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3 Negotiation Tips That Will Change Your Business~
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Pitching Ideas, Closing Deals And Negotiation Skills

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A presentation on how to get that deal. Specifically for artists.

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Pitching Ideas, Closing Deals And Negotiation Skills

  1. 1. Pitching Ideas, Closing Deals and Negotiating Skills Elaine Rumboll Director and Chief Deal Pitcher for the Executive Education Unit, University of Cape Town Graduate School of Business
  2. 2. PITCHING IDEAS
  3. 4. <ul><li>Nothing Sells Like Conviction, Passion and a Track Record </li></ul><ul><li>of Success </li></ul>
  4. 7. STICKY IDEAS
  5. 9. SIMPLE
  6. 10. UNEXPECTED
  7. 11. CONCRETE
  8. 12. CREDIBLE
  9. 13. EMOTION
  10. 14. STORY
  11. 15. Simplicity Unexpectedness Concreteness Credibility Emotional Stories Sticky Ideas = stripping = understanding/remembering = capture attention = believing = caring about your idea = Inspire Action
  12. 18. Making Ideas Stick <ul><li>Simple : Proverbs, ideas simple and profound </li></ul><ul><li>Unexpected : Interest and curiosity </li></ul><ul><li>Concrete : Ideas have the same meaning to everyone </li></ul><ul><li>Credible : Audience &quot;tests&quot; an idea, and confirms it credible </li></ul><ul><li>Emotional : Make the audience feel something - we are wired to feel, not for abstractions </li></ul><ul><li>Stories : Far greater recall than ponderous pontifications (Heath & Heath, 2007) </li></ul>
  13. 19. NEGOTIATION SKILLS
  14. 20. Negotiations <ul><li>Interests/Needs vs Positions </li></ul><ul><li>Options </li></ul><ul><li>Relationship </li></ul>
  15. 21. Needs vs Positions
  16. 22. To Create Value in a Negotiation <ul><li>At the table: </li></ul><ul><li>1. Explore interests of all sides </li></ul><ul><li>2. Generate options & packages that “increase the pie” </li></ul><ul><li>3. Suspend criticism </li></ul><ul><li>4. Invent options without committing (brainstorming) </li></ul><ul><li>5. Build relationships </li></ul><ul><li>(Prof. B Jordaan, 2007) </li></ul>
  17. 23. Know your BATNA
  18. 24. BEST ALTERNATIVE TO A NEGOTIATED SETTLEMENT <ul><li>Sets a Values threshold </li></ul><ul><li>Know your INTERESTS </li></ul><ul><li>Know the other party’s interests </li></ul><ul><li>Know who you are negotiating </li></ul><ul><li>with </li></ul><ul><li>Know your options </li></ul><ul><li>Know your best alternative </li></ul>
  19. 26. <ul><li>Be Comfortable with Walking Away </li></ul><ul><li>Trust me – if you’re not happy now, you’ll be even unhappier later </li></ul><ul><li>Deals do NOT get Better than the Negotiation Honeymoon </li></ul>
  20. 27. The Fruits of a bad Negotiation
  21. 28. Building Relationships <ul><li>Keep the other person whole </li></ul><ul><li>If people trust you, they will want to work with you and will give you the deal you want </li></ul><ul><li>If you are perceived as sincere, the relationship will be healthier and more beneficial to you. </li></ul><ul><li>Nina Wanendeya (Chief Negotiator, Johnson & Johnson) </li></ul>
  22. 30. Magic Phrases for Negotiating Effectively (Glatzer, 2003)
  23. 31. 1. &quot;That sounds a little low.&quot;
  24. 32. &quot;To make it worth my time, I would need...&quot;
  25. 33. &quot;Considering the amount of research required, can we agree to...&quot;
  26. 34. 2. &quot;I'm expecting more for this piece.&quot;
  27. 35. &quot;Can we work on that?&quot;
  28. 36. Golden Rules <ul><li>DO NOT NEGOTIATE OVER E MAIL </li></ul><ul><li>ONLY NEGOTIATE FACE TO FACE </li></ul><ul><li>IF IT HAS TO BE THROUGH ANOTHER MEDIUM FOLLOW UP WITH A PHONECALL </li></ul><ul><li>SELL THE BENEFIT NOT THE PRICE </li></ul><ul><li>DO NOT GET EMOTIONAL </li></ul>
  29. 37. CLOSING DEALS
  30. 38. <ul><li>GET IT IN WRITING AS SOON AS POSSIBLE </li></ul><ul><li>OTHERWISE YOU LEAVE YOURSELF OPEN TO… </li></ul>
  31. 39. <ul><li>Second Thoughts </li></ul><ul><li>Better Offers </li></ul><ul><li>Unforeseen Circumstances </li></ul>
  32. 40. COMPLETE THIS CYCLE AS SOON AS POSSIBLE <ul><li>Expression of Interest </li></ul><ul><li>Verbal Commitment </li></ul><ul><li>Written Agreement </li></ul>
  33. 41. Update Clients with <ul><li>Successful Developments </li></ul><ul><li>Media Attention </li></ul><ul><li>Awards </li></ul><ul><li>Other Large Contracts </li></ul>
  34. 42. The Most Important Part of all 3
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A presentation on how to get that deal. Specifically for artists.

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