Negotiation Final Slides PDF

10/14/24 ZOPA Negotiation: Mastering the Zone of Possible Agreement by AJ 2024 1 Negotiating can be terrifying for som e and anxiety-inducing for others. W hether you're bargaining for your business or personal interests, unders...

10/14/24 ZOPA Negotiation: Mastering the Zone of Possible Agreement by AJ 2024 1 Negotiating can be terrifying for som e and anxiety-inducing for others. W hether you're bargaining for your business or personal interests, understanding the zone of possible agreem ent (ZOPA) is a powerful technique that can help anyone becom e m ore com fortable and effective in negotiations. This presentation will explore the concept of ZOPA, how to find it, and strategies for successful negotiation within this critical zone. AJ 2 What is ZOPA? Definition Midpoint Range ZOPA stands for "Zone of It's the area where an Possible Agreement" and agreement is satisfactory to represents the range where both negotiating parties, two negotiating parties can find essentially the overlap between common ground for a deal. their walk-away positions. Key to Success Understanding and navigating the ZOPA is crucial for reaching mutually beneficial agreements in any negotiation scenario. 3 1  10/14/24 4 The Bargaining Zone Explained Buyer's Perspective Seller's Perspective Overlap The maximum The minimum The area between amount a buyer amount a seller is these two points is willing to pay willing to accept for where a deal can for an item or an item or service. potentially be service. struck. 5 Example: Mountain Bike Negotiation 1 Buyer's Maximum You're willing to spend up to $2,000 on a new mountain bike. 2 Seller's Minimum The seller wants to get at least $1,800 for the bike. 3 ZOPA Range The zone of possible agreement is from $1,800-$2,000, giving you $200 of common ground to find a compromise. 6 2  10/14/24 The Challenge of ZOPA 1 Hidden Information 2 Strategic Concealment You typically don't know the size of the Negotiators rarely bargaining zone when reveal their entering a negotiation - minimum you only know your acceptable terms to side of the range. avoid compromising their position. 3 Navigating Uncertainty The challenge lies in finding the ZOPA without full information, requiring skill and strategy. 7 8 Positive vs Negative Bargaining Zones Positive Bargaining Zone Occurs when there's an overlap between the negotiating parties' acceptable terms, making an agreement Negative Bargaining Zone possible. Happens when there's no overlap between the parties' terms, making an agreement impossible without adjustments. 9 3  10/14/24 Example: Negative Bargaining Zone Buyer's Maximum You're willing to spend no more than $2,000 on the mountain bike. Seller's Minimum The seller won't accept a price below $2,200 for the bike. No Overlap There's no agreement possible unless one party adjusts their terms. 10 Example: Positive Bargaining Zone Item Listed Price Sale Price Client's Offer Software $1000 per $800 per $900 per Package seat seat seat In this scenario, the client's offer falls within the range of what the seller is willing to accept, creating a positive bargaining zone where an agreement is possible. 11 The Dynamic Nature of Negotiations 1 Constant Flux 2 Changing Perspectives Negotiations are As discussions dynamic, with terms progress, both and priorities parties may adjust potentially shifting their positions throughout the based on new process. information or insights. 3 Holistic Approach Understanding the full picture, including needs, interests, and values of all parties, is crucial for successful negotiation. 12 4  10/14/24 Know Your BATNA Definition Purpose BATNA stands for Best It establishes a clear walkaway Alternative to a Negotiated line that sets a baseline for the Agreement. negotiation. Flexibility Importance While provisional, it represents Knowing your BATNA is crucial the worst-case acceptable for finding and navigating the scenario before walking away. ZOPA effectively. 13 14 Analyze the other party’s BATNA. By exploring the other party’s alternatives—whether through research or by asking him questions directly, you can gain a realistic sense of what to expect from the negotiation. BATNA analysis helps you determine each party’s reservation point, or walk away point, in your negotiation. How to Find If there is a set of resolutions that both parties would prefer the ZOPA in over the impasse, then a ZOPA exists, and it would be optimal for you to reach a settlement. Business For example, if a job candidate would accept an offer Negotiations? between $70,000-$80,000 per year, and an organization is willing to pay between $65,000-$75,000, then a ZOPA of Example $70,000-$75,000 exists. (Issues other than price can and should be incorporated into the ZOPA as well, such as vacation time and work assignments.) 