Negotiation is interesting. In an upcoming Selling Signals blog post, I provided insights and thoughts on negotiation (https://sellingsignals.com/negotiation-tactics/).
There are many valuable insights in this post. First, it got me thinking of the successful and not-so-successful experiences I had negotiating with clients.
One story comes to mind that I thought warranted sharing. I was a young sales representative just starting my career. I was selling a software solution to manage inventory and accounting. Many of my customers and prospects represented a tight community, therefore they knew each other well.
On one particular occasion, I was negotiating with a customer. I saw this person as successful and wise and was in awe of their business acumen. However, I was stunned by their action once we COMPLETED the negotiation and agreed to the terms of the deal. I was excited for a new satisfied customer. We shook hands, the ultimate in sealing the deal, so I thought. Suddenly, I was asked if I could “throw in” additional items to compliment his software purchase. I got this terrible pit in my stomach. My answer was no, we already agreed to the terms of the deal, shook hands, and I was not deviating, rightfully so.
I stuck to my guns but learned a valuable negotiation lesson. Negotiation is never complete until the customer signs the contract. While most people are honorable and will abide by what they agreed to in a handshake, the deal is not closed until it’s in writing.