CSM Negotiation & Closing Techniques 3 — Questions and Answers
Question 1: The 'Ben Franklin close' involves:
- Drawing two columns listing pros and cons to help the buyer decide (Correct answer)
- Offering a time-limited discount named after a historical figure
- Referencing a famous success story to build credibility
- Using a long silence after stating the price
Correct 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.
Question 2: BATNA stands for:
- Best Alternative To a Negotiated Agreement (Correct answer)
- Buyer's Adjusted Terms for New Accounts
- Baseline Agreement Terms and Negotiation Anchoring
- Budget Allocation for Transaction and Negotiation Activities
Correct 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.
Question 3: A prospect objects, 'Your price is too high.' The FIRST step in handling this is to:
- Clarify what 'too high' means and compared to what (Correct answer)
- Immediately offer a 10% discount
- Restate all product features
- Ask if budget is the only concern
Correct 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.
Question 4: The 'sharp angle' close is best used when:
- A buyer makes a conditional request you can fulfill, and you immediately ask for the order in return (Correct answer)
- You have a strict deadline and must push the buyer to decide quickly
- The buyer has rejected every previous close attempt
- You are negotiating with multiple stakeholders simultaneously
Correct 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.
Question 5: Which term describes the first number introduced in a negotiation that influences the entire discussion?
- Anchor (Correct answer)
- Reserve price
- ZOPA
- Concession bracket
Correct answer: Anchor
Anchoring is the cognitive bias where the first number stated disproportionately influences all subsequent offers in a negotiation.
Question 6: A CSM wants to improve close rates on multi-stakeholder deals. The MOST effective strategy is to:
- Map all stakeholders and tailor value messaging to each role's priorities (Correct answer)
- Focus all energy on the economic buyer and ignore others
- Present a single unified proposal to avoid confusion
- Always negotiate with the lowest-ranking stakeholder first
Correct 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.
Question 7: The Zone of Possible Agreement (ZOPA) is defined as:
- The range between each party's reservation price where a deal can occur (Correct answer)
- The maximum discount a sales rep is authorized to offer
- The list of issues agreed upon before the final negotiation session
- The target price set by the sales manager at the start of the quarter
Correct 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.
CSM Negotiation & Closing Techniques 3
The 'Ben Franklin close' involves: