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<v Speaker 1>All the data suggests that early stage anchors have a

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<v Speaker 1>profound impact on how the whole conversation and negotiation you're

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<v Speaker 1>going to go and what gets included that creates value

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<v Speaker 1>for both sides.

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<v Speaker 2>You're listening to the Audible Ready podcast, The show that

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<v Speaker 2>helps you and your teams sell more Faster. Will feature

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<v Speaker 2>sales leaders sharing their best insights on how to create

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<v Speaker 2>a sales engine that helps you fuel repeatable revenue growth.

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<v Speaker 2>Presented by the team at Force Management, a leader in

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<v Speaker 2>B to B sales effectiveness. Let's get started.

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<v Speaker 3>Hello and welcome to the Audible Ready Sales Podcast. I'm

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<v Speaker 3>Rachel Klatt Miller. Today we're going to be talking about

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<v Speaker 3>preparation and specifically preparing for negotiation focused conversations. Joining me

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<v Speaker 3>today is our own Timkato.

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<v Speaker 1>Hi, Tim, Hello, Rachel. Good topic for today.

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<v Speaker 3>Yes, absolutely, and we talk about prep a lot. But

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<v Speaker 3>I'm excited for this conversation because we're going to talk

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<v Speaker 3>specifically as it relates to negotiating your deal. And our

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<v Speaker 3>first tip is one that we talk about all the

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<v Speaker 3>time but obviously can't emphasize enough. Your biggest impact on

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<v Speaker 3>your negotiations and your prep is to start your process early.

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<v Speaker 3>In the sales process.

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<v Speaker 1>Right, Well, you know, a lot of people, a lot

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<v Speaker 1>of prep going on, and people have a tendency to think, yeah,

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<v Speaker 1>we got to get ready for this negotiation. Of course,

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<v Speaker 1>the ones I'm working on right now, I'm saying, and

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<v Speaker 1>of course we started months ago, right, But you know,

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<v Speaker 1>the thing to keep in mind, we say one of

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<v Speaker 1>our core premises all on is start the negotiation process

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<v Speaker 1>before the other side believes we're negotiating. And frequently that

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<v Speaker 1>sounds like customer facing activities, and there's a lot of them,

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<v Speaker 1>but it also implies preparation because what's the old idea, right,

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<v Speaker 1>preparation equals readiness, and there's a lot that could be

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<v Speaker 1>thrown at us in negotiations, customer facing negotiations that we

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<v Speaker 1>got to be ready for. So starting early also means preparing.

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<v Speaker 1>But it's a very very powerful concept. But just think

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<v Speaker 1>of this if prep isn't your thing. About readiness, the

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<v Speaker 1>thing I want to mention Rachel for people to understand

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<v Speaker 1>is readiness for what part of the negotiation process, right, props,

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<v Speaker 1>Because prep is a little different. Here, am I in

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<v Speaker 1>the early stage of the negotiation process, mid stage, late stage,

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<v Speaker 1>So I think we'll probably get into talking a little

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<v Speaker 1>bit about some of the core concepts for early, mid

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<v Speaker 1>to late But just to frame our conversation a little bit,

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<v Speaker 1>it's preparation. Preparational lined with where I happen to be

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<v Speaker 1>at the process.

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<v Speaker 3>Yeah, absolutely, because it can change and you never know

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<v Speaker 3>when your customer is going to bring up something that

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<v Speaker 3>you want to be ready for, right, So that's our foundation.

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<v Speaker 3>So let's get into some of those key areas. How

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<v Speaker 3>about anchors and how you're going to deal with anchors.

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<v Speaker 3>You never know when they're going to bring those up, right.

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<v Speaker 1>Yeah, anchors. Just to remind some people, if it's been

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<v Speaker 1>a while or if you're just getting used to it,

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<v Speaker 1>you know what the heck is an anchor. It's a tactic.

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<v Speaker 1>It's just tactics. Both sides do them. An anchor technically

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<v Speaker 1>are the things that are set or done by either

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<v Speaker 1>side in an attempt to influence the negotiation, an attempt

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<v Speaker 1>to influence what's included, an attempt to create some parameters.

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<v Speaker 1>Oh I don't have that much budget. Oh you want

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<v Speaker 1>to get this done by the end of the quarter.

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<v Speaker 1>Things like that, Things that are set or done to

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<v Speaker 1>try and create a frame of reference for the negotiation.

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<v Speaker 1>So when you think about anchors, they occur all the time,

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<v Speaker 1>there's no question about it, and we have to be

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<v Speaker 1>ready for those. But early stage anchors, Rachel, all the

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<v Speaker 1>data suggests that early stage anchors have a profound impact

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<v Speaker 1>on how the whole conversation negotiation you're going to go

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<v Speaker 1>and what gets included that creates value for both sides.

