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15 Factors to Consider Before You Start Negotiating

Negotiating is a part of life. It doesn’t always have to involve money, but sometimes another party has what we want and we want to make a deal. Naturally, we want to make the best deal for ourselves that we can.

There are important factors to consider before you enter into negotiations with another party. Preparation is essential and can make the difference between coming out of a deal with excellent terms or leaving the negotiating table with no deal at all. This preparation involves knowing yourself and your own goals, knowing the other party and understanding the field in which you are negotiating.

Before you sit at the negotiator’s table, consider these factors and what they mean for you when it comes time to trying to convince the other party:

 

1. Have a goal. The goal of a negotiation is not merely to negotiate. Negotiation is a means to an end. What is that end for you? What is it you want? If you go into a negotiation without a firm sense of what it is you are after, you are unlikely to come out satisfied. Always clearly define your ideal outcome before you start to negotiate.

 

2. Form a plan. A plan is not just imagining how you want the process to go. A plan is about contingencies. You must picture the hypothetical scenarios, to expect the unexpected and figure out how best to react to each scenario. If you are prepared for all the likely responses to your entreaties, you can transition smoothly and confidently into a new tactic because you already prepared for it beforehand.

 

3. Know your disadvantages. You need to be honest with yourself. In what aspects of the talks is your position weak? If you are asking for a pay raise, for example, you may be hampered by the fact that you use a lot of sick days. Anticipating possible objections beforehand allows you to counter with your strengths at the right time.

 

4. Know what you are willing to part with. In a negotiation, each party sacrifices something in exchange for getting something else that they want. You have a goal, you know what you want to achieve with the bargaining. But do you know what you are willing to give up? Some things are off limits; have a firm idea of what this means for you before negotiating.

 

5. Know what the other party wants. You have a goal, but so does the other party. They want something if they are going to give up something else. This ties in with the previous point. What is the other party going to ask for, and are you willing to give that up? If so, under what conditions?

 

6. Know when to say when. Sometimes you must walk away. If you go to the negotiator’s table unwilling to just say, “No thank you,” you put yourself at a disadvantage. Being willing to walk away gives you a certain power in the proceedings, and the other person will sense that. After you walk away, you may find that they reopen the negotiations with you on terms that are more favorable to you.

 

7. Know your limits. How experienced are you as a negotiator? How experienced is the other party? Is it reasonable to think you will be able to walk in and smooth-talk the other side until they give you what you ask for? The more practice you get as a negotiator, the better idea you will have of what you can achieve and how far the other side is willing to bend to your ideas.

 

8. Gather background information. Don’t just study the other party. Learn about the field you are negotiating in. What are the typical salaries? What are the trends? What is hot and what is on its way out? No matter what it is that you want, external factors can play a decisive role in the outcome of any bargaining talks. Know which way the wind is blowing before you even set your goals for the process.

Preparing yourself along these lines will set you up for a strong negotiation. However, you still have to do the actual bargaining before you can achieve your goal. Even the best preparation is no cure for weak technique. After you have prepared, make sure you put your best foot forward when the time comes to go after what you seek.

 

9. Confidence. Confidence at the negotiating table gives you more bargaining power. If the other side senses hesitancy or uncertainty, they will become emboldened and demand more.

 

10. Self-Interest. There is nothing wrong with looking out for yourself. The other party is going to take care of their own interests. You need to take care of yours.

 

11. Objectivity. Don’t be carried along by undue optimism nor held back by pessimism. Make a realistic assessment of the situation before you start, and revisit your assessment at key points during the process.

 

12. Creativity. Price is not the only aspect of a negotiation. Is there something else you would be satisfied with if the other party cannot agree to a price? Are there other concessions you are willing to make if the other side asks for too much?

Finally, after you prepare yourself beforehand and enter the process with good technique, there are three maxims to keep in mind. These ideas can help put everything into perspective.

 

13. Everything is negotiable. It all depends on the price.

 

14. No one is going to give you their last dollar. If they are at the negotiating table, it’s because they are willing to bargain. Don’t let them tell you that they are down to their last dollar.

 

15. Ask for more to get more. The first step to getting more for yourself is to ask for it.

Negotiation is a delicate process. It is part willpower and part social agility. There are many factors to consider and if you come ill-prepared you are likely to be disappointed with the result. The more important the result of a negotiation is to you, the more time you should spend preparing for the process. It’s about getting the best deal for yourself that you can, and that means adequate preparation.

Ten Traits of an Ideal Annual Sales Event Speaker

The annual sales event is important for your sales team – maybe even the most important part of the year. It’s an opportunity to accomplish several different things, from boosting morale to developing your team as professionals and even making an operational forecast for the coming year. It’s a social event, as well as an educational opportunity.

The keynote speaker at your annual sales event will be the foundation for a successful event for your organization. The ideal speaker can accomplish everything you set out to do and leave you feeling fulfilled and your sales team eager for success in the coming year. Given this, it is important to put time and consideration into choosing the right speaker. First, consider what is important to accomplish at the event, given your professional goals as well as your sales team’s expectations.

 

  • Focus on the team. There are specific points you will want to cover with your team. For instance, you may want to talk about quotas for the coming year, or forecasts for the industry in general and your team specifically. You may want to give them information on sales growth. It is also a good idea to solicit input from your team. What topics do they want to cover? What information do they feel they need to know or learn better?

 

  • This is an excellent chance to provide ongoing education to your sales team. Are there areas where they might need improvement? Perhaps you just want to give them a good review of policies and practices. Everyone needs refreshers from time to time, and the annual sales event is the perfect time to do it while adding an element of fun and camaraderie to the event.

 

  • Sales is about motivation and drive. Your sales team needs to look forward to their work and be excited about their prospects. A good charge of inspiration at the annual sales event can mean a lot for the coming year. This is a good opportunity to think big, to talk about broad topics like leadership or perseverance. Often, a person outside your organization is the ideal candidate to do this.

 

  • Recognize excellence. Nothing generates excitement like the pride a salesperson takes from getting their due recognition. Your team has worked hard over the course of the year, and now is the time to make sure they know you value their contributions. You can hand out awards, for instance, for achievements. Try to include everyone in some way, and don’t leave the planning for this until the last moment.

 

With these goals in mind, you can begin your search for the ideal keynote speaker for your annual sales event. There are certain traits that indicate the right person, the one who can develop your professionals and motivate them. The one who can uplift them with deserved recognition and prepare them for the coming year. These are ten key traits to look for when choosing the keynote speaker for an annual sales conference.

 

1. They have a strong social media presence. Modern conference speakers engage with a following on social media. The number of followers can be faked, but true audience engagement cannot. Look for a speaker who knows the importance of social media engagement.

