Negotiation & Closing Techniques Flashcards

The 'Ben Franklin close' involves:

Answer: Drawing two columns listing pros and cons to help the buyer decide

The Ben Franklin close uses a pros/cons list, leveraging the buyer's own reasoning to tip the scale toward purchase.

BATNA stands for:

Answer: Best Alternative To a Negotiated Agreement

BATNA is the most favorable course a party can take if negotiations fail; knowing yours strengthens your position.

A prospect objects, 'Your price is too high.' The FIRST step in handling this is to:

Answer: Clarify what 'too high' means and compared to what

Price objections often mask other concerns; clarifying the comparison or threshold reveals the real issue before you concede anything.

The 'sharp angle' close is best used when:

Answer: A buyer makes a conditional request you can fulfill, and you immediately ask for the order in return

The sharp angle close converts a buyer's conditional request ('Can you do X?') into a closing moment by agreeing and immediately asking for the sale.

Which term describes the first number introduced in a negotiation that influences the entire discussion?

Answer: Anchor

Anchoring is the cognitive bias where the first number stated disproportionately influences all subsequent offers in a negotiation.

A CSM wants to improve close rates on multi-stakeholder deals. The MOST effective strategy is to:

Answer: Map all stakeholders and tailor value messaging to each role's priorities

Multi-stakeholder deals require understanding each persona's success criteria and building consensus across the buying team.

The Zone of Possible Agreement (ZOPA) is defined as:

Answer: The range between each party's reservation price where a deal can occur

ZOPA is the overlap between the seller's minimum acceptable price and the buyer's maximum willingness to pay; deals are only possible within this range.