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"Negotiating is an ancient craft, a delicate mix of art and science, style and substance. It prizes intuition as highly as intellect, good sense as much as hard numbers. It requires emotional detachment and a high aspiration level. It can be a game of power, real as well as imagined. Some people play the game masterfully while others only dimly understand it."
Jim Murray
Common misunderstandings when managing Technology expenses:
My existing vendor contacts are enough to ensure competitive pricing.
THIS STATEMENT IS NOT TRUE.
Vendors are always looking to acquire the highest revenues possible.
While having a good relationship helps achieve better pricing, NEF has always been successful in overcoming the Technology Vendor sales tactic which makes most clients "think" they are getting the best pricing.
I can squeeze in my technology vendor negotiations 30 minutes before lunch.
THIS STATEMENT IS NOT TRUE.
Well versed negotiators understand that negotiations are a process; to be paced carefully utilizing the basics of negotiation theory.
Vendor Negotiations require substantial time to maximize gains which the average C-Suite member does not have, thus leaving multiple thousands of dollars on the table.
Haggling is negotiation.
THIS STATEMENT IS NOT TRUE.
Haggling is not to be confused as true negotiation. Haggling is only about price and does not require much skill set.
At NEF, we conduct professional negotiations that look to preserve and enhance the vendor/client relationship as well as delivering on maximum savings by applying proven strategies and methodologies.
Contract Negotiation benchmarks, analytics and advice are enough.
THIS STATEMENT IS NOT TRUE.
Discovery calls and negotiation meetings are required to generate a viable proposal.
I do not need anyone to help me with vendor negotiations. I am pretty good at "beating the vendors down".
THIS STATEMENT IS NOT TRUE.
Incorrect. If you believe in “beating the vendors down” you need NEF’s assistance. No one gets the most savings from this strategy, not is this a long term effective strategy for renewals. Vendors do not act generously to this type of approach.
This approach leaves a lot of untapped gains undiscovered.
