How Your Mental Mindset Impacts a Negotiation with Mary Grothe, Ep #202
Release Date: 07/15/2020
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Are you aware of how your mental mindset impacts the entire negotiation process? Do you walk into a negotiation feeling timid or unsure? Or are you confident and prepared for the negotiation process? Mary Grothe understands how mindset influences the negotiation process and has developed a strategy that she’s found success with. Listen to this episode of Sales Reinvented to hear her take. Mary Grothe is the CEO of Sales BQ®, an outsourced RevOps firm of fractional VPs of Sales, Sales Ops, and CMOs who serve companies across the nation by profitably rebuilding their sales &...info_outline
Are you aware of how your mental mindset impacts the entire negotiation process? Do you walk into a negotiation feeling timid or unsure? Or are you confident and prepared for the negotiation process? Mary Grothe understands how mindset influences the negotiation process and has developed a strategy that she’s found success with. Listen to this episode of Sales Reinvented to hear her take.
Mary Grothe is the CEO of Sales BQ®, an outsourced RevOps firm of fractional VPs of Sales, Sales Ops, and CMOs who serve companies across the nation by profitably rebuilding their sales & marketing departments and growing their revenue by focusing on the Behavioral Quotient (BQ) and proven inbound + outbound strategies. Don’t miss Mary’s unique insight into the negotiation process!
Outline of This Episode
- [1:04] Mary’s definition of negotiation
- [1:24] Why negotiation is so important
- [2:15] Why don’t salespeople like to negotiate?
- [3:27] A negotiation begins with your mental mindset
- [11:38] Negotiations tools, tactics, strategies
- [13:46] The 4 levers Mary recommends using
- [15:52] Mary’s favorite negotiation story
The negotiation process starts with adjusting your mental mindset
Mary points out that most executives know how to negotiate. If you go into a negotiation knowing that the person on the other end of the table is educated in negotiation tactics, you can go in with a different mindset. You’ll know that they’ll take one look at your proposal and will never agree to the first terms set forth. If you have the expectation they WILL negotiate, it changes how you approach the entire process.
A lot of salespeople crumble, give in on pricing, and don’t get great margins on their deals. So how does she prepare for the negotiation process? Understand that it’s about getting a win-win for both sides. Then you must calculate your walk-away point: your starting point, your middle point that you present as the walk-away point, and then your full walk-away point. Knowing what each of these numbers are helps prepare you and boosts your confidence.
Remove emotion from the negotiation process
Mary emphasizes that you must remove emotion from the negotiation process—it sets you up for failure. Salespeople are known for “desperation justification”. They have a quota they have to meet by the end of the month or end of a quarter. Most negotiators know this. What if this deal is HUGE and you’re behind on your quota? What if you don’t know your pricing? Do you come across as lacking confidence or knowledge about your product and service?
Trained negotiators—and your prospect—can pick up on your emotion and lack of confidence. Unfortunately, it gives them the leverage they need to negotiate a better deal for themselves. Knowing that you need a deal gives them the upper-hand. But if you remove emotion and any ulterior motives from the process you can level the playing field. Keep listening to hear Mary’s full thoughts on the topic.
The importance of PCE: passion, conviction, and enthusiasm
Mary strongly believes that a great negotiator must embrace ‘PCE’:
- Passion: You must be passionate about your product or service and completely bought-in to solving the prospect’s problem. It helps the prospect become comfortable with moving forward with you.
- Conviction: You must have conviction about how your product/service will help your prospect. Show that you can quantify your problem and present case studies, testimonials, etc. that prove you can solve their problem.
- Enthusiasm: If you exude enthusiasm and get the buyer bought in and enthusiastic about the sale, you’re shrinking the negotiation game. They’re excited about getting the deal done and less focused on negotiating price and contract terms.
Mary also notes that salespeople must be assertive and confident. When a salesperson believes they can solve their client’s problem it leads to confidence. There isn’t desperation justification in play—they truly believe in their product.
The four levers to implement in your negotiation
Mary shares four ways that you can leverage concessions to make them work for your company, while also giving your prospect what they’re asking for:
- Are they asking for a discount? Agree to the discount, but ask what item they’re comfortable removing from the proposal.
- Do they want to decrease the price per item? Offer a decrease in price if they purchase over a certain threshold.
- Offer them a monetary concession if they can execute the deal in the next 24 hours. This is a common end of month/quarter strategy that negotiators are accustomed to working with.
- Agree to some sort of concession if the buyer agrees to give a testimonial, be a reference, or introduce and/or refer people to your product and/or service.
Utilizing some of these negotiation tactics will help each side find a win-win from concessions and come closer to a deal.
Mary shares a negotiation story that led her to develop her successful negotiation process—listen to the whole episode to hear how it changed her negotiation game!
Resources & People Mentioned
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