Contract Negotiations: Prepared and Fair are Effective in Any Market
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Contract Negotiations: Prepared and Fair are Effective in Any Market

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Does the word "contract" evoke the same feeling in you that the word "dentist" does? Are you, perhaps, someone who enjoys negotiating, but who could use some pointers on how to step up your game? Then this session — led by veteran meeting planner +Christy Lamagna CMP, CMM, CTSM — is for you. You can view the webinar on-demand here: http://www.youtube.com/watch?v=lqZpDjKrZ84.

Explore different negotiation strategies and tactics depending on with whom you are negotiating, learn key clauses to include in all your agreements, discover how to add value to your program while minimizing risk, focus on the critical component of clear, fact-based communication and the power that holds.

This information-packed, fast-paced session will inspire, educate and empower you!

About the speaker
Christy Lamagna, CMP, CMM, CTSM, (@SMEChristy) is the founder and chief strategist of Strategic Meetings & Events (smeplanners.com), an event planning company that specializes in producing events that achieve clients’ marketing and sales goals. With an ability to see the big picture while simultaneously understanding events down to the minutiae, Christy’s ability to create, market and execute programs has made her a leader in the industry. A former vice president of a Fortune 20 company and a member of five startup organizations, Christy has built successful marketing, event, travel and trade-show, departments for companies while helping them create or strengthen their brands and the infrastructure that supports them. Christy teaches event and meeting management classes at a college level and is working on an industry textbook on the science of strategic planning. She speaks at industry events whenever possible as a way of giving back to the profession that has given her 24 years of career satisfaction.She is a frequent contributor to Plan Your Meetings, penning solo advice columns as well as co-writing the popular “Beauty and the Brain” blog.

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Contract Negotiations: Prepared and Fair are Effective in Any Market Contract Negotiations: Prepared and Fair are Effective in Any Market Presentation Transcript

  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market
 Christy Lamagna, CMP, CMM, CTSM Chief Strategist, Strategic Meetings & Events ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market The Market Swings Both Ways ! “Sellers’” markets versus “Buyers’” markets Where the market is today How to adjust your planning to work within the current environment Be flexible If you can’t be flexible, plan ahead Leverage your spend Explore new destinations Be creative! ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Clarity is Crucial Understand your program’s specific goals Confirm all key stakeholders are on the same page Know what you need versus what you would like and understand the difference Realize that what you want comes with a ‘price’ Know your bottom line Don’t play games. Say what you mean and mean what you say. ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Your Approach is Key to the Process Remember that there is a person on the other side of the phone, not an ‘opponent’ Both sides are coming to the table with the shared goal of booking the business. It’s up to you to help navigate how that process unfolds This is not about you. The dialogue is not personal Communicate clearly, calmly and precisely Explain what you value and why. Often when the other party understands your goals, an alternate (and sometimes better!) solution may be discovered ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market It’s Not All About You Contracts are about opportunities and relationships Don’t begin the process until you are fully prepared Don’t be afraid to ask questions Read every word. Remember that precise words are chosen for a reason Avoid ‘will’ and ask for ‘may’ Protect yourself Do NOT agree to the ‘that would never happen’ conversation ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market It’s Not All About You Approach the negotiations understanding that both parties need to walk away with an answer to the ‘What’s in it for me?’ question. Be prepared to explain anything you’re asking for. Understand and be able to articulate your, “Why” If a request is declined, ask why. Ask for alternatives to any requests that are declined Remember you can escalate the conversation if you don’t feel as if you’re making headway Draw upon your hotel sales team 
 resources if you need additional help ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Fair Negotiations Work in Any Market Never ask for something that causes the other side to lose Be up front throughout the process Remember that “emotion drowns reason” Create a template of standard clauses you require and send them in advance Review the contract first and then discuss edits Have a backup plan if discussions don’t yield the results you need Be willing to walk away from the deal ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Do Your Homework Check that all your figures match Double check that your dates and room nights are listed correctly Confirm that the edits requested appear and are consistent throughout the document Have the hotel define the costs associated with canceling the program and slippage beyond what you have negotiated Ask for a ‘rebooking’ clause Make sure your management team understands the penalties associated with canceling the contract BEFORE IT IS SIGNED • Share a copy of the contract with your 
 finance team ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Let’s Make a Deal! Know your group’s history and base your room and F&B guarantees on past demonstrated performance If you have an attrition situation, pay only profit on sleeping rooms and food (the 70/30 rule) Industry standard profit on sleeping rooms is 70% Industry standard profit on food is 30% Negotiate out room rental fees in return for meeting your F&B minimum Request a complimentary tie down meeting ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Ask for concessions 1:40 comp rooms Staff rooms billed at a discounted rate Attrition calculated cumulatively Attrition billed on profit (70% industry average) Attrition based on class of rooms used Group rate available for three days pre and post event dates Internet rates discounted/complimentary Complimentary parking passes for pre-determined number of guests ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Let’s Make a Deal! VIP upgrades to suites at ROH rates Amenity of hotel’s choice for all VIP upgrades Flat rate for internet access in ballroom 15% discount on all AV Reduced service fee rates Business center will meet a big box store rate for all services Flat rate for ingoing/outgoing shipments ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Know Your Audience: Hotels look at ‘space/dates/rates’. They need to control one of the three Promotional item vendors value return business; using one vendor for all your giveaway business may allow you to negotiate discounted pricing or year end rebates for the entire year’s spend Independent contractors value consistent business and may lower their rates if you can contract a series of events at once instead of ‘one off’ programs throughout the year ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Know Your Audience Onsite help (photographers, travel directors, etc.) may enjoy staying at the host hotel a day after the program Small businesses value prompt payment. Cash is king. Negotiate for a discount on your bill for payment within 10 days of invoice Speakers value exposure. Offering the opportunity for a speaker to sell books, CD’s etc., at the event and via a mailer after the event may yield savings off the booking fee ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market Key Points to Remember: Identify your goals before you begin the negotiation process Negotiations are not successful unless both sides win Know the difference between what you want and what you need and what you’re willing to do to get there Don’t ask for anything you can’t defend, be proud of or would not agree to if you were asked for it It’s a small world and both word and people travel. Whether you establish yourself as a difficult or delightful negotiator, word will get around. Make sure you can be proud of what is being said and thought about you ChristyLamagna,CMP,CMM,CTSM
  • Tweet questions @PYMLive #yaypym Contract Negotiation: 
 Prepared and Fair are Effective in Any Market For a series of articles written by Christy, search www.planyourmeetings.com or go to www.smeplanners.com/inthenews Want to continue the conversation? Email Christy at: Christy.lamagna@smeplanners.com ChristyLamagna,CMP,CMM,CTSM Or come to PYM LIVE NYC August 7, 2014! PlanYourMeetings.com/PYMLIVE-NewYork-2014