutions. You may trigger interest on the prospect’s side that shows what they’re really looking for, Waldorf notes. This can often lead to a win-win negotiation.

3. Make smart concessions. In sales negotiations, always look for ways to provide things your prospect values but that won’t eat away at your profits. Some ideas include offering a follow-up that can make the client feel they are getting more value or adjusting a timeline, so the client gets their products quicker than anticipated. Waldorf points out that when a prospect is in negotiation mode, they probably want to walk away with something.

4. Be upfront about your needs. When negotiating with a potential buyer, aim to be clear about your needs. Waldorf says it’s important to make clients happy, but you also need to let them know you have a business to run, and you can only go so far. If the buyer presses you about a competitor’s lower prices, let them know why and what they are getting for the extra cost. Be transparent to help them understand where you are coming from.

5. Keep the conversation going. Waldorf recommends keeping an open attitude during negotiations and inviting back-and-forth discussion as long as possible. This can show you want to find a way to satisfy the buyer. In the end, the prospect may see that you value the relationship and you are trying to find the best solution for everyone in involved. Sometimes, Waldorf adds, that’s all the buyer was looking for.

6. Prioritize the relationship. Negotiations can get heated sometimes. However, it’s important to show a level of care that goes beyond the immediate deal, says Waldorf. You want the prospective buyer to know that you care about them and their business success. If now isn’t the right time for them to buy, remain open to helping them in the future. You could earn a customer for life, Waldorf adds.

Negotiating with clients doesn’t have to turn into a power struggle. Ask thoughtful questions and listen to what buyers are saying. When you make it more about value than price, you can often close the deal and win a long-term customer.

Compiled by Audrey Sellers

Source: Greg Waldorf is a lecturer at Stanford Graduate School of Business and the former CEO of Invoice2go.