15 5  10/14/24 The Importance of Research 1 Preparation T h o ro u g h re se a rch b efo re n e go tiatio n is o fte n m o re cru cia l th a n th e a ct itse lf. 2 Clarity Re se a rch h e lp s cla rify w h at's at sta ke , yo u r in te re sts, a n d p o te n tia l issu e s. 3 Confidence B e in g w e ll-p re p a re d g ive s yo u th e co n fid e n ce to lay o u t yo u r te rm s a n d co n sid e r th e o th e r sid e 's p e rsp e ctive. 16 17 Key Areas of Research Market Research Prospect Knowledge Understand the current market Get to know the party you're conditions and trends relevant to negotiating with, including their your negotiation. needs and motivations. Competitive Analysis Industry Trends Analyze your competitors and how Stay informed about the latest your offer compares in the market. developments and future projections in your industry. 18 6  10/14/24 Setting Your Boundaries Early Establishment Flexibility S e t yo u r b o u n d a rie s e a rly in th e n e go tiatio n p ro ce ss fo r a so lid W h ile b o u n d a rie s ca n b e flexib le , h av in g th e m p ro v id e s a cle a re r fo u n d atio n. ZO PA. Communication Self-Reflection C le a r b o u n d a rie s h e lp co m m u n icate yo u r ra n ge e ffe ctive ly to th e Ta ke tim e to th in k th ro u g h a n d se t yo u r o w n b o u n d a rie s b e fo re o th e r p a rty. e n te rin g n e go tiatio n s. 19 Anticipating Expectations 1 Preparation Like a chess game, anticipate the moves and expectations of the other party. 2 Balance During negotiation, balance your boundaries against those of the other party. 3 Adaptation Be prepared to adapt your strategy based on the other party's expectations and moves. 20 The Power of Curiosity 1 Trust Building 2 Creative Solutions Great negotiators build Curiosity can lead trust through genuine to innovative curiosity about the other solutions and party's needs and unexpected trade- interests. offs. 3 Understanding BATNA By asking the right questions, you can gain insights into the other party's BATNA and ZOPA limits. 21 7  10/14/24 22 Key Questions to Ask Business Climate Priorities "How's business these days?" "What are your top three must- haves for this agreement?" Project Vision Impact "How do you imagine rolling out "How do you think your current this project?" process could be improved?" 23 24 8  10/14/24 25 Be curious during negotiation In the heat of the moment, you may have to play some games with your mind to push yourself into being curious. I’ve had good success teaching clients these simple ways to be curious in the moment: 26 Be curious during negotiation Change where you’re sitting. Really. Get up, trade seats. The movement and the new orientation may help you be open to new information. Go for a walk. Research has repeatedly demonstrated that movement can ease you out of a stuck state. 27 9  10/14/24 Be curious during negotiation Shut up. It’s hard to be curious when you’re doing most of the talking. Let your ears do some of the work and give yourself permission not to respond to everything you think deserves your commentary. 28 Be curious during negotiation Get into their movie. Allow yourself the freedom to suspend your disbelief for a short while. You can always un- suspend it later…but in the interim, you might notice something you missed before. 29 30 10  10/14/24 Staying Flexible Shifting ZOPA Remember that the ZOPA often changes throughout a negotiation. Adapting Priorities Be prepared to refine your priorities as you learn more about the other side. Leverage Changes Recognize when leverage shifts and be ready to adapt your approach accordingly. 31 Strategies for Flexibility Balance Patience Find a balance between Avoid rushing to a result; standing firm on key points take time for dialogue and and being open to listening throughout the compromise. negotiation. Calm Note-taking Stay calm and ignore aggressive Keep track of unacceptable terms tactics, focusing on productive and changing dynamics during the dialogue. negotiation. 32 33 11  10/14/24 Expecting the Unexpected 1 Emotional Factors 2 New Information Be prepared for Unexpected revelations emotions to play a role can suddenly shift the in changing the ZOPA and negotiation negotiation landscape. dynamics. 3 External Factors Be aware that outside influences may impact the negotiation process and outcomes. 