How to Make Negotiation Your Super Power
Wow! What a great webinar on “Making Negotiation Your Super Power!” This was near and dear to my heart as honestly, I don’t feel very confident in my negotiation abilities. So, I collected some awesome nuggets thanks to my panelists below. Read their insight, watch the recording, and please support our sponsors who made it possible by hitting their links (I mean come on, we ALL need the dashboarding and engagement platforms to stay relevant as sales teams). 😉
Thank you to our panelists:
- David Leinweber of LevelEleven
- Amy Volas of Avenue Talent Partners
- Michelle Benfer of Hubspot
- Nicole Anasenes of ANSYS
And of course, my team at Factor 8 and #GirlsClub who made this awesome!
Our Favorite Nuggets:
- Negotiation is truly a conversation, just talk it out – be transparent
- Understand what all the levers are that are going into a specific deal or situation
- Have a “cards on the table” conversation: How do we come together to make this work?
- It is ok to pause and say I will get back to you if you are unprepared for an objection or counter
- Take your time – sometimes people are tense and nervous during this conversation
Check out Michelle’s story on what she negotiated successfully! (~12:00)
- Know your bottom line so if it goes back and forth, you know when to walk away
- Start with what you want – anchor high and anticipate objections. Don’t negotiate against yourself in the planning and preparation and wind up starting lower than you want
- Ask questions when negotiating pay to better understand pay ranges or bands in the company including the requirements to earn the next level. Try: Can you walk me through the compensation structure and what that band looks like? How do I get from one level to another? Do I get evaluated quarterly? When do we have these conversations?
- There is a LOT on the table beyond base salary. Get creative with:
- Remote Work Set-up – If I’m WFH, help with the setup
- Bonus Structure/Amount
- Ability to Grow – If I do this, what happens next?
- Agreed upon evaluation times.
Listen to Michelle’s phrasing at ~34:00
- Investment in professional development and 1 on 1
- Paid Time Off
- Job Scope
Tips on Negotiating Sales Contracts:
- Go in knowing what you want, and also what’s reasonable. Anchor where you want to be. Be the one to make the first offer
- How important is this to them/you? Find out what they value, why, and how much
- Have levers/asks/offers in your back pocket when going into the negotiation but don’t lead with them
- Find non-financial kickers that can be thrown in to sweeten the deal (e.g. more training)
- Be transparent about how you work, price, and value-add
- Focus on the payment cycles (eg. monthly payments?) and timing, volume, service, etc.
- What DOESN’T work with the CFO is explaining they got a standard discount vs. proving the value
- Recommended Book: Todd Caponi, The Transparency Sale: How Unexpected Honesty and Understanding the Buying Brain Can Transform Your Results (Chapter 11 specifically)
If you read this far, you got some value, so show the love to our sponsors:
- Outreach – Need help adapting to the new remote selling world? Request a demo of the #1 sales engagement platform that closes more deals faster — so your reps can achieve revenue goals from anywhere. Companies that choose Outreach can expect a 387% return on the investment over three years and an 11% increase in sales productivity (valued at $6.9M). See what the #1 sales engagement platform can do for your business today.
- LevelEleven by Ascent Cloud – Ready to see what LevelEleven has to offer your organization? Request a demo today! LevelEleven provides a variety of solutions that help leaders of customer-facing teams drive the key behaviors that lead to better productivity and results.
- #GirlsClub – Are you ready to make the leap into a sales leadership role? Then join #GirlsClub – an inclusive 6-month leadership program for women who are either an aspiring sales manager ready to advance their career or existing sales manager who needs more skill development, mentoring, or support. Applications are open for Generation 3, which kicks off in January 2021. Apply today!