Our friend, R. Dawson, finds himself outside a hotel resort and stops to watch a charcoal sketch artist.
The artist doesn’t have the price posted, so Dawson asks him how much he charges, and the artist responds that its $15.
That doesn’t appear to shock Dawson, so the artist’s next words are, “And $5 extra for color.” Dawson still doesn’t appear to be shocked so the artist continues, “and we have shipping cartons too. You’ll need one of these, too.”
What happened here?
The artist watched for a reaction after every proposal, and based on what he saw (and heard), decided to continue to upsell and get more out of the deal.
Small business owners are continually negotiating with the vendors in their ecosystem, why would it be any different with you?
Many of them, being seasoned negotiators, understand the key principle:
Always flinch – react with shock and surprise – at the other side’s proposals.
Flinching at the other side’s proposals is a technique the can continually help merchants get more of what they want out of a deal.
So why is this important to Funding Pros?
Most of Funding Pros’ selling is done over the phone where you can’t see the merchant, and the merchant can’t see you.
Well, not really. We know that over 65% of the merchants you will speak to are Visual learners and will be creating mental images of you, and most likely, you of them.
The flinch over the phone will be something you encounter often.
The merchant has already asked you for more than they can expect to get.
You’ve worked diligently to get them approved for the best product they qualify for.
They’re not exactly over the moon with what you present. Before you even get that first “no,” you’re getting negative feedback.
Key takeaway here is: don’t take it personal. This is part of the game, and a lot of value is presenting itself to you if you know how to listen for it and what to do with it.
What does it typically sound like?
You want me to do what?!
You must be out of your mind!
I don’t think I’m prepared to accept something like this.
I couldn’t afford that!
Some of these flinches are authentic concerns the merchant will have, which is okay. As their Trusted Advisor, you’re equipped to handle these effectively, consult them through the process and really help them break down their problem/objective and build up the best solution fit for them.
Some of these flinches are deliberate ploys to force concessions on your side, which is okay, too. Either way, you will consult them through the process.
Man walks into a car dealership and picks out a car.
(Green) sales rep presents the price.
Sales rep: “well I believe we can come down $2,000 today, I need to ask my manager.”
Get the point?
Stay firm and steady. You’ve done great work in getting them approved so far.
No matter what you hear on the other line, be confident in your ability to get to the root of what they are really concerned about, and workshop with the merchant for the solution that moves the deal forward.
Happy Holidays to all!