Sales professionals 'should follow best practice guidelines'

Sales professionals looking to increase their margins in the current difficult climate should seek to implement best practice rather than trust their instincts, according to an industry expert.

Writing for salesandmarketing.com, Marty Latz, the founder of business training firm the Latz Negotiation Institute, commented that the majority of sales professionals do not consistently use proven, research-based strategies.

He went on to say that it is crucial to obtain intelligence about customers' essential needs and the negotiating strategies they have used in the past.

Mr Latz added that a sense of fairness often boils down to relatively objective and independent standards, such as market value, precedent, costs, profits or expert opinion, and commented that if both sides can agree on a fair standard, the deal is likely to close.

He continued: "A crucial sales element here involves making sure your customer walks away feeling like they got a good deal. So don't just start at one price on big deals and refuse to move. Instead, start higher and provide a discount."

Last week, Riley Samuda, sales executive at the Marketer, advised that sales managers should look at how their firms use social and business networks.

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Filed: 11-03-2009