Today’s Sales Tip is about a frequently forgotten key to
negotiating that costs you $1,000s of dollars a year.
So, what is this often forgotten key to negotiation?
Start every deal at your full sale price.
Never pre-discount your first pencil.
Another way to say this:
Remind your buyer of discounts you’ve already given them
before talking about any additional concessions.
Typically, when you sit down with a buyer and present your deal sheet, they want to talk more money off, more discounts. Buyers often try to use your online,
pre-discounted price as their starting point for further discounts and concessions.
Do not do this.
The online selling price should be the selling price!
You should always go back and remind your buyer about what you have already given them. Remember, it is not just the discounts. It is everything already included in their deal (car washes, oil changes, warranties, gas mileage savings, etc.).
It is redirecting your buyer’s attention to the entire package. A deep dive into this topic is part of ReSell-ReAsk in your Excellence Roadmap training. This 5 part, quick, easy turnaround is designed to double your number of first pencil closes.
How does this cost you $1,000s a year?
Buyers like to chip away at the selling price little by little.
Often sales consultants think “it’s not a big deal“.
Have you ever fallen into the trap of thinking
“It’s only $500 off. That’s not a lot.”
It’s precisely this thinking that costs you a lot of money.
Think about it…
$500 off costs you around $125 in commission.
Multiply that by your next 100 deals.
That “$500 is not a lot” has now cost you $12,500 in commission.
Before you discuss any other possible concessions,
always remind your buyers of what you have already given them.