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Tips On Achieving Successful Contract Negotiation

5th September 2017

B2B sales negotiations is not a simple task. It requires careful steps by both the seller and buyer. How can we ensue success in our contract negotiation?

Here are some tips to aid you in your negotiation process: –

  • Enter a negotiation when you have an agreement in principle

In a negotiation, discussion on pricing model is inevitable. However, while issues surrounding costing is important, they should not be the main focus of the negotiations. The main focus of the negotiation should surround on whether the product can solve the problem of the company and how can it do so.

  • Negotiations should include non-monetary points

Steer away from discount negotiations and engage in non-monetary point of negotiation. This can allow both parties to get value without significantly hurting the revenue. Such points can include: –

–      Concessions on certain contractual terms

–      A feature in company’s website/social media platform

–      Shorter contract duration

–      And many more…

  • Be well-prepared for a successful sales negotiation on product

In order to prepare for a sales negotiation, the price must be justified by the value of the product provided. The product must be convincing and well substantiated with quantifiable factors.

  • Do research

As the buyer, personnel ought to have a clear idea on what sort of product best suits the company needs, able to improve the company’s processes, operations and efficacy. As the seller, much research also need to be done – what problems are the client trying to solve?

  • Use facts, not feelings

A successful negotiator can separate business from personal feelings. They should not only avoid allowing unpleasant personality or style drag down the professionalism, but also, the language such as ‘I believe” or “I think”. Instead, they should use statement of facts to make a point.

Advanced Price Negotiations in Gas and LNG Sales Contract is a 3-day course that aims to enhance participants’ negotiation skills and build their knowledge base in the global LNG market. Through this course, participants will gain an understanding of the negotiating position from the other party to get the best possible deal for their company. For more information, please visit at http://www.opuskinetic.com/training or contact us at info@opuskinetic.com.

Opus Kinetic believes that people are why organisations are successful, and giving people the knowledge to perform well at their job is integral for success. We pride ourselves as the premier provider of knowledge, offering acclaimed in-house training, leadership training courses, oil and gas training courses, courses that target health safety and environment, etc. Our training courses are well researched and updated with the latest industry trends. For more information on our professional training programs, you can visit us at http://www.opuskinetic.com/training.

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