 

2. They don’t work for free. They say you get what you pay for, and this usually proves to be true. A gifted speaker is in demand and unless it is for a cause, does not usually choose to donate his or her time for free. A lot of work goes into making a good keynote speech for any type of conference, and a good speaker is going to charge a fee for that.

 

3. They are active on Slideshare. Professional quality slides are a given with an ideal speaker. When a speaker has put in the effort to make slides of quality, they will cultivate a following on Slideshare. Look for engagement there as a sign of a worthwhile speaker.

 

4. They know audio and video. A good speaker will ask you questions about your setup. They will want to know the projector display ratio and whether there is WI-FI available. They will ask about mobile apps for the event. A good speaker is knowledgeable and their questions will demonstrate this to you.

 

5. Their slides are professional quality. The slides are a key component of the speech, and will aid in maintaining audience engagement. If a speaker has poor slides, the audience will lose trust.

 

6. They solicit the audience’s opinion. Every event should poll the audience while it is going on. A good speaker will be familiar with the practice and use it him or herself.

 

7. They know your audience. A good speaker will get to know your audience before the event. This way, he or she can address specific points important to your team and even participate in the recognition portion of the event. The more the speaker tailors the speech to the audience, the more engaged the audience will be.

 

8. They get audience members to interact with each other. When a speaker has electrified the audience, they will engage with each other, not just sit there and passively listen to the speaker.

 

9. They engage with the mobile app of the event. Every event should have a mobile app, and a sign of a good speaker is that he or she engages with that app to make the most of the event.

 

10. Their content is meaningful. A modern speaker knows how to use social media like Twitter, Instagram, and YouTube videos to make their content relevant and accessible before, during and after the show.

 

The right keynote speaker at your annual sales conference can give your sales team a sense of satisfaction in what they have accomplished, give them some professional development and leave them eager for the coming year’s challenges. The event should be a reward and an inspiration. Knowing what to look for in potential keynote speaker candidates is vitally important to choosing the right speaker for your event. Keep these qualities in mind when the time comes to find the right speaker for your annual sales event.

How a Keynote Speech Transforms an Event

The keynote speaker sets the tone of a meeting or event. He or she will usually kick things off with a speech that is longer than most or all other speeches or addresses delivered during the event, such as a weekend conference. The keynote speech will be a broad speech, covering many topics. The other speakers will then dig deeper into one aspect of the keynote speech. Whatever the theme of the conference, the keynote summarizes the ideas that follow and generates excitement for the event.

For people who do not attend the event but still have some interest in the topic, the keynote speech is what they will most likely listen to later. For this reason, the keynote speech can serve as an advertisement for the entire conference. It is quite common, therefore, to get a popular personality or a person of prominence or notoriety to deliver the keynote address.

A keynote speaker is often confused with other kinds of speakers, such as a motivational speaker. However, while a keynote speaker can motivate people, the terms are not synonymous. A keynote speaker is the one who delivers the big picture speech to the audience, who develops the overall theme of an event and creates expectations for what is to come. In whatever manner he or she chooses to do that, whether by motivation, humor, edification or other method, the speech that kicks off the event with the broadest coverage of what is to come is the identifiable keynote speech.

 

What Kind of Keynote Speaker Is the Right Choice?

Some occasions call for a specific kind of keynote speaker due to the type of event, while other occasions lend themselves to a less-specific style of speaker. It all comes down to subject matter, audience and what the goals of the organization are. An event organizer needs to consider what the specific goal of the event is for the organization. There are several possibilities.

  • It could be a scientific symposium or a political event about an important issue. If the main goal of the event is to educate the audience, the speaker will have to have a familiarity with the topic. If the audience is going to consist of experts in the field, the keynote speaker must have impeccable credentials. If it will be a general audience, the keynote speaker will need to be adept at communicating material to a lay audience.

 

  • Motivation is often the goal for sales conferences, or other industry-specific events open to people working in the field. In this case, the keynote speaker will need a flare for oratory. However, it will also be important to set an example. At a sales conference, a motivational keynote speaker should have achieved something notable in the field, or in some way done remarkable things through dedication and effort.

 

  • An inspirational speaker is like a motivational one, and often the same person can deliver both kinds of keynote address. An inspirational speaker often focuses on overcoming the odds. This type of keynote speaker, for instance, might have excelled as an editor despite being dyslexic, or lost his or her legs in combat and has learned to live a fulfilling live despite their setback. An inspirational speaker focuses on a feeling and a lesson, while a motivational speaker focuses on action.

 

  • Promote change. If the goal of an event is to achieve change in behavior or attitude, a keynote speaker who can motivate as well as educate might be the best solution. The purely motivational speaker is often speaking to people who already share a common goal and are just looking for some emotional energy to get them going. An educational speaker is usually addressing an audience that came eager to learn. An organization that seeks change may have to overcome biases and predispositions in the audience, and so a more complex approach is warranted.

 

  • Increase Awareness. If there is an important issue that an organization deals with, the first step on the path to promoting change could be raising the awareness of the general public. An educational speaker may tell an audience of professionals about a new cancer therapy, but a keynote speaker who seeks to increase awareness will speak more about the prevalence and consequences of cancer to a more general audience. If the goal is to increase awareness, expertise in a subject matter may be less important than the high profile of the keynote speaker.

 

  • Promote development. This sort of keynote speech is usually for professionals of a common industry. There should be an element of education as well as motivation. The keynote speaker must have experience in the industry, a recognized leader with many stories to tell and a wealth of wisdom gained from experience. In dynamic, evolving industries the keynote speech may highlight the latest advances and developments in the industry.

 

  • Sometimes the goal is simply to entertain. Rather than giving an overview of a theme or delivering the essence of a conference, the keynote speech is more about setting the right mood. The event may not have a single topic and thus there is no core theme to sketch during the speech. The event organizers simply want to make sure the audience enjoys themselves. The keynote speaker should have a gift for connecting with an audience. A proficiency in humor is also important for such a speaker.

 

There are many ways to deliver a keynote speech. One should consider the audience and the subject matter when determining the tone and approach of the speech. Smaller conferences might have more specialists in a field and therefore the keynote speech can reflect this with more in-depth coverage. For a large audience or a lay audience, humor may work better.

The keynote address could be the most important part of a rally, meeting or conference. It is important to choose the right person who knows the subject matter but can also bring a higher profile to the proceedings.

The keynote speaker needs to understand the size and composition of the audience to fashion the appropriate speech for the occasion, and he or she must also understand the tone the organizers of the conference wish to imbue to the occasion. The success of a conference often hinges on the effectiveness of the keynote speaker; getting the keynote address right is a large part of the battle.

What Sales Metrics Should I Measure?

To make the correct decisions that will increase sales and maximize profits, a sales leader must prioritize measuring sales metrics. The results of sales metrics can decide what move to take next and whether it will benefit your company. Continue reading to learn more about sales metrics, key performance indicators, and which metrics you should keep an eye on to maintain company progress.

