“We engaged Ian as our negotiations lead for our search fund-acquired healthcare business, and I could not have better things to say about Ian and the team at Medvec & Associates. They were incredibly professional and did not cut any corners in supporting us. In fact, we ran over our budgeted time and no one on their team even blinked an eye. I would highly recommend Ian to anyone who's looking to renegotiate a high stakes contract. He took the time to learn the business and understand the core issues, which allowed him to form very poignant, salient arguments that we were able to bring to the table.”
About
As professionals, we all negotiate & influence on a daily basis. Whether it’s driving…
Contributions
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What's your data-driven contract negotiation strategy?
I agree, but this is all an egocentric view of the negotiation. You should start with the other side. What are the key market challenges the counterparty faces? Earnings call transcripts are a great place to start to assess the problems they face. With that in hand, you need to think competitively about how your differentiated offerings (compared to the competitive landscape) solve those needs. The best companies keep an organized and orderly fashion of earnings call learnings, key counterparty KPIs and counterparty touch point intel to constantly be monitoring these needs.
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What's your data-driven contract negotiation strategy?
Analytics should be used to calculate the counterpart’s BATNA. Which competitor would they use if you fail to win the work? You should have a sense of the cost delta from competitive benchmarking. Next, calculate out the additional business cost risk and probability associated with it. For example, if your product has a 98% run time in a critical assembly line and the competitive benchmarking is at 93%, calculate this additional cost to your counterparty. It’s fine to use reasonable assumptions in doing so. With this in hand, you have the top end of you ZOPA, with you BATNA serving as the walk away point.
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