Hi Friends, Here is your end-of-the-week insight into what I see going on in the business world,...
Hi Friends,
Here is your end-of-the-week insight into what I see going on in the business world, what I’m thinking about, and what I’m learning about. Forward anything that you feel inspired to share. If this was forwarded to you and you found value, subscribe here for a weekly edition!
What I’m Hearing From Sales Leaders/Professionals
Holiday sales! Black Friday sales! End-of-the-year special pricing!!!! There has been an uptick in the last few weeks of buyers asking my clients if there is better pricing available.
The reality is that most of the deals are not in a place to discuss final pricing terms and discounts. However, the buyer is looking to entice the seller into a premature pricing discussion. I tell all my clients to make sure that you both are aligned on where the deal actually sits before offering any discounts.
Once aligned (that is, it is a real deal that can close in short order), it is important to understand what the buyer is willing to give the seller, outside of speed, for the discount. What types of things are typical? Case studies, references, webinars, white papers, speaking opportunities, multi-year contracts, removing termination clauses, lengthening the notice period, etc.
This advice, while simple, is often poorly executed. What ends up happening is the following:
Buyer: Is this the best price?
Seller: Let me check with my manager.
Seller’s Manager: Is this the only thing holding up the deal? If so, what are they willing to give us for the discount?
Seller: I am not sure; let me ask them.
What should happen? Something similar to what’s below:
Buyer: Is this the best price?
Seller: I am not sure if we can do any better, but before I check, are we aligned on all other terms? Also, what can we expect in return for offering the discount?
Buyer: What do you mean? We will sign the deal.
Seller: We have given you a fair price, but I imagine my manager would be willing to offer you a discount for this deal being signed by X AND [something that the selling company values].
Buyer: Okay, let me check.
Seller: Great, but before you go, can you confirm that outside of price there will be no additional concessions needed on the legal or business terms of the contract?
The reality is that end-of-the-year pricing conversations are some of the most difficult ones to have as a sales professional. You get very excited about the prospect of pulling a deal in and lose sight of best practices. It is imperative that this holiday season, you keep yourself grounded in good fundamentals (like not talking politics at the Thanksgiving Day table)!
If you have a negotiation call coming up and want to practice, reach out to us at Maestro! We are always happy to help.
What Made Me Laugh
We may not agree on a lot in this world, but we can all agree that kids are monsters! Enjoy the clips of adults falling victim to those little beasts.
This Week’s 40/20
For every 40 hours of work, I believe you should spend 20 (additional) hours mastering your craft. This is how I spent some of my 20 hours this week.
There is a lot of money to be made by finding niche buyers/audiences and delivering what they want. The reality is that there are eight billion people in the world, and they all have different tastes. If you want real evidence, look no further than The Carpenter.
The Carpenter tells the story of a VIKING MMA fighter who is Jesus’ (yes, Jesus, not HeyZeus NSFW) apprentice and uses his MMA skills to help change the world. So, the next time someone tells you your idea won’t work, tell them about The Carpenter.
Potpourri for 800
Potpourri (shoutout to Jeopardy!) is a category that covers a variety of topics.
Elwood Edwards, best known for being the voice actor who said, “You got mail,” died this week. At least we still have this gem of a voice actor. “Click next to continue, or exit—your progress will automatically be saved.”
Quote for My Son
Every day, I leave my son a note with a quote. This was my favorite from this past week:
“Worry does not empty tomorrow of its sorrow; it empties today of its strength.” – Corrie ten Boom
You can get weekly helpful information for sales professionals by following my company’s Maestro Mastery blog here.
Let me know what you think about this week’s edition of Fuentes Fridays. Which section was your favorite? How can I make this better? Shoot me a message on LinkedIn @willfuentes.
Until next week!
Thanks,