 

What Are Sales Metrics?

Sales metrics are data representing the performance of individuals, teams, or entire companies. Sales leaders use sales metrics to keep track of numerous information pieces about the company, some of which include:

  • Tracking progress towards goals
  • Adjusting sales compensation
  • Awarding bonuses and incentives
  • Spot areas of concern before they grow worse
  • Preparing for the future

This list barely covers all the purposes that sales metrics have for the company.

 

What Are KPIs?

KPIs (key performance indicators) are often associated with sales metrics. However, not all metrics qualify as KPIs. A KPI usually reflects a major priority or goal, such as the sales percentage of a major product a company is trying to push out. KPIs measure performance, and tie into the core strategy of a company.

In terms of sales, KPIs vary between companies and between departments. No single set of KPIs exists that a leader must supervise. Factors such as structures, targets, products, and obstacles vary between teams.

 

Sales KPIs

KPIs are the sales metrics that are important for measuring the performance of the entire company. Some of these metrics include:

  • Customer Lifetime Value. The customer lifetime value (CLV), also known as the average lifetime value (LTV), shows you how much value a specific customer brings to the company over their lifetime. LTV is usually measured at regular intervals to track changes over time. This metric the multiplication of the annual revenue provided by the customer and the years of relationship, divided by CAC.
  • Sales Growth. The most potent of the sales metrics, sales growth determines the ability of the sales team to increase revenue over a fixed amount of time. Due to its direct tie to time and revenue, it is very important, and the fate of the company depends on its growth. A large enough drop can result in the company becoming absorbed by another one.

There are several other types of KPIs, such as:

  • Total revenue
  • Market penetration
  • New business revenue
  • Existing customers’ revenue
  • Business lost to competition
  • Net Promoter Score (NPS)
  • Territory revenue
  • Market revenue
  • Sales reps reaching 100% quota
  • Year-over-year growth

 

Sales Productivity Metrics

Sales productivity accounts for the rate at which a sales team hits revenue targets. The less time it takes to meet a quote, the higher the productivity is.

  • Time Spent Selling. This metric allows you to determine some of the largest time consumptions during your sale process. Lead generation is one of the biggest factors that results in lost rep time, since many reps struggle with finding leads that are interested in buying anything. Tracking the time spent will make it easier for you to determine the specific issues that are slowing down the process and resolve them.

Measuring productivity for sales reps also includes other factors (numbers), such as:

  • Calls made
  • Conversations
  • Emails sent
  • Scheduled meetings
  • Social media interactions
  • Demos and sales presentations
  • Sent proposals

 

Lead Generation Sales Metrics

These metrics measure how your sales team is prospecting.

  • Monthly New Leads. The number of leads each month measures the number of possible customers that are available in the pipeline. The leads depend on the chosen business model or the industry. Leads can either claim a free trial of your product, contact your sales team, or download a specific piece of content.
  • Average Lead Response Time. The longer it takes for your sales reps to respond to leads that show interest, the greater the chance of that sales opportunity slipping away. If a prospect is seeking a solution, and one of your reps takes 24 hours to respond, that prospect will reach out to another business. According to the Harvard Business Review, lead response time is important, as this study proves that a response time within one hour increases the rep’s chance to make a sale by seven, while it decreases by 60 if it takes 24 hours.
  • Customer Acquisition Cost. By tracking customer acquisition cost (CAC), you can understand the costs associated with business growth and expanding the customer base. This metric is particularly useful for startups attempting to demonstrate their values to their investors and to understand where to allocate your budget. To calculate CAC, you must add the money and time spent, then divide it by the customers acquired.

Other metrics (percentages) for lead generation include:

  • Dropped leads
  • Qualified leads
  • Followed-up leads
  • Followed-up leads in a time range

 

Sales Per Rep

Sometimes, to foster friendly competition, a leader will look at the sales per sales rep to see how each individual representative is performing. This metric also serves other purposes, such as making sure a rep did not chase unqualified leads to fill their pipelines, or how veteran reps may outperform newer team members.

 

Pipeline Sales Metrics

These metrics allow you to gauge the health of your sales pipeline. This information can help you understand what is working and what is not regarding the holistic sales process.

  • Sales Pipeline Coverage (SPC). This metric allows you to analyze the opportunities for your sales team on making a quota for a specific amount of time. The SPC ratio compares the capacity of the pipeline to the quota for an amount of time. Not every opportunity ends up as a sale, so it shows how many opportunities need to occur at any point.
  • Opportunity Win Rate. This metric measures the percentage of total sales opportunities that end up becoming customers. For example, 100 sale opportunities have 25 sales, which creates the rate of 25%. Calculating this metric allows you to set more attainable quotas for your team and create a more effective budget. This rate applies to both teams and individuals.

 

Other pipeline sales metrics include:
  • Average sales cycle
  • Average contract value (ACV)
  • Conversion rate by sales funnel stage (team and individual)
  • Total open opportunities by month and quarter (team and individual)
  • Total closed opportunities by month and quarter (team and individual)

 

Cannibalization Rate

Cannibalization rate refers to the impact the release of your new product has on the sales of the older products. While a company usually has a goal of releasing new, more advanced products into the market, competition between the company’s own offerings is not always beneficial. Cannibalization can make your older products obsolete and alienate part of your customer base.

 

Learn More About Sales

Learning how to measure sales metrics and how they affect your company is overwhelming for a novice, but with the right training, you can ease yourself into learning more about sales. SNI’s sales training program does not just teach “what to do” when it comes to sales, but also the “how-to.” The program takes a systematic approach to increase the effectiveness of salespeople. We even measure your progress through several metrics systems, such as key performance indicators. Sign up today.

What Is Change Leadership?

Companies sometimes need a drastic change in order to fix a long standing problem or merely to adapt with the rest of the world. That shift only occurs when a single vision motivates the employees as a team and becomes strong enough to enact that change. Change leadership is important in renovating overarching aspects of a company by using an empowered vision of the potential of such radical change. To become a change leader, you must understand what it means before taking the first steps.

 

Definition of Change Leadership

Change leadership is a type of leadership that focuses on large-scale changes within an organization. Real change leaders (RCLs) are more concerned about a large, transformative vision for the business and how the employees become empowered enough to contribute to the creation of that vision. One risk of change leadership, however, is it has the potential to get out of control and not account for the smaller details in that line of work. In addition, a company may not act upon every proposed change to the established structure.

 

Distinction From Change Management

Change management is often associated with change leadership. Many consider the two synonyms. However, these two concepts approach the upcoming change at a company with different methods. Change management refers to “a basic set of tools or structures intended to keep any change effort under control.” Change management essentially introduces a company shift to a work environment that is usually resistant to the concept of change. Management keeps the distractions and effects of change under control at a small, gradual pace, rather than the disruptive approach change leadership takes.

