High level commercial conversations are an every day part of leading a business. Whether you’re selling direct to customers, navigating mergers & acquisitions or managing your stakeholder relationships, you need to know how to lead these sales discussions.
These types of conversations are no different than any other. You need to have good communication skills to navigate them with ease. It’s also important to know how to negotiate effectively and close deals. However, those skills can only be used if the underlying conversation is productive.
So, what are the basics of leading a commercial conversation?
1. Building Rapport
Building rapport is vital to any professional relationship, but particularly in sales. If you’re asking someone to invest their money in you, your product or a service, they need to be able to trust you. Communicating openly with respect, empathy and positivity will help you build trust. As long as you are consistent, this will naturally strengthen over time.
2. Active Listening
Asking questions with curiosity is a sure-fire way to learn more about the other person and building rapport with them. However, this is only one half of the equation. Active listening is the best way to engage with the other person. This means giving the other person your undivided attention and reflecting on what they have said. It allows you to get more information and can inform follow-up questions that keep the conversation flowing.
3. Objection Handling
Objections are inevitable in sales. It’s how you deal with them that makes all the difference to the result. If you are unable to answer questions or provide reassurance, you’re unlikely to close the deal. Make sure you are always prepared to overcome objections in your commercial conversations. Leverage your influencing skills and use persuasive language to reassure your prospects that you are the right choice.
4. Encouraging Them To Open Up
Getting your prospects to open up is the best way to uncover in-depth information. Building rapport will pave the way for more honest dialogue. However, allowing the other person time to think and speak without interruption are vital steps to open up the conversation. Leading discussions with empathy creates a safe space for everyone to share more information.
5. Planning
Effective planning for commercial conversations will improve the outcome. If you’re talking to someone new, do as much research as you can. By learning as much as possible about the person or business, you avoid making silly mistakes. Also, they are likely to be impressed with your diligence! Regardless of if you are speaking with new or existing clients, plan an agenda for your discussion. Whether it’s face-to-face, virtual or on the phone, having pre-planned talking points will keep your conversation on-track. This will help you get the most out of each interaction without being distracted or surprised.
6. Pain Points
If you’re selling a product or service, you need to learn what your client’s pain points are. If you ask the right questions they will probably tell you. Throughout your conversation, it’s important to reiterate their pain points back to them. This does two things; first, it proves that you have paid close attention and you understand them. Secondly, it allows you to consistently demonstrate how your solution will overcome those pain points.
7. Compelling Storytelling
Storytelling is a skill every leader needs. Sharing stories helps build human connection. With engaging stories, people find it easier to relate to you and trust what you are saying. The case becomes even more compelling when you can mix data in with these stories to strengthen your proposition.
Alchemist’s Approach To Leading Commercial Conversations
Commercial conversations are an inevitable part of leadership. Learning how to lead those conversations with confidence can transform your results. Equip your leaders with the necessary communication, adaptability and negotiation skills they need with a blended learning programme. Speak to an Alchemist today to find out more: