Steven Gamboa
In every transaction we had, there is always a problem. It cannot be denied by some people who are involved in business sectors. The negotiation is a part of knowing the buying signal or building partnerships with the investors. A part of the negotiation is not easy what it seems. It takes a lot of energy to consume. Once the deal was closed, then that’s the reward sign for the people who had put all the effort.
The other side of negotiation will not be as perfect. Since some investors are so difficult to convince. It was not running in smooth transactions. The interest appeared to be fluctuating in final decisions and the negotiation turned to be not easy.
If a problem occurred at the end of a negotiation, there is no need to panic. The negotiator needs to compose oneself and patiently pinpoint what went wrong. The checklist should be laid down on the table and take the time to dissect the conditions of the investors.
The Negotiation Checklist:
1. Introduction of the Products
A negotiator should be well-knowledge for its products. Self-introduction can also a good way of opening the door for closing a deal with their target clients. In this part, the products should be introduced by answering the 5 W’s and 1 H.
2. Features of the Products
Once the products are being introduced. The negotiator should know the parts or features of the products. What makes it more advantageous than the same products from the other companies? Thus, the negotiator needs to show the easy way to use the products.
3. Functions of the Products
In every part of tangible products, the negotiator should know its functions. This is the best way to let the investors be captured and gauge the buying signal or interest for a possible partnership in the future.
4. Practical Demonstration of the Products
If the target clients or investors cannot convince with just simply knowing the features and functions of the products, then it is about time to have practical demonstrations the over-all function of the products. It is also part of summarizing the importance of tangible products.
5. Mode of Payment
The payment scheme is so crucial for the negotiator. This is the core of closing a deal. It takes the time to lay the cards in terms of the mode of payment. Along the process, it is also a good part to re-demonstrate the functions of the products if the target clients would have second thoughts due to the high price. The payment scheme should be clear and flexible in terms of having a discount or any promos that could be eye-catching.
This is a great list. I also know the negotiations very well. That was part of my job.
@DocAndersen I am also speaking based on my work experience. You can be more practical if the feasibility study is being done.
i would also argue that there is a need for a market assessment – but a great list!
It is a part of it to do such an assessment.
i think sometimes a lot of very creative people with good ideas, forget that step. That is the driver of your market, nothing that sits on shelves makes a lot of moneY!
It is not limited to be creative. There are so many ways to enhance the skills of engaging with this kind of situation.
i was more speaking from experience. I work with a lot of startup companies that have brilliant ideas but haven’t completed the market analysis.
Negotiation requires a lot of soft skills as well. You’ve really got to be shrewd and smart.
I do agree that people who are involved in this kind of practice should have soft skills.
Negotiations are the lifeline of business where normally both parties benefit.
I do agree. It is the crucial phase to close a deal.
As long as honesty is involved, you seek value for money and a fair price for the product.
It is a good intention that counts in business.
Yes, and good communication skills. Honesty means a lot as I have seen too many rip people off in so called deals.
Really, in the end, with business it would be do good business quality for a fair payment in return and both parties profit.
I know it doesn’t always work that way, and I don’t like games.
You have a point here. In reality, it doesn’t work this way. Sometimes they forgot the principle ‘social responsibility.’
yes, some problems will occurs 🙂
It happens but people need good salesmanship.
Hmm, Yes You right……