34 Holistic Negotiation Approach Big Picture View Mutual Benefit Long-term Perspective Keep the overall Consider how to Think about the long- outcome in reach your goals by term implications of mind, rather meeting the other the agreement, not just than fixating on party's needs. immediate gains. individual details. 35 Case Study: Chicago Teachers' Strike 1 Initial Conflict Mayor Emanuel upset the Chicago Teachers Union by repealing a promised pay raise. 2 Negotiation Breakdown Delays and inflexibility led to a 10-day strike in 2012. 3 Resolution Both sides eventually compromised, with teachers winning annual raises and the city extending school days. 37 12  10/14/24 Lessons from Chicago Teachers' Strike 1 Timely Engagement 2 Flexibility Delaying Both parties negotiations can needed to adjust lead to a negative their terms to bargaining zone and reach a escalated conflict. compromise. 3 Long-term Impact The strike had lasting effects on local and national policies for educators. 38 Case Study: Minnesota Orchestra Dispute Initial Proposal Management suggested reducing musicians' salaries by almost a third due to financial struggles. Negotiation Breakdown Musicians rejected the proposal and refused to make a counteroffer, leading to a 16-month lockout. Resolution After a prolonged dispute, players eventually accepted a pay reduction. 39 Key Takeaways for Successful ZOPA Negotiation Prepare Thoroughly Stay Flexible Conduct com prehensive Be prepared to adapt your research and know your BATN A approach as the ZO PA shifts during before entering negotiations. negotiations. Remain Curious Think Holistically A sk open-ended questions to Consider the big picture and long- understand the other party's term im plications of the needs and interests. agreem ent. 40 13  10/14/24 41 42 14  10/19/24 The Psychology of Negotiation: How to Use Influence and Persuasion by AJ 2024 1 In any job, there will be times when it's necessary to negotiate. Whether it’s: Ø persuading your boss, Ø pitching an idea to stakeholders, Ø selling a product to customers, Ø or deciding on a project deadline with colleagues, There will always be reasons to negotiate. AJ 2 Although some negotiations are fairly easy, others may be a bit more challenging. That's why it can be helpful to understand how to overcome challenges surrounding negotiation and persuasion. AJ 3 1  10/19/24 4 5 6 2  10/19/24 7 8 What is Persuasion? Definition Persuasion refers to one's ability to convince others to adopt a particular belief, attitude, or behavior. Techniques It involves using effective communication and argumentation techniques to influence the other person's perception and decision-making process. Negotiation Tool Persuasion and influence can be powerful tools for negotiators, helping both parties reach mutually acceptable outcomes. Success Factor The degree to which you are able to use influence and persuasion to appeal to the emotions of others will determine how successfully you sell your ideas and achieve your desired results. 10 3  10/19/24 Laws of Persuasion: An Overview To fully understand how persuasion works and master the skill, you must understand some basic principles, or the Laws of Persuasion. These laws describe how most people respond to certain situations based on psychological research. The best negotiators are those who understand how human beings respond to certain stimuli and can therefore use this information to persuade and influence others. 11 12 Storytelling As A Persuasive Tool Storytelling is a powerful, persuasive technique. By weaving a compelling narrative, you can capture your audience’s attention, engage their emotions, and effectively convey your message. Stories resonate with people on a personal level, making your persuasion efforts more relatable and impactful. 13 4  10/19/24 Neuro-Linguistic Programming (NLP) Techniques and Body Language Neuro-Linguistic Programming (NLP) techniques tap into the connections between language, behavior, and the mind. These techniques allow you to understand better and influence the thought processes and behaviors of others. For instance, you can build rapport with someone by mirroring their body language and tone of voice, an NLP technique. By doing this, you establish a stronger connection and increase the chances of effective communication and persuasion. 14 Social proof involves demonstrating that others have found value or benefit in your offering. Utilizing Social It’s a persuasive technique based on the principle that people often look to the behavior and opinions of others to guide their own Proof decisions. Testimonials, reviews, or endorsements from satisfied customers or credible sources can bolster your persuasive efforts. 