Relationship-Building is Key to Effective Negotiations

I’m often asked how much time it takes to prepare for a negotiation. My answer is simple: It can take as little as an hour if you’ve done all the research and pre-negotiation work, or it can take years because that’s how long it takes to build a relationship and conduct research and set yourself up as a thought leader and expert.

The relationship you build will definitely affect the outcome of a negotiation. As a matter of fact, a lot of negotiations for corporate contracts happen because someone got invited to bid on an opportunity after developing a professional relationship with a key decision-maker.

Based on many years of experience working with women business owners and corporate supplier diversity representatives, here are six key ways I recommend to start to build a relationship that could lead to contracts:

1.???? Be visible. Attend conferences, industry meetings, open bid and supplier diversity events.

2.???? Do your homework. I always recommend that you select five companies you want to meet with at a conference or industry event. Take time to research everything about these companies. Look for annual reports. Follow them on LinkedIn and social media. Check out the diversity and inclusion statements on their websites. Read their blogs and press releases.

3.???? Provide solutions. How is your company more innovative or creative than your competitors?? Corporations are looking for safety, training, efficiency and sustainability solutions for themselves and their customers.

4.???? Create a memorable pitch. You can have more than one pitch because each one should be focused on the solution you have for a particular company. And as you build and nurture a relationship, don’t forget to ask for feedback. People appreciate the effort you make, and as they get more comfortable with you, they are more likely to offer suggestions.

5.???? Be an active and compassionate listener. I’ve seen many relationships derailed because one of the parties was not a good listener. You will learn a lot about what someone needs when you take the time to listen. Answer questions enthusiastically and honestly. Pay close attention to the questions — are the same questions being asked? Are the questions about process, about policy, about trends? Consider incorporating answers to those questions in your pitch. Being a compassionate listener means that you make the other person feel heard.

6.???? Master the art of the follow-up. Most people give up after three attempts at getting someone’s attention. It can take up to seven or even 10 attempts before you get a response or acknowledgment. Do not take this personally. Keep in mind that you are one of possibly thousands of people who want this person’s attention. Consider asking the person when you meet about the best way to follow up. One might say to send a text, or another might say she is going out of town and the best time to reconnect will be in two weeks.

I think most people would agree that they can close a deal. The major hurdle and stumbling block are getting the attention of the decision-makers and actually getting invited to bid on an opportunity. Building a relationship does not have to be hard work, and it does not have to take a long time. As I ?highlighted above, there is a lot in your control.

Contact me if you need some help thinking this through or if you want to hone your negotiation skills. I’m on a mission to help women business owners embrace creative thinking in business.