How can you understand stakeholder perspectives and motivations?

1 Identify the stakeholders

The first step is to identify who are the key stakeholders involved in the vendor negotiation process. These may include internal stakeholders, such as your manager, team, or department, and external stakeholders, such as the vendor, their representatives, or their partners. You can use a stakeholder map or analysis tool to list and categorize them according to their level of influence and interest in the negotiation outcome.

2 Assess their needs and wants

The next step is to assess what each stakeholder needs and wants from the negotiation. This may include their requirements, preferences, constraints, pain points, goals, or incentives. You can use various methods to gather this information, such as surveys, interviews, observation, or research. You can also use a needs and wants matrix to prioritize and rank them according to their importance and urgency.

3 Understand their perspective

The third step is to understand how each stakeholder views the negotiation situation and the potential solutions. This may include their assumptions, beliefs, values, emotions, or biases. You can use empathy and active listening skills to put yourself in their shoes and see things from their angle. You can also use a perspective-taking exercise to compare and contrast your perspective with theirs and identify any gaps or conflicts.

4 Communicate effectively

The fourth step is to communicate effectively with each stakeholder throughout the negotiation process. This may include establishing rapport, building trust, expressing appreciation, asking questions, clarifying expectations, providing feedback, or resolving issues. You can use various communication techniques, such as storytelling, framing, mirroring, or reframing, to convey your message clearly and persuasively. You can also use a communication plan to outline the purpose, mode, frequency, and tone of your communication.

5 Align their interests

The fifth step is to align the interests of each stakeholder with your own and with each other. This may include finding common ground, creating value, addressing concerns, overcoming objections, or proposing alternatives. You can use various negotiation strategies, such as integrative, distributive, or mixed-motive, to achieve a mutually beneficial outcome. You can also use a win-win matrix to evaluate and optimize the value for each stakeholder.

6 Manage their expectations

The final step is to manage the expectations of each stakeholder after the negotiation is completed. This may include confirming the agreement, delivering the results, following up on the feedback, or maintaining the relationship. You can use various tools, such as contracts, reports, or testimonials, to document and communicate the outcome. You can also use a satisfaction survey to measure and improve the stakeholder satisfaction level.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?