 

The Role of People Management in Change Leadership

For RCLs to continue their ambitious vision for their business, first they need to embrace people management. People management focuses on having each employee reach their full potential by managing them. People managers lead their employees into training and developing their skills, meeting new goals, defending them by understanding employee law, and encouraging them to improve. Some of the practices in people management include:

  • Training and development. Managers ensure that employees receive enough orientation to start their job and that they receive evaluation and feedback to encourage them to grow and take on more responsibility.
  • Decision making. A manager must make the final decision when it comes to employee recognition or discipline with fair, objective decisions.
  • Managers must work as mediators for employee grievances, help the employees feel confident about their job, and carry out evaluations.
  • Overseeing teamwork. Despite delegating teamwork to employees, managers must make sure the team is performing its duties within budget and deadlines.
  • Role modeling. A manager sets a good example for the other employees by behaving like a professional and treating other employees with respect and dignity.
  • Managers oversee the progress of employees, and if necessary, set up programs and identify opportunities for improvement to ensure employee growth within the company.

By embracing something as structured as people management, RCLs can motivate employees to align to the greater vision for the organization.

 

Actions of RCLs

Advocates for change leadership are very different from regular management roles. While managers strive to keep everything controlled and running, RCLs are all about shaking the business up. RCLs have skills that make them stand out from other types of leadership.

  • Linchpin linkages. Forging connections in the marketplace, RCLs engage with the customers and find out what the competition is doing. Then, the leaders use the information to energize their work teams into improving their performance.
  • 360-degree impact. Often in middle management positions, RCLs inspire their vision first among the employees they are directly responsible for. Later, the leaders also try to influence the executives and people above them to bring changes, with varying degrees of success.
  • An expandable toolkit. RCLs have specific problem-solving skills or tools. However, they are always looking for new approaches and techniques, and do not get complacent in the techniques they already have. These leaders adapt to new situations.
  • Switch-hitting leadership capacity. In change leadership, there is no single type of leadership approach. RCLs have different approaches to leading depending on each of the employees. In the case their methods cannot adapt to the situation, RCLs delegate others to help lead the current vision for the team to completion.

 

Characteristics of RCLs

While individual change leaders may have their own unique approaches at leadership and driving the company to meet a unified vision, they all share a few characteristics:

  • Excited and committed to a vision that will improve the future of the organization
  • Courage to face and combat norms, power bases, and failures to fulfill their goal
  • Motivated and make sure to spread that motivation to others
  • Take the initiative in challenging the status quo and thinking outside the box to solve problems
  • Care for the way the company treats other employees, particularly the ones on their team and under their watch.
  • Sense of humor, even in the worst of times, to motivate everyone around them to keep focused on the larger vision for the company

 

Shortage of Change Leaders

Change leadership rarely comes from the top because the people involved have the least incentive to drive a large, overwhelming change that extends all the way to the smallest employees. Most RCLs originate from middle management positions. However, there is a shortage of RCLs since most management positions are traditional and more akin to change managers. Experts argue that the shortage can end by both bringing in outside talent specialized in real change and instructing managers on change leadership methods.

 

Boost Your Change Leadership Skills

Becoming a strong, efficient change leader requires patience and practice. Inspiring employees to follow your vision is a skill that develops over time. If you want to learn more about how to influence others, then consider investing in some lessons. SNI’s influence training course is based on Aristotle’s philosophy on the three elements of influence (ethos, pathos, and logos) to build credibility, engage emotion, demonstrate logic, and engage action. Call us today to join our program and maximize your leadership success.

What Is BATNA?

Sometimes, the worst scenario occurs: a negotiation breaks down and an agreement may fall apart between the parties involved. When all else fails, having a prepared BATNA is essential in keeping the negotiation from shutting down and a last resort at resolving conflict. If a salesperson is careful enough, they can still have control of the deal.

Definition of BATNA

You might be wondering, what is BATNA? BATNA is the acronym for Best Alternative to a Negotiated Agreement. According to the Business Dictionary, BATNA is defined as “a term used by negotiators to describe options available to their side if negotiations fail.” The entry continues and points out that, “negotiators who have a strong, well-defined BATNA have an advantage because they have a clear benchmark to which they can compare any negotiated settlement.”

 

Importance of BATNA in Negotiation

Before you even schedule a business meeting or agree to see your negotiating partner, you should have a BATNA in mind. Preparing a BATNA ahead of the meeting yields numerous rewards for you, such as:

  • Giving you an alternative when the negotiations fall through
  • Giving you negotiation power over your negotiation partner
  • Considering the lowest point that you are willing to offer

In contrast, by having a weak BATNA or no BATNA at all, your partner can take advantage of your flaws, it will reduce your bargaining options, and will leave you in agreement for something lower in value than what you expected.

 

Know Your Partner’s BATNA

As you develop your BATNA, it is just as important to learn as much of your partner’s BATNA as possible. For one, it will leave you less vulnerable in case your partner is just as savvy as you. Also, you need to figure out your partner’s business needs and position in order to meet them. If you can understand what your partner wants, you will come up with a deal that will benefit both parties involved.

In general, to create the ideal BATNA, assess your business needs and make of a list of everything you would do to meet a solution with the negotiating partner. Then, pick the lowest option that is only better than not working with the partner at all. The most balanced approach is to meet the Zone of Possible Agreement (ZOPA), which is the compromise range that lies between the highest amount a buyer will pay and the lowest a seller will go for before both parties walk away.

 

Approaching BATNA

Once you have your BATNA set, proceed with the negotiations. If you and your partner come to an agreement immediately, then the bargaining went well and there is no need to reach that next stage. If the conflict escalates to the point of ending the negotiation, then offer your BATNA. However, when you set up the BATNA, make the impression that you are ready to get up and leave if the other party doesn’t consider it. This action communicates to your partner that they are acting like an opponent, and that you are better off not doing any business with them. In addition, you can avoid the other party taking advantage of you and forcing you to settle for less, or no deal.

At the same time, ensure that both of you ultimately reach a mutually beneficial result. Every time you agree to a concession, ask one for yourself as well. Ultimately, negotiations are about maintaining a power balance between the involved parties when reaching an agreement. If you remain both insistent in your bargaining and fair when reaching out to the other negotiator, it will boost your reputation as a negotiator and potentially bring further business to you.

