When making a deal or sale, you will be dealing with customers who will likely have options beyond what you offer. Your goal is to provide a good service for which you are compensated fairly. In the negotiation stages, an important point of leverage your customers have is the ability to promise you their business while leaving an out for themselves in case they find a better deal. This is especially true for businesses which operate on a first-come first-serve basis such as apartment leases. Customers will always want the best of all worlds available to them and you must understand all the options that your customers have when dealing with them.
If you want to ensure the business of your customers, you must limit the options they have to go somewhere else. The main facet of this tactic is to make it hard for your customers to have ways out of your deal. You can implement this tactic by requiring deposits, imposing strict timelines, and limiting the amount of industry information that your customer can receive before the closing of your deal. The customer is on a hunt for the best deal available to them, and will take any way out of a deal with you if they find a better one.
Potential Routes and Limited Time
During negotiation stages, your customers will always strive towards leaving things as open-ended and noncommittal as possible until as late as possible. If you want a higher change of closing the deal, you must limit the potential routes your customer can take. Close the roads to other options by targeting exactly what their needs are and explaining how you meet them. Once you explain how you meet all the requirements that your customer is looking for, you must work to close and not leave any open ended room for thought.
Limiting options on the customers’ end means that you must be some-what cutthroat and straight to the point. In order to limit options you must first take time away from your customer. Do this by imposing strict deadlines before you move on to another customer. Realize the outs that your customers give themselves which they formulate in phrases such as, “I will let you know by the end of the day,” or, “I need to see some other units before I can make my decision.”
Recognize any potential outs that your customers construct for themselves and never take anything at face-value. Expecting your customers to tell you the truth is naive and bad for business. Have contingency strategies on every step of the way and cut customers from your expectations as soon as you recognize them creating outs for themselves.
Knowing the options that your customers have means knowing the field that you do business in, inside-out. You must know which possible paths of thought your customers will take in their venture to look for a product or service and either meet them on that path or stop them from taking it. Ensure that your product or service is at the end of every decision-making pathway your customers venture down.