15 Creating A Sense Of Urgency Creating a sense of urgency and scarcity is often used in marketing and sales. By emphasizing that an opportunity is limited or time- sensitive, you can encourage people to take immediate action. This persuasive technique capitalizes on the fear of missing out (FOMO) and can drive people to make decisions more quickly. 16 5  10/19/24 Overcoming Objections In persuasion, objections and resistance from your audience are common. Effective persuasion involves addressing these objections thoughtfully and empathetically. Acknowledging concerns and providing well-reasoned responses can alleviate doubts and increase the likelihood of your audience accepting your message or proposal. This technique is crucial for navigating complex and nuanced persuasive situations. 17 18 19 6  10/19/24 The Psychology of Persuasion Cialdini discovered 6 “weapons of influence”, each built on a psychological principle of persuasion. These 6 key principles of persuasion can lead people to say “yes” automatically. Each principle can be used to bring positive change or deceive others, depending on the intention of the user. Being aware of these weapons allow us to guard against “compliance professionals” (e.g. salespeople or marketers) who specialize in getting people to comply with their requests. 20 21 Law of Reciprocity Principle Psychological Effect Exam ple Free address labels received in In most cases, people feel an If someone gives you the mail often lead to charity obligation to repay what they something you want, you donations because people feel have received from others. now feel an obligation to compelled to return the favor. reciprocate. 23 7  10/19/24 24 What are the main types of reciprocity? 25 What are the main types of reciprocity? 26 8  10/19/24 Applying the Law of Reciprocity in Negotiations 1 2 3 Initial Offer Create Obligation Negotiate Terms Start by offering something of This creates a sense of Use this goodwill to negotiate value to the other party. obligation in the other party more favorable terms for your to reciprocate. side. 27 Law of Commitment and Consistency Initial Position Once a person takes a position on something, they generally tend to stick with it. Justification People will justify their position, even if it's wrong. Sales Technique Salespeople/ negotiators try to get you to agree with them over and over, because once you do, it's harder to change your position. 28 29 9  10/19/24 30 What is Cognitive Dissonance? The term cognitive dissonance is used to describe the mental discomfort that results from holding two conflicting beliefs, values, or attitudes. People tend to seek consistency in their attitudes and perceptions, so this conflict causes feelings of unease or discomfort. This inconsistency between what people believe and how they behave motivates people to engage in actions that will help minimize feelings of discomfort. People attempt to relieve this tension in different ways, such as by rejecting, explaining away, or avoiding new information. 31 32 10  10/19/24 Leveraging Commitment and Consistency in Negotiations Small Agreements S tart w ith sm all, easy-to -a gree-o n p o in ts to estab lish a p attern o f a greem en t. Build Momentum G rad u ally m o ve to w ard s m o re sign ifican t p o in ts, b u ild in g o n th e esta b lish ed p a ttern. Reinforce Consistency R em in d th e o th er p a rty o f th eir p revio u s a greem en ts to m a in ta in co n sisten cy. 33 Law of Social Proof Collective Influence Whether we realize it or not, people are influenced by the behaviors of those around them. Assumption of Correctness If others are doing something, then we assume it must be the right thing to do. Example: Laugh Tracks A prime example of this is the laugh tracks in television sitcoms. We laugh along with the show because we assume it to be "socially acceptable." 34 What is Social Proof? When consumers are uncertain about a purchase, they look to the behaviors and actions of others to help determine their own. This is why big brands pay celebrities millions of dollars to endorse their products. Consumers get that validation from someone they look up to or trust, making the decision much easier. 35 11  10/19/24 Best Types of Social Proof That Build Trust 36 Applying the Law of Social Proof in Negotiations 1 Share Success Stories Provide examples of others who have benefited from similar agreements. 2 Highlight Trends Emphasize industry trends that align with your proposal. 3 Use Testimonials If appropriate, share testimonials from satisfied clients or partners. 