Advanced Sales Negotiation Masterclass

Marketing Institute of Singapore - Executive Development


Course introduction

The word 'negotiation' either rings intense fear or excitement in any professional's mind but this is an important life-skill that one can never be complacent with. Practical and down-to-earth, this course is designed for the sales professional who needs to engage in frequent negotiations with demanding buyers who may have the upper hand at times. The two-day course covers the strategic approach to preparing oneself to effectively engage in productive negotiations whilst incorporating the needs of the other party, customer or stakeholder. The primary objective is always to create a win-win outcome for all parties concerned. Leveraging the highly-acclaimed Harvard 7 element model, this course integrates a systematic approach to handling the entire process of engagement from start to close, leaving nothing to chance using the LOUDEST © approach to sustain an open dialogue.



Course Benefits


  • Understand the principles of negotiation that undergirds a win-win outcome
  • Identify the crucial elements needed to prepare for a negotiation strategy that is focused yet flexible
  • Learn the approach towards conducting a negotiation from the onset to a close
  • Handle the nuances in conversations during the ongoing negotiation process to ensure that dialogues are always encouraged



Course Outline


Part 1: Mind of the Negotiator

a. Introduction

  •     Group activity: “What do you say during a negotiation?”
  •     Anchoring the Power
  •     Group activity: “Deal or No Deal?”
  •     Discussion and review of live negotiations
b. What is Negotiation?
  •     The Process and the Psychological
  •     The Principled Negotiator
c. Versatile Frame of the Mind
  •     Purpose of the Versatile Mind: Firefighter
  •     Activity: “Common cases of failures in Negotiations”
  •     Principled Negotiation
     
Part 2: The Cycle of Negotiation

a. The Circle of the Negotiation Phases
  •     Principled Negotiations
  •     Building trust during negotiations
  •     Introduction to 7 Elements Framework
b. Communication Skills to Control Negotiation Climate
  •     Master assertive talk to gain understanding & earn trust
  •     Activity: Show you understand
  •     Reframing skills for better negotiation
  •     Identifying reframing context/needs/consequences
  •     Activity: Reframing with Tact
c. Reframing to Personality Types
  •     DISC Personality Profiles
  •     Activity: Know your negotiation style
d. Team Negotiation Roles
  •     Belbin Model: Shaping your team to negotiate
  •     Activity: Setting your team roles
e. Common Clues to Deceit
  •     Communication signals of deceit
  •     Signal sources: Face vs. Body vs. Word
  •     Avoiding and discerning the signals with care

Part 3: Establishing the Relationship and Interests
  •     Interests of Negotiating parties
  •     How to establish the interest behind the position
  •     Activity: “What’s his interest?”
a. Price Positions and their Consequences
  •     Buyer’s learning from seller’s position
  •     Common selling mistakes in price positions
  •     Common buying mistakes in price positions
b. Identifying Options and Benchmarks
  •     Why price is not the only option
  •     Seller’s acceptance for vendor profit
  •     Buyer’s validation for seller’s profit
  •     Activity: Validate for your premium
  •     Buyer’s strategies beyond price
  •     Seller’s strategies beyond price
  •     Activity: Identify options for seller
Part 4: Establishing the Relationship and Interests
  •     Managing “standards” in a conversation of claims
  •     Activity: Identify standards of fairness
  •     Strategies to find out competitor’s pricing
a. Alternatives and Commitments

b. Alternatives if Negotiations Fail
  •     BATNA and why you need to anticipate your bottom line
  •     Common mistakes in handling BATNA
  •     Activity: Identify Client/Seller BATNA
c. Commitments in a Negotiation
  •     Commitment – common myths in closing well
  •     Commitment during a pending outcome
  •     Activity: Issues in an agreement
Part 5: L.O.U.D.E.S.T Framework
  •     L.O.U.D.E.S.T Negotiation
  •     Personal vs. Professional Satisfiers
  •     Activity: Checklist for negotiation
  •     Launch and offer guidelines
  •     Activity: Opening Launch/Offer dialogue
  •     U-Turn Qualifiers
U-Turn Qualify and Dialogue

