Steal this 5-step negotiation framework:

Author

Andy Mewborn
February 06, 2023

The daily newsletter that gives you bite-sized & actionable tips you can start using today by Andrew.

"#1 Newsletter of the Year" 🏆️ -Andy’s Wife

Good morning to everyone except the people who don’t return their grocery carts 🛒

NEWS

Amgios, I have some exciting news for all you music lovers out there - Beyoncé has officially broken the record for the most Grammy wins of all time.

That's right, she's now the queen of Grammy wins, just like she's the queen of our hearts.

But let's be real, tech people, we don't really care about music awards, do we?

We're too busy coding and building things to care about who's winning what awards. But here's the thing, just like how Beyoncé stays ahead of the game in the music industry, we techies need to keep up with the latest and greatest in tech.

So, my advice to you is to take a cue from Queen Bey and stay ahead of the game. Or, if all else fails, just put on a Lemonade album and pretend you're winning a Grammy. Trust me, it works

VISUAL

TODAY IS THE LAST DAY TO JOIN THE BRAND30 FEBRUARY COHORT

Digital Sales Collective is sponsored by Brand30, a 30-day course to help you start building an audience of potential buyers on LinkedIn. Over 30 days you'll create 30 pieces of content, and meet 1000s of sales professionals, founders, and marketers trying to grow online.

Join other folks from Snowflake, Twilio, Zoom, and many more. The PRE-SALE for the February cohort opens today! Join for $100 OFF the full price (TODAY ONLY!) — and if you get no value out of the course, we have a 100% money-back guarantee 🤝

💀 Issue #79

Steal this 5-step negotiation framework:

I've sold to Zoom, Twilio, Snowflake, ZipRecruiter, SurveyMonkey, and 100s of other world-class companies.

I've used the same 5-step negotiation framework to close over $5.5 million dollars in revenue.

Steal it for free here:

Step 1: Know your top 3-5 negotiations levers

These can be based on:

• Volume

• When the deal closes

• Length of the deal (e.g. 2-year deal vs. 3-year deal)

• When you get paid (Net 30, 60, 90)

I use a slide to present these items.

Give them options (besides discount)

Step 2: Understand what is important to them

Throughout the deal process, gather information from them that you can use in negotiations later.

Example: “My VP really cares about adoption”

In this case, you can make a price adjustment on professional services around adoption.

Step 3: Understand that negotiation isn’t 1 call

Too often we see reps trying to finish a negotiation in 1 call.

This tends to lead to reps negotiating with themselves.

Don’t give anything away without getting something in return.

Step 4: Leverage your executives in negotiations

Executives would prefer negotiating with other executives.

Leverage other executives in a negotiation when possible.

Before adding them to a negotiation call, brief them.

Step 5: Finally, get on call with the prospect and...

1. Get all negotiation items out (steps 1-4 above)

2. Repeat/Ask what you heard. "So if I got it right you want ____ Is there anything else?"

3. Prioritize the issues. "Let me ask, what is most important to you price or…"

4. Qualify the decision maker. If we come to an agreement today can you make the decision by (today)?

5. Make the offer. Be clear, confident, and concise.

6. Listen and repeat their counter-offer.

7. Ask for the deal and add an expiration date.

(cont...)

8. Agree to consequences if expiration date is not met.

9. Confirm your conversation with an email:

"Per our conversation, we agreed to ____ did I get that right?"

10. Once they've agreed in writing follow up with contract:

"As discussed in the email in which we agreed to"

There you have it!

Andy's 5-step Negotiation Framework.

Two final thoughts:

• Don’t rush the process, you’ll end up negotiating against yourself

• Understand your negotiation levers ahead of time

If you enjoyed this, please 👍️ and comment on this LinkedIn post to help spread the word about DigitalSalesCollective. It only takes a few seconds. Creating each drop takes us some time. Thanks so much!

That’s a wrap for today amigos. Eat your tacos and see you tomorrow! If you want more, be sure to follow me on Twitter (@andymewborn) or LinkedIn.

What did you think of today’s edition?