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Before entering into negotiations, carefully review each item in this checklist to prepare thoroughly and maximize success. Check each item accordingly to ensure a comprehensive and strategic approach to the negotiation process.
Know Your Audience
Understand the background and priorities of the individuals involved in the negotiation.
Identify key decision-makers and influencers within the prospect's organization.
Research the prospect's industry trends and challenges for informed discussions.
Gauge the prospect's previous experiences with similar negotiations.
Determine the prospect's preferred communication and negotiation style.
Product/Service Knowledge
Ensure a deep understanding of the features, benefits, and limitations of the offered products or services.
Be prepared to address potential objections and articulate unique selling points.
Familiarize yourself with competitor offerings to highlight differentiators.
Understand the potential customization or flexibility in your offerings.
Know the pricing structures and available discounts for negotiation.
Set Clear Objectives
Define clear and realistic objectives for the negotiation.
Establish primary and secondary goals to guide the negotiation strategy.
Prioritize objectives based on the prospect's needs and pain points.
Determine the acceptable and non-negotiable terms.
Set specific timelines and deadlines for achieving negotiation milestones.
Establish Negotiation Tactics
Identify negotiation tactics that align with the established objectives.
Develop strategies for handling common objections and counteroffers.
Plan responses to potential concessions and trade-offs during the negotiation.
Determine the level of flexibility on pricing and terms.
Anticipate potential challenges and plan proactive solutions.
Gather Relevant Information
Collect and organize all relevant information, including pricing models, terms, and conditions.
Review previous interactions and communications with the prospect for context.
Understand the prospect's budget constraints and financial considerations.
Gather market intelligence to leverage during negotiations.
Research the prospect's recent business developments or announcements.
Team Collaboration
Coordinate with internal team members and stakeholders involved in the negotiation.
Assign roles and responsibilities to team members for a cohesive approach.
Conduct pre-negotiation meetings to ensure everyone is aligned on the strategy.
Establish communication protocols and channels within the negotiation team.
Prepare a unified response strategy to maintain consistency during negotiations.