37 Law of Liking Building Rapport Psychological Effect Salespeople are If people like you or often great at feel like they have making small talk something in If your friend is and finding common with you, hosting an in-home common ground they are more likely sales party, you may Example with others. to want to please feel more inclined to you. make a purchase because you don't want to disappoint your friend. 39 12  10/19/24 Using the Law of Liking in Negotiations Build Rapport Show Genuine Interest Create a Positive Atm osphere Spend time Demonstrate Foster a friendly and getting to know sincere interest in cooperative the other party their needs and environment to make and finding concerns. negotiations common ground. smoother. 40 Law of Scarcity 1 Perception of Value People naturally assume that if there is a limited supply of an item, it must be good. Fear of Missing Out 2 Customers don't want to miss out on the opportunity to get a scarce item. Marketing Tactics 3 Phrases like "only one left" or "for a limited time only" compel people to make purchases. 41 42 13  10/19/24 43 Implementing the Law of Scarcity in Negotiations Limited Time Offers Present proposals with time constraints to create a sense of urgency. Exclusive Opportunities Frame your offer as a unique or rare opportunity. Highlight Potential Loss Emphasize what the other party might lose by not agreeing to the deal. 44 Law of Authority Celebrity Endorsements Advertisers use celebrities to prom ote their brands, leveraging their perceived authority. Expert Recommendations Products are often prom oted as "recom m ended by experts" to increase credibility. Influence of Authority People assum e that if it's good enough for experts and celebrities, it m ust be good enough for them. 45 14  10/19/24 46 Utilizing the Law of Authority in Negotiations Establish Credibility Use Data and Research Leverage Endorsem ents Highlight your expertise, Back up your arguments with If possible, mention experience, or relevant credible data and research endorsements or qualifications. findings. recommendations from respected figures in your field. 47 The Goal of Good Negotiators 1 Win-Win Outcomes Good negotiators seek to create win-win outcomes where all parties believe they are getting a good deal. 2 Initial Disagreement At first, all parties may not agree on what a good deal looks like. 3 Persuasive Techniques Expert negotiators will use the Laws of Persuasion to steer the conversation toward their desired outcome. 48 15  10/19/24 Balancing Persuasion Techniques in Negotiations Ethical Considerations Mutual Benefit Long-term Relationships While using persuasion Focus on creating Consider the impact of techniques, it's outcomes that your negotiation tactics important to maintain genuinely benefit all on long-term business ethical standards and parties involved. relationships. transparency. 49 Active Listening in Negotiations Pay Attention Ask Questions Give your full attention to the other party when Seek clarification and show interest by asking they're speaking. relevant questions. Paraphrase Empathize Repeat back key points to ensure understanding Try to understand the other party's perspective and showyou're engaged. and emotions. 51 Handling Difficult Negotiations Stay Calm Maintain composure even when faced with challenging situations or aggressive tactics. Focus on Interests Try to understand the underlying interests behind the other party's position. Seek Common Ground Look for areas of agreement and build on them to move the negotiation forward. Take Breaks If tensions rise, suggest a short break to allow emotions to cool and reassess strategies. 52 16  10/19/24 Closing the Deal 1 Summarize Agreement C learly state th e term s th at h ave b een agreed u p o n. 2 Address Concerns A d d ress any fin al co n cern s o r q u estio n s fro m eith er p arty. 3 Confirm Next Steps O u tlin e th e n ext step s an d any fo llow -u p actio n s req u ired. 4 Express Appreciation Th an k th e o th er p arty fo r th eir tim e an d co o p eratio n in reach in g an agreem en t. 53 55 17 PROSPECTING AND OBJECTION HANDLING BEST PRACTICES FOR SALES SUCCESS  TABLE OF CONTENTS Introduction Why Prospects Push Back How to Handle Objections: Tactics & Frameworks Phone Behaviors that Get Results Objection-Handling Framework Top 5 Objections that Stop a Sales Deal [and Templates to Address Them] 6 Keys to Objection Handling  Introduction Dealing with objections is a core part of a salesperson’s everyday life. Whether it’s timing, perceived needs, or budget concerns, prospects can always find a reason to push back on what you’re