Following are some proven sales negotiation techniques that are used by sales professionals:
• Emphasize losses – people tend to be more motivated by avoiding losses than achieving gains according to psychologists; products should be pitched as helping to avoid losing money rather than saving money.
• Pause after stating the price – at least a 3 second pause after mentioning the price will allow the customer to respond (and potentially close) and is part of a ‘think less, listen more’ approach.
• Use mirroring – building rapport with the customer is a vital aspect of sales and a good way to do this is by using mirroring; this involves repeating one to three key terms that the prospect has used in the form of a question which eliminates friction and gives the prospect a feeling of control.
• Don’t ask for the close – hard close tactics, such as pressure and pushy tactics, are not effective; guide the prospect to come to a decision but don’t force it.