a. Responding to the Customer’s Tactic
  •     U-Turn Qualifiers and its purpose
  •     Activity: Qualifiers to customer’s move
b. Dialogue to digest detail
  •     Principles of controlling dialogue
  •     Using dialogue to create room
  •     Activity: Setting your dialogue probe proof
  •     Do’s and Don’ts of Dialogue
  •     Activity: Role Play Dialogue
Part 6: Concession Planning

a. Concession – A double edged sword

    Why customers want concessions
    Activity: Concession Game

b. Range of concessions
  •     Activity: Defining customer concerns and wants vs. sellers
c. Concession Strategies
  •     Activity: Designing your concession strategies
d. Price Discounting
  •     Why price discounting
  •     Why buyers find you expensive
  •     Defining value with price
  •     Activity: Prove your price
  •     Price objections and blunders to avoid
  •     Price objections strategies
  •     Activity: Price Objection Strategies
Part 7: Exchange Dialogue
  •     Stating the counter offer
  •     When to open high?
  •     Strategically using concession
  •     Activity: The concession exchange
  •     Techniques to stay on course
  •     Exploiting differences to find common ground
  •     Building momentum during the exchange
Common Buyer Tactics and Counter Measures
  •     Buyer tactics and their intentions
  •     Handling emotional tactics
  •     Activity: Common Buyer Tactics
    6 Common buyer Tactics:
  • Bluff
  • Take it or leave it
  • Nibble for freebies
  • Budget constraints
  • Good Guy bad guy
  • Reserve Auction
  • Activity: Role-play for counter measures
Part 8: Concluding the Settlement
  •     Last minute competitive moves
  •     Diffusing the tension in a deadlock
  •     Settling to “give in”
  •     Activity: Settlement
  •     Tie-up to verify agreement
  •     8 steps to a win-win
  •     Activity: The negotiation end game



Available Course Sessions


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Trainer Profile


Regina Chua

Regina Chua is a global corporate veteran who has spent more than fifteen years holding various regional management positions in multinational corporations, specialising in marketing and business development of cutting-edge new technology solutions in Asia-Pacific for both industrial and consumer industries.

Her past seven years in China and Asia focused on sales and marketing development and new business market penetration initiatives in companies like Scott Paper, Apple Computer and Compaq Asia Pacific.

Her hands-on approach in global IT companies such as Verisign Inc., Schlumberger International Industries Asia, Compaq, Kimberley Clarke and Ogilvy Direct has proven that her strategies work, thus validating her frameworks and processes, which have become the key to translate business plans into successful sales achievements. Her strategic and operational approaches were highly effective in localising and adapting regional plans to maximise sales and marketing effectiveness across diverse cultures and business practices.

Regina brings a powerful blend of corporate veteran, consultant and trainer experience to the workshop. She has provided inhouse and public sales training for more than 1,200 executives and managers in just 18 months for MNCs and SMEs. Understanding the challenge of the Asian B2B consumer, the outcome of the workshop is evident by her impressive customer credentials and testimonials of the improved sales performance.

Regina holds a Bachelor of Business Administration from the National University of Singapore in 1988. She earned her MBA in Strategic Marketing from the University of Hull, United Kingdom in 2000 and a Diploma in Action-based Training from the Atlantic International University, USA in 2003. She also attended the highly acclaimed profession executive development programme, Developing Strategic B2B Opportunities at the prestigious Thunderbird University in Phoenix, Arizona, USA. She is also a certified behavioral consultant with DISC personality profiling.

Today, Regina provides business consultancy for those who need practical, down-to-earth solutions strategic business plan, go-to-market strategy and deployment, marketing strategy and planning and sales force management. Consulting clients today included global leaders and leading SMEs in Singapore and the region.


She is also a pioneer in developing B2B training workshops such as B2B Marketing Strategy, B2B Key Account planning and management, B2B Lead Generation Development in Asia for companies in Asia. Most participants come from the Fortune 500 and Singapore 1000 companies such as Philips, British Council, Dupont, Boston Scientific, NEC, Osram and Elsevier.



 

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