(from FEI Daily) "A great negotiator is able to get both sides feeling good about the transaction," said negotiations expert Heather Cole. She gives these six tips for conducting better negotiations:
- Make It Competitive: Competition will help you flush out the best deal.
- Build Rapport: Find areas you have in common and understand the other side's goals for the transaction.
- Create a Plan and Communicate It: When you are purchasing a big ticket item like software, create a purchase plan with the steps that need to be completed and the timeline.
- Communicate Your Expectations: Cole suggests organizations research peer pricing and then lead pricing negotiations.
- Understand the Vendor’s Needs: Yes, vendors want to do business with you but they have other motives too.
- Keep Open Lines of Communication: As you are negotiating with a desired vendor, don’t cut off communication with the other vendors, but rather tell them you prefer the other vendor and why.
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