Negotiating with martech vendors requires a strategic approach that goes beyond budget considerations. To get the most out of vendor negotiations, it's important to define your core needs, prioritize what matters most and master emotional intelligence (EQ).
Before negotiations, define your requirements and why they're important. Set a ballpark range of what you can afford to spend and prioritize your core needs. Don't share your detailed values list with the vendor. Focus on the items that matter most and be willing to compromise on lower priorities.
When preparing for negotiations, outline key documents and deliverables and determine important procedures, such as taking meeting notes with action items after every meeting. Make sure to bake in review times and have a project manager assigned to help manage your time.
Managing your own emotions and those of others is key to become a superior negotiator. Start by knowing your triggers and biases, building a rapport and being respectful and socially aware. Try to put yourself in the other party's shoes and focus discussions on potential product value.
Overall, it's important to remember that negotiating with vendors involves willpower, communication, trust (or lack thereof), compromise and EQ. Knowing what you are willing to negotiate on and what you are not, as well as being open to others' ideas and perspectives, will help ensure win-win agreements.
Originally reported by Martech: https://martech.org/the-art-of-martech-vendor-negotiations/
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