In this article, we’ll share observations about why negotiations conducted by managers are often much more effective than those conducted by managers.
1. The broader mindset of managers.
They don’t focus on selling any particular banking product; they assess the situation comprehensively and offer the client a cleverer solution. Managers and beginners are often stuck on the product they are responsible for promoting and try to sell it as much as possible. In some situations, it comes to the point of absurdity.
2. Knowledge of the typical problems of the client’s industry, the ability to hit the pain points, and offer a solution to the problem with the help of a banking product.
As a rule, experienced customers have conducted more than a dozen or even a hundred negotiations. Perhaps that is why they are familiar with the typical problems their potential clients may face. They easily orientate themselves in the client’s business and know the pain points and weaknesses of companies depending on their type of activity. This allows them to show their expertise on the topic, ask the right questions, and gain the client’s trust as early as the first meeting.
3. Capture important points for the client – listen more carefully and cling to their words.
Customer words that seem insignificant to novice managers and that are overlooked are very often the starting point for effective sales of banking products for managers and executives. Attention to detail and the ability to react quickly to facts about the customer’s situation that emerge in the course of the discussion are the key negotiation skills for managers.
4. Focus not on the presentation of the banking product, but on the questions to ask the client.
It is the questions that allow you to gather maximum information about the client, and his needs, and then make an “individual” offer.
There is a very good phrase, which is well known to experienced negotiators – “it is the questions, not the presentation, that convince. You don’t have to build a complicated presentation. Presentations don’t always help convince people. Ask the right questions, in the proper order, and the client will convince himself.
5. Offer as a solution to problems not one option, but an alternative of several.
In most cases, managers offered clients several scenarios for solving their problems: not just one banking product, but several products to choose from. These are the products that are best for the client at the moment. And let him decide for himself the most suitable for him out of the options you offer. In addition, by offering several solutions you don’t put pressure on the client, he feels autonomy in making decisions.
6. Orientation on the result and specific agreements with the client on the next steps.
It’s no secret that as a rule, executives:
- value their time much more than line employees;
- are more oriented and aimed at the final result.
Therefore, managers try to agree on specific next steps with the client and offer options for interaction, which will save both manager’s time and the client’s time. Thus, there is advancement towards the deal, not stomping on the same spot.