From the course: Sales Negotiation
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How late is too late to negotiate?
From the course: Sales Negotiation
How late is too late to negotiate?
- George Elliot once said, "It's never too late to be what you might have been." Unfortunately, George Elliot wasn't talking about business deals. Sometimes, it is too late. Now, you can always rebound in a holistic way. You can always be more successful. But there are times on a specific deal when you have to cut your losses and recognize it's time to go home. So, I want to talk to you a little bit about sunk cost. Imagine you spent months working on a deal. You had two trips the client site. You pulled together a great presentation. You've invested time and money to close this. Now, it looks like the deal is sinking. Should you make another trip? Should you try to revive it? If you're like most sales people, you'll evaluate how much time and money you've already put in your sunk cost. If you've already put in a lot of time and money, there's a tendency to want to move the deal forward because you don't want to lose…
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