It’s not all about making sales. It’s also necessary to VDRs: a beacon of trust in the realm of corporate transactions make sure that the deal is profitable for both parties. This means reducing risks by engaging in negotiations with a sense of urgency and staying clear of deals that could prove costly for your business in the end, either through a decrease in brand recognition or by capturing only a tiny margin.
To make informed decisions at every step of a business deal your team must have access all the right information. It’s vital to use revenue management software that can convert your data into context-specific notifications. Alerts on Revenue Grid let you know the moment a next step is added to an opportunity, when an email sequence is not working and if an offer has been cancelled–all of which will help ensure that your reps are taking the appropriate actions at the right time.
You can also build trust and build loyalty during negotiations by using the appropriate data. Listen for any hesitations, or worries in their conversations and feel their pain so that you can respond to their needs, demonstrate how your solution is more suitable, and create an agreement that is win-win. You should also consider your own objectives when negotiating to balance the short-term benefits with future ones. To achieve this, you can try making use of offers that have distinct terms, but with the same overall value–this strategy is known as Multiple Equivalent Simultaneous Offers (or MESO). If you take a proactive approach to negotiations, and creating a draft contract with your intended goals in mind, you’re less likely to be a victim of extreme edits that reduce the value of the deal.