Rocket Fuel: Negotiation Planning | The Sales Ace

Rocket Fuel: Negotiation

Rocket Fuel: Negotiation Planning

Hi everybody, Julie here bringing you a sales tip to help skyrocket your business.

So this week and over the next few weeks I'm going to look at negotiation. It’s something that I've not spoken about for a while, but it seems that I'm having an awful lot of conversations with clients around this.  So I think it's important that we look at negotiation as a whole, and this week and next week I'm going to talk about planning for a negotiation, and this is really key because if you've not thought about various things when somebody actually asks you to negotiate, you can be caught on the back foot. It can all go to Pete Tong and you'll end up walking away thinking, I've just signed my first born away to them for forever.

So let's put some planning in place, and the first two things that I would like you to think about this week are your market and competition, and your goals.
Let's start with your market and competition.
Now, it's important that you are aware of what's going on in your market. You could be working in a market where your products and services are really, really in short supply, and that can put you in really, really good stead in negotiation. Because why should you negotiate if what you're offering is in short supply?

If there's a plethora of your products and services on the marketplace, you may have to think about something else to bring to the table in negotiation.
So it's really key that you're fully aware of your market.
The other thing that goes hand in hand with this is what are your competitors up to?
  • What are they doing?
  • Are they negotiating?
  • Are they giving things away?
So, having a knowledge of that is really key.

And the second thing I want to talk about are goals: short, medium and long-term goals and really being fully aware of what you want to achieve in your business.
Because when you do negotiate if you know what you want to achieve for the short-term and long-term etc, these are really good things that give you a
solid base to consider a negotiation on.

So it's back to sales plan times.
It's back to thinking about what you want to achieve over the next two or three years with your business, and it's really just having a firm understanding of those.
So that's part one! Next week, I want to give you a couple more things to think about planning and then the third week we're going to look at during the negotiation itself.

So that's it for this week, and I'll see you next time!