 

Examples of BATNA

Though BATNA is a last resort when it comes to negotiation, it manifests in plenty of scenarios where any amount of negotiation is present. The following are examples of how BATNA operates in different negotiation scenarios:

  • Customer needs. A customer needs a product that has no alternative, and his BATNA is to live with it, while the salesperson can offer the product for a discount, but nothing lower than that.
  • Customer preference. A salesperson can tell a customer prefers their products to the competition. The customer’s BATNA is choosing the competition, while the salesperson will hope to complete the deal with a discount.
  • Sales target. A customer notices that a salesperson has not hit a sales target. The salesperson’s BATNA is missing their sales quota. The customer is willing to persuade the salesperson for some discounts, so the salesperson can close the deal and meet the target.
  • The employer knows that the economy is in danger and jobs are hard to find. The employer has the negotiating power, since the candidates have no other options besides unemployment.
  • In the reverse of the employment scenario, an employee is talented and in high demand, while the employer needs the employee’s talent for their business and has much to lose if the negotiation fails. Therefore, the candidate can demand more, and the employer’s best interest is to accommodate.
  • A customer in the process of buying a product declares a specific brand superior to the others. His or her BATNA is to end up buying an inferior brand instead, which motivates them to buy. However, the customer may use bluffing to hide their interest and deal with the salesperson.
  • A product is in short supply because the industry cannot keep up with the high demand. The customers have the BATNA of not buying a product at all or to cut back, while the manufacturer is able to offer the highest price available.

 

Improve Your Negotiation Skills

Despite the importance of having a best alternative to your negotiating agreement ready for every negotiation, it is always best to avoid that situation in the first place. Shapiro Negotiations’ training course can prepare you to become a better negotiator. The course is available in different methods, from classroom and virtual training, to keynotes and consulting, and will bring you benefits such as developing better business partnerships and increasing confidence and results in negotiations. Contact us for more information and improve your negotiation skills today.

Building Rapport With Sales Clients

One of the most essential skills salespeople must have is the ability to build a rapport with their clients. You can have an excellent product and a persuasive and researched pitch, but none of those elements will matter if you or your client do not have a connection with each other. If you want to excel at building rapport, you must have a clear rapport definition in mind. You must also develop your communication skills to bond with different clients. Learn more about rapport and bonding with clients by following the techniques below.

 

Rapport Definition

Before you even start thinking about approaching clients, you should understand what rapport means in a broader sense, and specifically within the field of business. For instance, the Oxford English dictionary defines rapport as “a close and harmonious relationship in which the people or groups concerned understand each other’s feelings or ideas and communicate well.” Meanwhile, the Business Dictionary gives rapport the definition of “a positive or close relationship between people that often involves mutual trust, understanding and attention.”

Both definitions emphasize rapport as a close relationship. A salesperson must establish a connection with the client strong enough for the client to consider it “close”. The relationship should also be positive, harmonious, and facilitate the transfer of ideas. The second definition is slightly different in that it lists the components of rapport: the establishment of trust, understanding, and attention between the two parties.

The fact that the business-oriented definition does not differ much from the general definition also means that building rapport is not just a specific business technique, but a broader one that people use to meet their goals and improve their lives daily. Approaching the construction of rapport with a client the same way you would to have a pleasant, constructive conversation with any person can help put you at ease. If you are relaxed, you can share that feeling with the client, and that goes a long way when building rapport.

 

Mirroring Your Client

A subtle technique that creates a bond with your client fast is analyzing their body language and imitating it occasionally. Mirroring builds a subconscious connection with the person you are talking to, and when done correctly, is proven to achieve sales increases and positive evaluations. Anyone can accomplish mirroring through three steps:

  • Face your client and show attentiveness to their conversation via eye contact and nodding.
  • Match the client’s speaking volume and pace.
  • Identify the client’s punctuating action when making a point and imitate it the next time they perform it.

Remember to practice mirroring in moderation. Repeating these steps frequently can become obvious, make the customer uncomfortable, and break the connection instead of building it.

 

Asking Interesting Questions

One of the simplest methods a salesperson can use to build a rapport with clients is to learn more information about them by asking questions. When a salesperson shows interest in a client by asking questions, it shows the client they can trust the salesperson. This allows the salesperson to gather more information about the client to customize their sales platform, and keeps the client engaged throughout the process. Not every question is effective, however, so you should craft a rapport-building question carefully.

An effective question must consider the following aspects in order to build a genuine connection with the other person:

  • The question should apply specifically to the client you are seeing and the situation around both of you. Observe the person’s actions, clothing, mannerisms, and other specific details to build questions from.
  • Catching a person off-guard by asking them a nontraditional question raises their interest and keeps them engaged in the conversation.
  • At the same time, make sure that the question is not invasive or does not make the client uncomfortable.

Keep these elements in mind when coming up with the questions, and you can build rapport with a client and establish trust and understanding while also keeping their attention. A small sample of some of the best questions to ask the other person include:

  • What’s something most people don’t realize about [client’s city/state]?
  • Have you always wanted to work in [client’s field]?
  • What was your favorite class you ever took at college?
  • Are you subscribed to any newsletters or blogs about [topic, client’s industry]?
  • I noticed that your office is in [city neighborhood]. Do you like to go out to [local restaurant] to eat?
  • You seem like a busy person? Do you use any apps to keep organized? I am considering using them, so I’d appreciate some recommendations.

Asking questions that you can specialize to the client and are somewhat specific keeps conversation interesting.

 

Empathetic Statements

A salesperson must understand the client’s personality, needs, and wants in order to give their sales approach a direction. Understanding the client also helps establish a connection, as the client will feel less isolated and better about themselves. Using empathetic statements is an effective way of mirroring the person’s verbal messages, physical status, and emotions without parroting and putting off the customer.

You can build a simple empathetic statement by starting with “So, you…” followed by a small assumption about their words or their actions. Even if those assumptions are not entirely accurate, these statements demonstrate you are paying attention to the client’s actions and you are seeking to understand their feelings.

Some specific empathetic statements further develop a connection while also suggesting an action to a client.

  • Empathetic presumptive. This empathetic statement presents a presumption around a fact about the client but allows the client to interpret the fact. Whether the assumption is correct or not, the client can provide additional information that the salesperson can use to guide the conversation and dig deeper into what the client wants. For instance, if a client is looking around, the salesperson can ask, “So, you’re looking for [product].” The customer can confirm or deny it, and clarify the assumption.
  • Empathetic conditional. This statement keeps the focus on the client but adds specific circumstances where the client would decide. To follow on the previous example, after making an empathetic presumptive, if the client says they are looking for a product, but does not know if they can afford it, the salesperson can state, “So, you’d buy [product] if it was more affordable.” This allows the seller to identify with the customer’s specific issue and guide them towards a specific solution.

Using empathetic statements, you can get an understanding of the client’s goals and issues in reaching those goals without having to say much, and then you can help your client in a personal manner.

 

Listening to the Client

Gauging your client’s needs is important when understanding them, but sometimes, it is just as important to sit back and listen. If you establish a mutual interest or if the conversation takes a turn where the other person talks constantly about a hobby, a story, a problem, or any other topic, then simply listen. This is a great opportunity to learn more about the other person and how you can sell to them. In addition, the client will appreciate your consideration and interest, and when you discuss sales, they are more willing to return the favor and listen to you.

