You have a business meeting scheduled and possible purchase, sale, or partnership with favorable terms will depend on your performance.
This type of situation is what trading techniques are for.
Instead of improvising, the participant arrives at the meeting knowing what steps to take to increase the chances of having a positive final result.
Below are eight steps you need to take to finish trading on top.
- Acquire knowledge
This should always be the first step: understanding the central object of the trading.
The more information and details about the product itself and the production, distribution, and storage processes the involved person knows, the greater advantage he will have.
The idea here is that he puts himself as a reference, someone who understands the subject.
This will make him gain respect from the interlocutor and avoid unnecessary explanations or attempts to mask, overvalue, or devalue a certain aspect to obtain an advantage.
- Set limits
Before trading starts, you already need to know what your limit is.
If the goal is to buy, what is the highest value that still motivates you to close the deal instead of looking for another supplier option?
In the case of a trading to sell, what is the minimum that can be accepted to confirm the deal?
Of course, these values are only for your reference, to know when to drop out, and should not be revealed.
- Meet the caller
When the interlocutor receives personalized service, the chances of him/her being satisfied and having a greater interest in closing the deal are greatly increased.
So instead of using the same approach for everyone, try to find out as much as possible about it.
For example, what he already knows and, therefore, it would be a waste of time to explain. Also what are your demands and interests, among other points?
From there, create a script to try to conduct the conversation, directing it to the side that is most interesting to you.
- Anticipate objections
When thinking about the script, try to anticipate also what the possible objections of the interlocutor will be.
So, you can prepare the best arguments, in advance to get around them.
When a particular objection seems to be the only obstacle to closing the deal, one should not try to change the subject, but rather do the opposite: give the person good reasons to convince themselves that their concern is exaggerated.
- Listen
Try to hear more than talk.
In the third step, we recommend seeking information about the interlocutor before the trading begins.
But the best way to understand what he is looking for is by listening to what he has to say.
This information should shape the approach that will be used in the trading.
- Share information
Sometimes sharing company information, which goes beyond the product or service traded, can help.
Because it is a sample of openness and trust.
You demonstrate that you are committed to offering something true to the other, without deceiving them.
But be careful: it takes a lot of sensitivity not to shoot yourself in the foot and share information that compromises the trading or that can be used against you.
- Give the first value
Some people are much more comfortable when the other person suggests the value first, for fear that their benchmark is too high or too low.
What happens, however, is that the first number placed on the table serves as an anchor, since counter proposals will always use it as a reference.
The caution here is not to overdo it and establish a price that is out of reality.
Depending on the profile of the one with whom you are negotiating, this may mean an early end to trading.
- Be emphatic to close the deal
If the terms discussed so far are favorable to you, stay tuned: as soon as the other party signals that it is inclined to close the deal, do not waste time.
Take advantage of the loophole and start discussing payment terms.
Having a reduced bureaucracy at this point helps a lot to not miss the opportunity.
