RFP Win Rates And How To Improve Them
Every business wants to maximise its Request For Proposal (RFP) win rate – and there’s an easy way to start … Continue reading RFP Win Rates And How To Improve Them
READ MOREWhen trying to win new business, it’s frustrating not being able to set yourself apart from your competition who are vying for the same contract. Having a range of supplier negotiation strategies in your arsenal, along with a solid grasp of negotiation skills (https://piscari.com/negotiation-
training/) can mean the difference between winning and losing deals when negotiating with tough procurement professionals.
Building rapport is an integral part of being able to get a deal over the finish line. Maintaining open communication channels with clients while having a solid negotiation strategy helps build rapport and strengthen the quality of the deal. Being responsive, attentive, and approachable is absolutely key when it comes to forming crucial relationships with decision-makers, and can often be the deal breaker if there are multiple suppliers trying to win the same contract.
Build a relationship with Procurement 12-18 months in advance of negotiating a deal with them. Here’s some tactics to engage busy procurement professionals:
You can’t pitch if you’ve not done your discovery call effectively. Have a predefined list of questions that help you understand the client’s context in a lot more detail – before selling them anything.
Get reviews and feedback from your previous customers and publish on LinkedIn and other marketing channels. It’s one of the 11 touch-points for a prospect about how you provide excellent service to customers with similar requirements.
Negotiation 101 is about anchoring. Your first commercial offer to your prospects has to be realistic, at the top-end of market expectations, and be linked to the value/ROI you create. Without this, you’re open to trained negotiators taking you apart.
If you need a helping hand when trying to get a deal over the line, be flexible with the payment terms that you can offer. Many suppliers request that payments be made within 14 days on invoice. However, knowing how far you go, in exchange for something else in the negotiations that are valuable to you is critical.
You have to understand the customer’s negotiation context. You have to be able to empathise with them, and build a bridge towards them.
Empathy doesn’t mean weakness or yielding in the negotiation. It shows that you understand them and want the best deal for them and you.
Don’t be afraid to showcase what you’ve done for other clients (anonymised if need be). It’s important to make customers aware of your credibility and how well your company has delivered consistently over time.
Have a solid negotiation strategy in place to deliver more balanced deals with procurement. Follow these principles and tactics to negotiate better deals, every time, especially when you meet tough procurement negotiators.
Every business wants to maximise its Request For Proposal (RFP) win rate – and there’s an easy way to start … Continue reading RFP Win Rates And How To Improve Them
READ MOREIntroduction There are three parts to this article: This guide is a one-stop shop to understand the RFP scoring process … Continue reading How do Procurement Score RFPs, Why as a Vendor do you need an RFP Scorecard & How to Create One
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