 

Establishing Trust

Another technique in presenting yourself as an ideal person to build a rapport with is establishing trust. Maintaining connections and making sales is easier if the customer believes you are reliable and dependable. There are a few steps you can take to establish trust in your client:

  • Respect the client’s time. Always arrive early when meeting with the client and never try to stop them from doing something else.
  • Sell only a realistic solution. Be honest about what you can offer to the client, and let the client make the decision.
  • Show respect towards the competition. In case the competition ever comes up in conversation, show respect and avoid trash talk. The customer will see you as mature and professional.
  • Practice authenticity. Rather than relying on programmed pitches or slogans, lead with stories or humor. This step makes you appear sincere, honest, and approachable.
  • When in doubt, offer referrals. In the rare case you cannot help your client in any way, do not hesitate to refer the customer to other qualified people who can do the task. This shows the client that you care about their wellbeing, not just their business.
  • Deliver on your promises. If you offer a realistic promise and the client takes you on it, make sure to deliver.

 

Keeping the Client’s Attention

Another important element required when building a rapport is keeping the customer’s attention. No matter how much you work to keep the conversation interesting and engaging, distractions will always manifest and hinder your communication efforts. These tips should help you keep your conversation with the customer lively, while also keeping your sale on focus.

  • Keep them involved with questions, listening to them, or filling in forms
  • Make your main point as soon as possible
  • Change the topic, pace, or emotion every 10 minutes to keep the conversation interesting
  • Use humor to ease them between points
  • Summarize your points occasionally to keep your focus

 

Take the Next Step in Building Rapport

The development of communication skills to bond with others is essential in everyday life and relationships. Now that you have a stronger sense of how to build a rapport with clients, you should take your knowledge to the next level and consider corporate sales training. The corporate sales training program at Shapiro Negotiations focuses on maximizing the effectiveness of salespeople. While the program works as a standalone sales process, it can also integrate into your existing sales skillset, giving it a boost. Sign up today to optimize your sales.

 

What Is Sales Prospecting? A Prospecting Definition and Some Tips

You’ll find the process of sales prospecting at every successful business. Prospecting involves an excavation, or a hunt for qualified leads, as well as efforts to convert them into customers. Learning the prospecting definition is only the first step toward creating opportunities for sales. The next is acquiring prospecting skills that will turn your leads into loyal, lifelong customers. Achieve more fruitful sales prospecting with these tips.

 

Prospecting Definition

Prospecting traditionally referred to the search for minerals, such as gold. As a business term, the idea remains the same: to strike “gold” in a warm sales lead. The Oxford English dictionary gives the prospecting definition of, “the possibility or likelihood of a future event occurring, or a person regarded as a potential customer.” The Business Dictionary defines a prospect as a, “potential customer qualified on the basis of his/her buying authority, financial capacity, and willingness to buy.”

In essence, sales prospecting is the act of sales reps reaching out to leads in the hope of creating sales opportunities. Prospecting can refer to marketing tactics, cold calls, email campaigns, and other ways to nurture leads. Prospecting in particular refers to reps contacting leads who have gone cold, or who have lost connection with the brand. It also encompasses researching leads and categorizing them based on their likelihood to convert.

Prospecting is a very important sales process, as it is typically the first step in the sales funnel. It involves identifying potential customers, developing a database of prospects, and then communicating with leads with the goal of converting them into customers. It can be a difficult process if a salesperson does not know what to expect or how to do it effectively.

 

What Does Sales Prospecting Look Like?

Sales prospecting secures leads and moves them through the sales funnel, until they convert into customers. A lead will become a prospect if something qualifies him or her as a potential customer. This could mean that the lead fulfills the persona of the target buyer, or that the lead has already expressed interest in the brand (clicked on the website, came to a landing page, etc.). Once the lead becomes a prospect, the real work begins. Here are the basic steps for high-converting sales prospecting:

 

1. Salespeople should know their prospects. They should conduct as much research as possible into the prospect and his or her buying habits. The goal should be to determine the quality of the lead. Come up with a set of criteria to assess the probability of the person buying. Most companies use customer relationship management (CRM) software to keep track of leads and prospects.

2. Once the salesperson has done his or her homework, it’s time to connect with the lead. Making a connect could come from a phone call, an email blast, or a personal connection. The goal of the first connect is generally to schedule a follow-up sales meeting.

3. At this stage, the rep should evaluate the prospect’s unique needs and aim to fulfill them. The salesperson should identify needs and potential objections, and prepare arguments for the service or product. The salesperson’s job is to continue moving the prospect through the sales funnel.

4. Follow-up. The follow-up connection should be the deal-closer. It is the meeting in which the salesperson puts the prospect’s fears to rest, fulfills a need, answers questions, and sets the lead up for conversion. The salesperson should make it as easy as possible for the lead to turn into a revenue-generating customer.

5. The final step in successful sales prospecting is closing the sale. A salesperson can turn to many different techniques to close a sale and convert a prospect into a customer. Closing is one of the most difficult steps in sales prospecting. It is also one of the most important skills a salesperson can master.

 

Sales prospecting generally refers to the first few steps of researching and acquiring qualified leads, as well as the initial connection. However, it can encompass every step of the sales funnel or buyer journey, until the prospect becomes a loyal customer. Like everything in business, practice makes perfect. There are proven techniques and best practices that can increase the success rate of sales prospecting in all industries. Becoming a Master Prospector takes time, training, and commitment.

 

Tips for Striking Gold While Sales Prospecting

Sales prospecting isn’t optional. It is necessary if a company wishes to grow its bottom line. Digging for new customers doesn’t have to mean reinventing the wheel. Sales reps can look at pioneers before them for proven ways to master prospecting. The following are a few tips and tricks from seasoned sales professionals:

 

  • Put in the time. Too many salespeople rush prospecting, failing to conduct proper research to discover the qualification of the lead. Setting aside time for prospecting each week can keep the pipeline full.
  • Know your personas. It may seem obvious, but knowing the buyer personas is critical for successful prospecting. Salespeople should know their ideal buyers in and out, and be able to spot them immediately.
  • Prioritize prospects. A sales rep should dedicate the majority of his or her time to the most qualified leads. Qualifying factors should group leads into categories based on their likelihood to convert. Software is available to do this automatically.
  • Personalize connections. Connecting with a prospect is much more likely to lead to a follow-up appointment if the initial message is personal. Reference a specific issue the prospect has, or mention another relevant tidbit about the person. Connect with the prospect on a personal, human level, aiming to help instead of to sell.
  • Use technology. Social media, CRM software, marketing automation, Google Alerts…there are plenty of technological solutions available to make sales prospecting easier and more effective. Use the technology at your disposal to become an efficient converting machine.

