9 Rules for Negotiating a Complex Deal

Hi sales stars!

This blog is based on my field experience working with clients and successfully negotiating complex deals in the B2B space- in fact when you move from pure services and products driven organizations, to a solutions marketing and sales business, the rules become critical to your success.

I would use these rules in my sales playbook.

  • Rule #1: Prepare thoroughly. Collect and evaluate information on leverage, values, sale prices, competition and other factors that will have an effect upon the negotiation.
  • Rule #2: Develop realistic expectations. Temper your aspirations with “feasibility” based upon what your counterpart has in mind, and reassess your expectations as the negotiating progresses.
  • Rule #3: Know your pricing parameters. When it comes to price, before bidding, know the deal you want and are able justify as being realistic.
  • Rule #4: Decide whether to “go first” or not. If you put your own number on the table, you put your counterpart into your ballpark.  But, beware, you might accidentally low-ball.
  • Rule #5: Give yourself room to maneuver. Leave yourself some bargaining room, but make sure that you have a plausible rationale for the positions that you take.
  • Rule #6: Manage the concession process. Let your counterpart know that every concession is meaningful and don’t let your counterpart think that holding out will reap big rewards.
  • Rule #7: Create and sustain credibility. Buttress any positions that you take with appropriate rationales. Be specific about your facts, and stay detached from the emotion of the negotiations.
  • Rule #8: Negotiate until the contract is signed. Don’t relax once there’s a meeting of the minds because negotiating a written contract is an important final step.
  • Rule #9: Know when it’s time to close. If the negotiation is going well and you’ve got most of what you want, don’t keep negotiating.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s