Master Strategic Negotiation Planning with Patrick Tinney, Ep #343
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We are in a market where there are too many sellers and not enough buyers. And the buyers are armed with tactical information. So Patrick Tinney believes that salespeople need to take a strategic approach to negotiation. If they don\\u2019t have one, they\\u2019ll get smashed. And the key to a successful negotiation is preparation. He shares his strategies for preparing for a successful negotiation in this episode of Sales Reinvented!\\xa0
Outline of This Episode
- [1:04] Why planning and preparation is an important step in negotiation
- [1:42] The key steps you should take to prepare for a negotiation
- [3:52] The attributes or characteristics that make a great negotiation planner
- [4:48] Tools and resources to improve your negotiation outcomes
- [6:39] Patrick\\u2019s top negotiation planning dos and don\\u2019ts
- [9:01] Remember that not every deal is worth winning
The key steps you should take to prepare for a negotiation
When you go into a negotiation, you want to learn about the team on the other side. You can do this by researching on social media. You also have to understand your counterpart\\u2019s culture.\\xa0
You can\\u2019t walk into a meeting with a Walmart Executive thinking you know who they are because you visited a store. Spend time on their website and get to know the organization. Learn about who has done business with them.\\xa0
Cost-model your work so you know what you can or can\\u2019t do. If you have to navigate quickly, it needs to be top of mind. If you don\\u2019t, every mistake you make will cost you. If you lose even part of a percentage point in a nine-figure deal, it can have a large impact.\\xa0
After you\\u2019ve finished planning, take your notes, and compress them into a small note deck with important figures highlighted.\\xa0
Patrick\\u2019s top negotiation planning dos and don\\u2019ts
Patrick shares a few dos and don\\u2019ts to be mindful of:\\xa0
- Don\\u2019t think that you\\xa0know\\xa0the other side.
- Make sure you understand their motives. If you want to get in someone\\u2019s head, ask them to share a vision of their career and life going forward.\\xa0
- Don\\u2019t rush the negotiation. Practice things like meditation and dropping your jaw to remove tension.\\xa0
- The other person wants a deal too. If they don\\u2019t get a deal done, they don\\u2019t get a bonus either. A collaborative state of mind moves deals across the finish line.\\xa0
- Don\\u2019t take anything personally. It\\u2019s not a kidnapping or a hostage situation. You aren\\u2019t trying to solve world hunger. You\\u2019re there to progress a business forward.\\xa0
Remember that not every deal is worth winning
Patrick was negotiating a deal where he\\u2019d likely make between $25,000\\u2013$55,000. It had taken a year to get in front of the CEO and other C-suite executives. When he walked into that meeting, he realized he was facing a culture that was incongruent with anything he knew about business.\\xa0
They were running negotiations where they\\u2019d drag business in however they could at whatever cost. They were making huge mistakes. Patrick got through the meeting, went home, and crafted a proposal he\\xa0knew\\xa0they wouldn\\u2019t accept. He needed to walk away as if it never happened.
There are dream customers and there are those you should never do business with. If they don\\u2019t match your brand and who you are, walk away fast.\\xa0
Connect with Patrick Tinney
Connect With Paul Watts\\xa0
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