There are close to five billion internet users in the world, as shown by Statista. With numbers like these, digital marketing offers companies the chance to reach out to this wide audience at a lower cost.
To level up your digital marketing career, consider beefing up your negotiation skills. This article will unpack the key reasons why digital marketers can benefit from learning the ropes of negotiation.
Negotiation skills for digital marketers
Before we dive in, let’s break down some of the top negotiation training skills that digital marketers need in their line of work.
- Research. Before you engage with clients, it helps to research and prepare how you will present your business concept effectively.
- Communication. Articulating yourself loud and clear gets the message across to help move talks along faster.
- Negotiation styles. Knowing the best negotiating style to use in different situations can give you the upper hand. For instance, some situations call for mutual understanding, while others may require a more competitive approach. It helps to have a firm grasp on all the approaches so you can use them as needed.
- Active listening. When you talk to clients, you need to be able to see through the words to get to the root of their pain points. Active listening is also an important tool to show genuine interest in your clients and their businesses, helping to set you apart from other digital marketers.
- Conflict resolution. A trained negotiator can overcome conflicts to improve relationships with clients.
- Persuasion. Swaying other people to see from your own point of view can help you achieve more success. You will be better placed to work faster and get more done.
- How to use emotions. Reading the other person’s emotions while mastering your own can give you an advantage during a discussion.
Why do digital marketers need negotiation skills?
Now that we’ve gone over some of the most important skills to have under your belt, let’s talk about the key reasons why these skills can benefit your digital marketing business.
Negotiations involve an exchange of value—you provide what the other side values more (but you value less) to get what you value the most. In order to land on a win-win outcome, you have to decipher what the other side wants and needs.
Training in negotiation skills, such as how to read intent and how to practice active listening, can help you get to the bottom of your client’s underlying interests. Then, you’re equipped to figure out what your clients want.
For instance, your client may ask for an email sales funnel to pull in more customers. However, through talking and active listening, you may uncover that your client will benefit from product reviews and better sales pages before launching an email campaign.
Once you determine what your client really needs, you can use your articulation skills to make your case.
When the fruits of the ideas you advocated for become apparent, your clients are likely to appreciate the depth of your value. By showing that you can provide added value, your clients are more likely to stick with you.
Gain new business
Technology and digital tools are ever changing. With new changes in technology comes improvement in techniques, innovative ideas, and algorithm changes. In addition, new platforms and social media sites come to light while others drop out of sight.
To offer valuable digital marketing services to your clients, you have to stay on top of trends. When you know how to negotiate, you can persuade your clients to leverage new technology. In the process, you can upsell your services, which can boost your bottom line.
Increase your profitability
Once you’re trained to master negotiation skills, you’re less likely to leave money on the table. You can learn how to:
- Set achievable price ranges. Pegging prices as a range rather than fixed values gives you room to adjust downwards. This allows you to accommodate clients without compromising how much value you’ll receive.
- Sign airtight contracts. With the right skills, you can negotiate foolproof contracts that protect you in the event of disputes.
- Communicate your competitive advantage. Negotiation skills can help you present your skills and experience in a way that can translate into tradeable wins. In turn, you can leverage your abilities in exchange for receiving higher value offers.
- Anchor the price. An anchor is the first figure thrown into the mix during discussions about rates and fees. The final price doesn’t usually fall far from this anchor. Knowing how to anchor prices can give you an advantage. With the right skills, you can also learn how to overcome this anchoring bias if the other side beats you to an anchor. In addition, you can train yourself to counter an offer if the other side anchors the price too low.
Build a strong team
As your digital marketing service grows, you’ll need a team to help you serve your clients’ needs effectively. With mastery of negotiation, you’ll be better placed to bring in the best talent by asking the right questions and reading the responses well.
In addition, you can settle mutually beneficial rates that can help your team members stay put in your business for longer without crippling your bottom line.
Improve resource allocation
With the right skills, you can negotiate with your clients to decide how to allocate resources. For instance, say your clients are bent on focusing resources on remarketing. Yet, you feel pay-per-click advertising combined with blogging may bring more results.
You can settle on the most appropriate mix through discussion. Additionally, negotiation skills can put you in a better position to ask for more funds to create premium services for your clients.
Improving your digital marketing business
In summary, mastering the art of negotiation can help:
- Make new clients and retain existing ones.
- Improve your profitability while building a strong team.
- Improve how you allocate resources.
All these above benefits can put you in the right position to take the digital marketing space by storm.