offering. The good news? Sellers who successfully defend their product against buyers’ objections can have a close rate as high as 64%. How you behave when a prospect pushes back can make or break your sale. Your ability to overcome objections and brush-offs calmly, cooly, and with the right data-rich stories, will differentiate you in these times of virtual selling. This Photo by Unknown Author is licensed under CC BY-NC Why Prospects Push Back? Reframing Objections as Opportunities Objections are when buyers push back on PRO TIP Salespeople can get a head what you are offering in the moment. start on this by building their While handling these concerns can be personal brand such as frequently posting value-based frustrating, especially when the information or actively participating in discussions on majority of your conversation is not held professional social media platforms. in person. 1. Objections are an opportunity for progress towards a mutual agreement. 2. Any time your prospect raises a concern is a chance for you to establish and cement credibility with them. 3. The more credibility you can create quickly, the further along you will be towards winning the deal. Why Prospects Push Back? Generally, a prospect objects for one of a few reasons: Ø Because they are not yet a believer Ø You haven’t explained the value fully enough Ø They are establishing points for future negotiations. Each of these options gives you an opportunity to move the conversation forward. In every sales call, the prospect is challenging the salesperson to deliver a solution that meets their needs These challenges come in the form of sales objections. How to Handle Objections? Tactics & Frameworks Phone Behaviors that Get Results Gong, a revenue intelligence platform for sales teams, recently conducted a study on the frequency of sales objections, where they occur in the call, and how long the objection conversation lasts when overcome. Here are tips you can take away from these top sellers: 5 How to Handle Objections? Tactics & Frameworks 1 - Take a Pause: Successful reps paused 5x longer than their counterparts and remained calm in the face of adversity. When a prospect introduces a concern, don’t be afraid to take a breath to consider exactly what you want to say. 2 - Slow Down: Top reps slowed down their talking speed when addressing objections speaking at 176 words- per- minute, while others maintained an average of 188 words-per-minute. Project authority when addressing concerns by 5 speaking slowly, calmly, and with certainty. How to Handle Objections? Tactics & Frameworks 3 - Talk Less: When a prospect voices a concern, it can be tempting to rattle off multiple reasons to reassure them. In fact, the average sales rep in this study addressed objections with a 21.45- second monologue. However, top reps talked far less 5 overall. How to Handle Objections: Tactics & Frameworks 4- Counter with a Question: In our objection-handling framework below, we recommend that sellers help buyers feel understood by clarifying their concerns with a question. Top sellers counter objections with questions far more often than the average seller (54.1% 5 vs. 31%). How to Overcome ANY Sales Objection Like a FBI Hostage Negotiator How to Handle Objections: Tactics & Frameworks 5 - Validate Their Concern: Give your buyer the gift of feeling understood, and you’ll carry powerful influence. Use the phrase “That’s a valid concern. It seems like you’re……. How to Handle Objections: Tactics & Frameworks ….” Fill in the blank with an emotion they expressed. For example: “That’s a valid concern Kate. It seems like you’re torn on what to do here.” You’ll have them feeling like you are an ally that can truly help because 5 you get it. Another tactic that you can employ to address buyer objections is what former FBI Negotiator and Never Split the Difference author Chris Voss, calls “mirroring.” This theory argues that by repeating the last few (1-3) words that your prospect uses, Mirror your buyer’s final few words with an upward tone: “The price is too high?” “Your boss said no?” “Timing is not, right?” By reflecting your prospect’s language and concerns back to them, you can make them feel heard and understood.  