Because business negotiation is such a dynamic process, taking an organizational approach to negotiation greatly increases the likelihood of sellers being able to establish and maintain successful, long-term relationships with their customers while achieving their goals.
First, understand what defines "a good deal for your organization." Expand that out and ask all the different stakeholder groups in your organization. You may be surprised by their responses. Even if you're not surprised, others may be.
- What are the specific indicators of success
- How do we / will we measure those indicators
- What behaviors should we expand or limit in order to achieve success?
This is just what D&B Denmark did with the assistance of Negotiation Consultants from Think! Inc.
D&B Denmark helps their customers perform a range of business analyses primarily through three products and services. The Think! engagement with D&B Denmark centered on their sales organization to include account managers and account specialists.
After identifying specific business negotiation issues, Think! Inc. recommended a Strategic Negotiation Solution that included:
- defining a common goal or organizational negotiation strategy linked to the company's sales strategy
- agreeing on a common negotiation process integrated with the sales process
- coaching and measuring both strategy use and process implementation
- measuring results
D&B Denmark realized a 581% return on investment within 4 months. The results of this negotiation initiative are available in an ROI case study. If you'd like to review them, click here to request the document link be sent to your email address.