Negotiation excellence: Are you ready for your next price negotiation?

Price negotiations are coming up and your sales team isn’t adequately prepared. Sounds unrealistic? Not at all. In our experience, more than 50 percent of all companies and sales teams conduct price negotiations without having done the necessary homework to sell more at higher prices.

One of the key drivers behind this dynamic is the lack of tracking metrics for negotiation excellence. While most companies conduct regular benchmarking of efficiency and effectiveness in their different production sites, most companies are not adequately benchmarking the real performance of their sales function. 

Is there money in managing price negotiation better? 

Absolutely. Here is an example: 

In a project for an automotive supplier with more than two billion US dollars of annual revenue, we found out that the top negotiators were achieving six percent higher prices and 44 percent higher closing rates than their peers. However, there was no systematic…