From No to Yes: Mastering Sales Objections Process for handling objections Process for handling objections Asking questions Asking questions OBJECTION 1: NEED FOR PRODUCT Google Buzz was a social networking, microblogging and OBJECTION 2: messaging tool that was developed by Google and integrated into their web- based email program, Gmail CONCERNS ABOUT Users could share links, photos, videos, status messages and THE PRODUCT OR comments organized in "conversations" and visible in SERVICES the user's inbox. On October 14, 2011, Google announced that it would discontinue the service and that the existing content would be available in read-only mode. Buzz was discontinued on December 15, 2011 and superseded by Google+ OBJECTION 3: CONCERNS RELATED TO THE SOURCE OF PRODUCT OBJECTION 4: CONCERNS RELATED TO TIME OBJECTION 5: CONCERNS RELATED TO PRICE Watch me close on the PHONE Grant Cardone THE PRICE ICEBERG Closing the Sale: 9 Common Objections  Plan for Objections Listen Acknowledge Restate the Answer the Carefully the Objections Objection Objections Four-Step Method for Handling Objections Live Sales Role Playing - Grant Cardone  Plan for Objections Substitution Method Substitution method Answering Objections Recommending a different product that would still satisfy the customer’s needs.  Plan for Objections Substitution Method Boomerang Boomerang Method method A method of Answering answering Objections objections by bringing the objection back to the customer as a selling point.  Plan for Objections Substitution Method Boomerang Method Question Method Answering Objections This guy did more due diligence on a free bottle of water than anybody at Softbank or Tiger Global did for any investment in the past 5 years. https://twitter.com/carnage4life/status/ 1581434966847942656?s=48&t=AOfbPii50 g6ztDUd2eM1yA Ask the right questions The first thing to do when a prospect raises an objection is to listen to it without interrupting them. Once you know the sales objection, ask open- ended questions like what, why, when and how to understand what's stopping the prospect from switching over to your solution.  Plan for Objections superior-point Substitution method Method Boomerang The superior-point Method method * is a technique Question that permits the Method salesperson to Answering acknowledge objections as Superior-Point Objections Method valid, yet still offset them with other features and benefits. The customer must evaluate the different features and might see additional reasons for buying.  Plan for Objections Substitution Method Handling a buyer's objection by initially Boomerang Method admitting the validity of the Question Method objection in order to Answering maintain rapport Superior-Point Objections Method but then offering evidence to rebut Denial Method the objection; sometimes referred to as the 'Yes, but... Method. ' Handling Objections: Roleplay Plan for Objections Substitution Method Put a customer's Boomerang concerns, worries, Method and objections in Question perspective for Method them by showing Answering Superior-Point the product in Objections Method action or Denial demonstrating to Method them the best Demonstration ways to use it to Method address their pain points. Plan for Objections Substitution Method Third-party Boomerang Method method Question A technique that Method involves using Answering Superior-Point another customer Objections Method or neutral person Denial Method who can give a Demonstration testimonial about Method the product. Third-Party Method Plan for Objections A Description of Each Method for Answering Objections Plan for Objections A Description of Each Method for Answering Objections Recap: 6 Key Steps to Objection Handling Ø Build a repository of the most common objections and the best rebuttals to overcome them. Ø Standardize your best responses to common objections and leave placeholders or room for customization. Ø Stay calm and focus on listening. There’s no such thing as a perfect response. You won’t say the exact thing to turn a prospect’s objection around every time, but you can listen well and remain human. Stay calm, pause, address concerns logically and in a matter-of- fact way, and provide customer examples backed by data. Recap: 6 Key Steps to Objection Handling Ø Provide a solution that addresses the prospect’s concern. Repeat the buyer’s objection and walk them through how you have addressed this concern with other customers who felt the same way. Use the Feel/Felt/Found framework to take the prospect on a journey. Recap: 6 Key Steps to Objection Handling Ø Incorporate responses into your Sales Engagement Platform. Then, take it a step further by building in automated workflows that address these common concerns. Ø Revisit call conversations to learn how to handle objections immediately over the phone versus waiting for a prolonged email back-and-forth much faster than email. Incorporate behaviors that slow down the call and pose more questions back to the prospect. Thank you