The Art & Science of Contract Negotiation
The thought of contract negotiations can fill some event professionals with dread. At Simply Sourced, we love contracts and all that comes with them, and we're happy to share some of our favorite negotiation strategies that planners can use with any vendor.
Know Your Worth - Understand the value of what you bring to the table. Do your research and know your past group history metrics to leverage for concessions.
Be Professional - Do not enter a negotiation thinking you need to dominate the conversation. Be courteous and assertive. You’re not trying to strong-arm your opponent. You’re objective is to align needs on both sides through compromise and problem-solving.
Ask Questions - If you do not understand something, ask for clarification. Some planners fear that asking questions is a perceived weakness, but it’s actually a way to unlock knowledge that will serve you in the future. You won’t get a yes every time. But, you never know if you don’t ask, and you may be leaving money on the table.
Be Reasonable - Prioritize your non-negotiables and be willing to compromise some items on your wishlist to achieve what is most important.
Communicate Effectively - Discuss non-negotiable concessions early in the conversation. Clearly communicate decision deadlines and adhere to them. Remember to follow up with vendors who did not win your business.
It’s Okay to Walk Away - Sometimes the best option is to work with another vendor. If you can’t reach an agreement that works for you, consider an alternative vendor. We always recommend having at least three viable options.