 

Being a skilled prospector is one of the most important techniques a salesperson can master. Find a mentor to teach your team the best tools and habits for success. Join the Corporate Sales Training course at SNI to discover a proven, systematic approach to maximize the effectiveness of salespeople. You and your sales reps will learn how to optimize sales prospecting, find and evaluate qualified leads, and close more sales. Sign up today.

Are In-Person Networking Skills Still Important in a Social Media Age?

In the Age of Social Media, how important are face-to-face networking skills? Very, according to recent surveys. The majority (68%) of entry-level professionals place more value on face-to-face networking than online interactions. Furthermore, just over half (51%) of professionals do not have LinkedIn profiles, showing significant dissonance even with the most popular business networking site. Face-to-face networking skills are still critical for working professionals who wish to advance their careers or grow businesses.

 

The Importance of Business Networking

Sales center on people. People making connections and building relationships with other people are what keep companies in business. Networking is at the heart of business. This remains true whether the networking is online or in person. Business networking is essential for people who want jobs, career advancement, or business growth. Salespeople especially rely on networking. It is the number one way to establish trust, introduce oneself to potential customers, and increase brand awareness and product visibility.

The art of networking has undergone significant changes in the last few decades. From business cards to business Instagram accounts, everything has gone digital. Sites like LinkedIn target business people specifically, aimed at helping professionals build their networks, earn endorsements, and get better jobs. While connecting online might appear to widen a person’s career network and help forge relationships, in reality it still falls short of in-person networking for most business people.

Networking at corporate events, conferences, and sales meetings can help businesses and prospects connect. Sales professionals, for example, can exchange information with potential customers and leave lasting impressions from their face-to-face meetings. Virtual networking can also add value to professional relationships. It can help a person develop contacts, connect with important people in the industry, and get in touch with the right people. Despite the push toward online connections, in-person business networking is still highly valuable.

 

What Do the Numbers Say?

Many different sources agree: nothing is more effective than in-person networking. Research proves that face-to-face interactions tend to be more positive than online interactions. The people who achieve the greatest results from their networking efforts almost always engage in face-to-face interactions. When searching for a new job, 46% of people still find the most success in traditional, in-person networking.

While actual words are important, they make up only 7% of a person’s perception of sincerity. Nonverbal cues are much more important when it comes to discerning whether to trust someone. Facial expressions while we talk make up 55%, while inflection of tone makes up 38%. A whopping 72% of people say looks and handshakes influence their decisions. One survey from 2015 found that 9 in 10 people choose small, face-to-face meetings as their preferred communication method.

When it comes to personal preference, in-person is a clear winner across multiple surveys. Eighty-four percent (84%) of respondents in the Virgin survey say they prefer in-person meetings, while 95% say face-to-face meetings are essential for long-term business relationships. If companies eliminated business travel for in-person interactions, they would lose around 17% of their total profits. Despite the pull of the “Social Media Age,” it’s clear business professionals still value in-person networking highly.

 

The Benefits of In-Person Networking

The internet is growing as a way to network and build relationships. However, the media richness theory finds that seeing someone in person is still the richest form of communication. The next-best form is video conferencing, which still allows those in the conversation to see facial expressions and hear inflections. Then comes phone communication, then emails, and lastly, texts. The richer the mode of communication, the better it is for developing relationships. Although many online tools today facilitate networking, in-person interactions come with the following benefits:

  • Reading body language
  • Customizing the conversation
  • Showcasing your personality
  • Building a human relationship and trust
  • Establishing chemistry and sharing energy
  • Having more diverse and memorable conversations
  • Getting insider knowledge
  • Preventing harmful miscommunications
  • Taking business relationships to the next level
  • Bonding with others in a shared setting
  • Having fun during the interaction
  • Arranging the next (follow-up) action

No amount of sophisticated technology can replace in-person networking. Being with the other person in the flesh can forge stronger bonds and create a better foundation for a long-lasting business relationship. The numbers support this conclusion, with the majority of today’s business professionals preferring in-person interactions to digital ones. There is no question – it is still important to cultivate in-person networking skills. The next step is improving your face-to-face exchanges.

 

In-Person Networking Tips

Networking in person can give you opportunities you would not have over social media alone. To take full advantage of these opportunities, you need a few networking tips to help you make the greatest impact. The amount of time you spend preparing for your in-person interaction can make a difference in its outcome. Set yourself up for success by embracing available tools, tips, and tricks. If you’re planning an in-person networking event or situation soon, keep the following in mind for optimal engagement:

1. Prioritize building trust and credibility. One of the greatest downfalls of communication over social media is not knowing who to trust. Establishing trust is possible through smart marketing content, but it gets much easier when you can meet someone in person.

Whether your goal is to get a new job or clinch an important sale, prioritize establishing trust between you and the other person. Do this by showing others your similarities in the time you have together. People tend to trust what they know more than what they don’t. Make human connections with people to earn their trust and strengthen the relationship.

2. Use positive emotions to your advantage. Logic can help form a buying decision, but emotions seal the deal. Face-to-face interactions give you the power of using emotions to your advantage. Be open and transparent with the other person, supporting your words with the appropriate facial expressions.

Make an emotional connection with the person, whether it’s fear, compassion, empathy, or having fun at a business event. Connecting with a prospect or professional on an emotional level improves your odds of having a lasting positive impact.

3. Let your personality shine. You have the opportunity to truly show the prospect what you’re like during face-to-face meetings. Don’t miss out. Be professional, but don’t be afraid to show what makes you unique.

Show off your sense of humor, warmth, friendliness, and other traits that set you apart from other salespeople, brands, or job prospects. Let the other person see you’re more than just a social media profile – you’re a flesh-and-blood person who can check all the boxes of what they’re looking for.

In-person networking can be more daunting than an online interaction. You must put your best foot forward, or you could miss out on an important business opportunity. Everything must count, from the clothes you wear to the words you say. Pay special attention to body language, presence, and inflection during face-to-face meetings. Nail important aspects such as the first impression and initial handshake. Do your research, prepare talking points, and – most importantly – be yourself.

 

Improve Your Business Networking Skills Today

Whether you are a born social butterfly or you identify as an introvert, influence and persuasion training can help you. The training program at SNI helps participants influence others and the decisions they make. It focuses on credibility, emotion, and logic – Aristotle’s three elements to influence. It can help you become more persuasive and effective in your techniques during both in-person and social media interactions. Sign up today to start developing your networking skills.

7 Things That Must Go in a Cold Call Script

Cold calling is not dead. In fact, 78% of consumers in a 2018 poll took an appointment or attended an event they learned about through a cold call. When done right, cold calling can be more effective than other types of marketing efforts.

To achieve success with this sales tactic, however, your reps must be prepared with a flawless cold call script. The strength and effectiveness of a cold call script template can determine whether the seller will clinch a sale or annoy the consumer. Insert the following seven things in your company’s cold call script for maximum persuasive power.

