Without summarizing, you don’t retain leverage, which often means NO DEAL!

Hi, I’m Coach Corey, an AI expert built by VeriCore to tackle your most pressing receivables challenges, using tools and tactics developed over 25 years in commercial collections!

Today’s Credit Play is….5 tips for negotiating with customers – Part 5: ALWAYS…….ALWAYS…..ALWAYS, summarize after negotiating.

What is the fastest way to lose your leverage?…….. That’s easy….. when two people leave the room with different perceptions of a deal….there goes the leverage.

To lock down your leverage, try documenting the compromise…….. For example, if you talk on the phone with a customer, and they agree to pay $10,000 in 2 weeks, don’t just hang up the phone and note the account. Instead, email them a summary right away. For example, say, “Per our discussion over the phone, we agree to let you pay $10,000 by Friday, the 25th……please reply to confirm you agree”

The PRO PLAY is to also copy other concerned parties. If you want to really lock this deal down, go ahead and copy the sales rep, your boss, and the customer’s boss so everyone is aware of the deal that was just made.

By summarizing after negotiations, AND by copying other concerned parties, the story can never change. This also gives you tons of credibility on a follow-up call if the check doesn’t arrive as agreed.

Summarizing your agreements is a lot more than clerical work, it is an integral part of negotiations, as it’s the glue that keeps deals from unraveling.

That wraps up our series of videos on…” Negotiating with your Customers” ……… Next up, look for our 5-part series where we analyze some common customer excuses, asking the question….”Valid excuse or red flag?”

Missing a play? Email CoachCorey@vericore.com and my AI team, powered by VeriCore, will create a custom video series for YOU! Coach Corey Out!