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Is it plausible to create a win-win situation by negotiating with virtual sales assistant?

The science of negotiation of virtual sales assistant and human is under study for several decades by people who want to understand both parties’ behavior to create strategies. Although negotiations are usually a part of a business deal, there is very little correlation between the business deal and negotiation style.


With or without a virtual sales assistant, a win-win is complex

The negotiation concept dictates the success and failure of the process with whether or not they stoop from their initial stance. Unless one of the parties is ready to lose a little for the better probability of a longer relationship, it is almost impossible to enjoy a win-win situation. For instance, when a person plans to buy a used car, he would surf the best online car buying sites and understand the car’s market-standard price. Thus, when he walks into a dealership, he will have a perceived value embedded in his mind.

A sales representative or the virtual sales assistant might have to push the customer’s perceived value down so that they can make a profit. On the other hand, the customer has to wear off the negotiator to get what he believes to be a win-win situation.


Long term win-win situation by a virtual sales assistant

The concept of agreeing to a lesser valuable win might be a good choice in businesses where the client and the business would have a long term relationship. In the case of car dealerships, used car deals, and other one-time negotiations, the parties are more likely to fight to get the best. How to use a virtual sales assistant to drive the best from this situation?


In such cases, the AI negotiation bot’s long-term strategy does not revolve around the long-term relationship with the said customer. It tries to create a positive environment for the negotiation, which increases word-of-mouth advertisement. According to Review42, 86% of the population believes word-of-mouth more than any review or brand ambassador advertisements. Once a good brand awareness is created, it becomes possible for the business to get better profit with too little effort in the negotiation part.


Creating win-win with virtual sales assistant’s dynamic approach

Each client is unique, and it is possible to use the virtual sales assistant to create dynamic negotiation techniques to alter the course of negotiation with each customer. Winning a negotiation is all about perception. The buyer has to believe that he has got the bigger half. For instance, a customer who wants better features would look at used car deals with the mindset of getting the best features possible rather than trying to get the least price possible. The bot can use negotiation tactics focusing on features and benefits of choosing the model.


It is not possible to understand the type of customers without taking part in the negotiation with them. However, a virtual sales bot understand the persona of the customer within the few introductory interactions. Thus, it becomes possible to reach a win-win situation easily. Not all win-win need to be monetary based. Some customers need to feel superior over the sales representative. Some want better features, or in many cases, they want a status-enhancing product and might not worry about features or benefits.


Value creation with your virtual sales assistant 

If your virtual sales assistant or sales representative can create value for the customer beyond the tangibles, it is easier to achieve a win-win situation. The features, price, model, and other tangibles are easier to compare, and in many cases, buyers never seem to get content. In the case of intangible satisfaction, it is easier to create a higher value. The best way to create value is by offering information-rich advice, like statistics about the model, the quality of spare parts, the long term profits, guarantee, and more. It is possible to create such value with AI negotiation bot as it can drive statistics from real-time data, compare metrics beyond what a human salesperson could deliver. Other methods to improve the intangible value are offering mechanic certification, service guarantee, and others.


What is the best promising path to entering a win-win situation? The buyer’s win situation must be profitable for your business. For such a situation, you need to reduce the overall overheads and the cost of negotiation. Using a virtual sales assistant can reduce your overall cost of doing business considerably. Thus, even beyond your breaking point, you still make a good profit. Thus, your buyer gets his perceived value, and you still get your win.

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Dhaval Shah