 

1. A Strong Introduction

The way a salesperson opens a cold call to a prospect is key. A cold call script must start with an excellent opener. Opening with a boring statement, a mumbled greeting, or too many questions can immediately turn a prospect off and stop the conversation in its tracks. The salesperson should come off confident, friendly, and positive to warm up the cold call. He or she shouldn’t rush the introduction. Instead, the seller should take his/her time saying, “Hello, I’m [Name] from [Company].” A simple but clear introduction can start the conversation on the right foot.

Make sure your company’s script template starts with a concise but positive introduction, followed by something light and conversational, ideally with personal details about the prospect’s life. A simple, “How are you?” can multiply the odds of success by 3.4. Do not start immediately with a bunch of questions. This can make the call feel like an interrogation, and put the prospect on the defensive. Instead, your salespeople should take their time and avoid sounding pushy. They only have a few seconds to form a first impression, so they should start with a concise pitch.

 

2. Personalized Connections

Although cold calling is about selling a product over the phone, the best way to seal the deal is by starting a conversation. Make the call more about a connection than about prospecting. Studies show that the longer a salesperson can keep a prospect on the phone, the higher the odds are of a sale. Striking up a conversation with the recipient can increase call duration and create a back-and-forth dialogue that can help the seller succeed. Instead of making the cold call feel like an interrogation or a preloaded list of questions, sellers should insert personalized details into the cold call script, such as:

  • Where the prospect went to college
  • The prospect’s home sports team
  • What the prospect does for a living
  • A fun fact about the seller
  • How the seller has helped similar prospects or companies

Get this information from your company’s research prior to making the calls. Your team should have identified the best prospects for the product, and spent time researching any available information about each person. This should give your reps plenty of talking points that sound personal, friendly, and conversational. Your sellers should open the prospect up to the idea of chatting, rather than making the call about sales alone.

 

3. Good Questions

The questions a salesperson asks during the call can make all the difference. For this marketing practice to work, the seller must know exactly what questions to ask, and when to ask them. One study on cold calling analyzed 519,000 calls to draw connections between the script template and the effectiveness of the call. The study found that the ideal number of questions to ask during a discovery call is 11 to 14. Asking more or less than this range drops the effectiveness of the call equally. The best questions during a cold call are leading:

  • What’s it like living next to/in [insert city or landmark]?
  • What are your top [insert industry] priorities right now?
  • What would make you more likely to switch companies?
  • What concerns do you have about switching?
  • How can we best serve you?

These questions encourage conversation, rather than allowing the prospect to simply answer yes or no. Furthermore, good salespeople spread questions evenly throughout the conversation. This maintains a more positive pace throughout the conversation, rather than several questions frontloaded at the start of the call. Your sales reps should think about the call like a tennis match, with a lot of back and forth. The right questions can lead to a more naturally flowing conversation.

 

4. Collaborative Words

Prospects prefer to talk about themselves rather than hear about the salesperson. The same study of 519,000 cold calls found that using collaborative words, rather than “I,” increased success rates by 35%. Similarly, the number of “our” vs. “my” in the analyzed calls was 55% higher in successful calls than unsuccessful ones. According to another analysis of over 500,000 sales calls, top sellers were 10 times more likely to use collaborative language than low-performing ones.

Collaborative language is more inclusive. This gives the prospect the impression that the seller is part of something bigger, rather than on his or her own. The impression of a company supporting the seller’s promises can foster greater trust in the salesperson. Collaborative language also serves to include the prospect in the conversation, rather than isolating the seller and creating separation.

 

5. Solutions for Common Objections

Every good cold call script must include go-to answers or solutions for common prospect objections. Around 35% of salespeople say overcoming price objections is the biggest challenge they face. Preparing for objections and having proven handling techniques ready could save an otherwise doomed cold call. A few tips include:

  • Pausing for at least a few seconds after an objection.
  • Continuing to talk at the same slow, back-and-forth pace as before.
  • Clarifying the prospect’s concerns with questions.
  • Confirming that you’re both on the same page.
  • Connecting with a fellow salesperson or manager for a team sales strategy.

In answering an objection, a salesperson should use the most effective language possible. This means using the strongest words to get a point across. Words like “imagine,” “successful,” “fair,” and other decisive language can help restore confidence in the seller and bring the conversation back to a light and positive place. Giving your salespeople a cold call script with best practices for answering common objections already built in can help them increase the duration of calls.

 

6. A Strong Closer

Making sales is all about the closer. Successful prospecting is all about planting seeds and getting follow-ups. The best cold call script templates stress the importance of the salesperson’s closing statements. A seller should always have more reasons for a person to buy than the number of objections. Closers should be persistent, and can be more straightforward than the rest of the conversation. It is the rep’s chance to ask the buyer one more time, or to circle back to the sale after receiving a no.

Closers are also the most appropriate place to insert discussions about price. Since price is one of the most common prospect objections, introducing price at the end of the conversation can reduce the odds of the buyer rejecting the offer. Your salespeople should give the price of the product or service as close to the end of the conversation as possible to avoid objections. At this point, the prospect is already more likely to buy. Tie the prospect’s financial goals to the closing statements. Position the product or service as the solution. The goal of the closer should be to either close the deal or get a follow-up.

 

7. Conviction from Beginning to End

Although not necessarily something in the cold call script, it is important for salespeople to use conviction during cold calls. Nothing convinces like conviction. Words that inspire confidence can help close sales. The most successful cold callers use affirmative, confident terms throughout the call, such as “absolutely,” “definitely,” and “certainly.” These words show a prospect the seller knows what he or she is talking about, and is willing to guarantee the truth behind his/her words. Conviction from start to finish during a cold call conversation can make the prospect trust the seller, and be more willing to give them his/her business.

Good sellers often practice cold calling by recording themselves speaking out loud. That way, they can hear whether their voices come off with enough strength, confidence, and conviction. A good script template is important, but delivery is where the magic happens. Sales reps must deliver scripts with confidence for them to be effective. Believing in the product or service and being extremely knowledgeable about it can help a salesperson achieve a strong tone of conviction.

 

Improve Cold Call Scripts, Increase Your Bottom Line

Cold calling does not have to be uncomfortable or pushy. It can be warm, friendly, inviting, and effective with the right script. Cold calling may be one of the most difficult marketing techniques to perfect, but the results can be worth the effort. Your team’s success depends on the tools you give them for closing sales. Excellent sales training can help a team of cold callers achieve better results from their efforts.

Shapiro Negotiations knows how to get real, measurable results from cold calling. Our corporate sales training program teaches top-converting tools, habits, and processes for optimal sales success. One of the modules in this program focuses specifically on how to overcome potential customer objections with confidence. Learn new tips and tricks for cold calling, build trust more quickly with prospects, and increase your bottom line.