It’s Game Time – Are You Ready?

Posted by Kevin Wessels on July 18, 2020

Continuing with our case study of how to land the “big fish,” we are now about to enter our first face to face meeting with the”Larger than Life” prospect.  First, there are a few things you need to do and consider to be as prepared as possible:

  • Make a list of what you want to accomplish during the meeting.
  • Anticipate potential concerns from the prospect.
  • Check to make sure you are completely prepared.
  • Listen more than you talk.
  • Bring support staff with you.
  • Use and respect the prospect’s format.
  • Always follow through.
  • Ask for what you need and seal the deal.
  • Simplify your prospect’s life.
  • Find ways to boost your credibility.
  • Build and nurture relationships.
  • Learn from “no”. Find out what didn’t work so you know how to change it for the next time.

These are all important things to do both before and during your presentation. With confidence behind your company and product, you will catch that big fish.

The next step of the process is negotiation. This can seem a little intimidating, but with a few tips and tricks, it can become natural to you.

Leonardo DiCaprio in the movie “The Wolf of Wall Street”

 

Here are some tips to help you negotiate successfully:

  1. Build a pricing strategy and stick with it.
  2. Prioritize what you plan to offer. This should include what really matters to you and what you are willing to give in on.
  3. Don’t give in too quickly.
  4. Negotiate with a person, not a “company”. Don’t let their answer be that they would like to, but can’t.
  5. Don’t sell yourself short.
  6. Mitigate your pricing. If you go to low you won’t be able to raise it back up and you need to make a profit.
  7. Don’t sacrifice quality for the deal.
  8. Your services should always count as costs.
  9. Boost margins with add-ons.
  10. Handle requests for proposals (RFPs) with the utmost care.

These are the ways you make sure that both parties are getting the best possible buying experience and outcome from the partnership. Once you start meeting or working together, it’s important to continue to build your relationship so that that the representative becomes a big ally of yours. That way, he or she is more likely to vouch for you and build on the partnership you have with their company.

We like to call this person a “champion.” They are a champion for your company and can bring a stronger, brighter future to your company. Typically, a great champion exhibits the following characteristics:

  • Respected by supervisors
  • Socially networked
  • Thinks in the best interest of the long run of her company
  • Able to quickly navigate through the company to get things done
  • Willing to give credit to another person
  • Shares the same business philosophy, values, and vision as you

Now, that you know how to negotiate for what is best for both parties and leverage that relationship with your champion, we’re going to talk about how to best use your fish’s power to your benefit.

If you need help with any of the negotiation or courting processes, take a look at our RevSherpas Growth Academy E-Learning Marketing platform to get access to a wealth of great tools and resources to help you grow your business and be more successful.  Many consider it to be an “MBA in a box” and there is no other offering on the market like it.

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