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<v Speaker 1>Early stage anchors, I want you to think about them

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<v Speaker 1>when when you talk about readiness, have a plan. It's

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<v Speaker 1>not just a defensive plan. We tell people all the time,

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<v Speaker 1>know what anchors are so you could recognize them so

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<v Speaker 1>that you don't unintentionally become a victim. Someone says, oh,

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<v Speaker 1>your competitor is really offering an aggressive price. That's an

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<v Speaker 1>example of an anchor. We're all used to hearing that one, right,

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<v Speaker 1>But imagine if that comes out at the beginning and

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<v Speaker 1>it's said a little bit more professionally. Hey, listen, your

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<v Speaker 1>competitor has some challenges, true, but those challenges aren't insurmountable.

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<v Speaker 1>And just so you know, a lot of what's made

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<v Speaker 1>us easier for us to handle those challenges, or their

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<v Speaker 1>pricing is unbelievable, or their service, what they're willing to do,

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<v Speaker 1>or what they include, or their technologies got some advantages years.

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<v Speaker 1>Those are the kind of things that get said seemingly

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<v Speaker 1>casually early in the conversation. But imagine, let's just go

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<v Speaker 1>with the one I just talked about, they got some

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<v Speaker 1>technology advantages that you don't have. If I get anchored

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<v Speaker 1>on that early, imagine the impact that can have on

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<v Speaker 1>the rest of the conversation. So anchors, they have a

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<v Speaker 1>profound impact on the negotiation. Early stage anchors have a

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<v Speaker 1>kind of an oversized impact on how the whole conversation goes.

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<v Speaker 1>So one part of it is recognize them when they happen,

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<v Speaker 1>so you don't unintentionally get pulled into that that as

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<v Speaker 1>the reality. It's just an anchor. But let's keep in

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<v Speaker 1>mind something else, Rachel. If they can anchor, we can anchor.

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<v Speaker 1>They might anchor to create vulnerability for us early. We

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<v Speaker 1>can anchor early on to expand the conversation to bring

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<v Speaker 1>more things in. Yes, technology is important, and you should

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<v Speaker 1>have the most advanced technology, But so are integrations right,

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<v Speaker 1>So is reporting right, so is user acceptance right, leveraging

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<v Speaker 1>data right. So you can have a lot of advanced technology,

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<v Speaker 1>which is great, but if your people can't use it,

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<v Speaker 1>it doesn't work within your tech stack. It's a problem.

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<v Speaker 1>So I might want to have my own early stage

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<v Speaker 1>anchoring strategy. Now, as I said, anchoring can occur along,

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<v Speaker 1>but that's a big one think about early stage anchoring.

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<v Speaker 1>They may do it purposely, they may do it unintentionally

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<v Speaker 1>because it's just the way they roll. We should have

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<v Speaker 1>a plan on anticipating what they are, what are we

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<v Speaker 1>going to be hearing from them, know how to manage

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<v Speaker 1>it in the moment, but also have our own plan

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<v Speaker 1>for anchors we're going to try and establish early to

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<v Speaker 1>broaden the conversation and to make sure we don't overrotate

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<v Speaker 1>on one thing and miss something else. Because at the

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<v Speaker 1>end of the day, Rachel, we all know our job

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<v Speaker 1>is to help make sure a customer doesn't buy an

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<v Speaker 1>unintentional mistake, and sometimes our anchoring helps them remember things

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<v Speaker 1>or know things that will keep them from buying mistake.

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<v Speaker 1>So anchoring is a very very important part of preparation,

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<v Speaker 1>not only in anticipation what you might run into, but

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<v Speaker 1>our own anchoring strategy.

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<v Speaker 3>Yeah, prepping for things through both sides of that. And

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<v Speaker 3>another area of preparation is your list of give guests,

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<v Speaker 3>making sure you and the account team, your deal team

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<v Speaker 3>are clear on the concessions that you can make and

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<v Speaker 3>more importantly, what you want to ask for in return.

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<v Speaker 1>Yeah, and that's you know, you use the word there.

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<v Speaker 1>I'm not big on concessions. I'm big on trading. That's

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<v Speaker 1>a concession. Sounds like we're giving something up. No, I'm trading.

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<v Speaker 1>I know you something, but I want something. I know

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<v Speaker 1>that's what you meant.

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<v Speaker 3>I know about it, But I should have said trading.

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<v Speaker 1>That's all right, that's all right, Rachel. You know, that's

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<v Speaker 1>why we do these for you too. The point on

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<v Speaker 1>establishing a known list of give gets, having a plan

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<v Speaker 1>for that, it's very difficult to do that early stage.

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<v Speaker 1>But around mid stage give gets start to become something

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<v Speaker 1>we should be filtering into the conversation. I like to

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<v Speaker 1>start with the end of mind and work backwards. One

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<v Speaker 1>of the things I know in my years with working

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<v Speaker 1>with people that buy for a living, they dislike surprises

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<v Speaker 1>at the end as much as we do. We dislike

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<v Speaker 1>it when they bring somebody new in it, there's another consideration,

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<v Speaker 1>or they throw something at us late. You know, it's like, ah, well,

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<v Speaker 1>they don't like it when we do it either. So

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<v Speaker 1>one of the things about why I think figuring out

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<v Speaker 1>our give gets strategy is more of a mid stage

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<v Speaker 1>is when we start that part of the process for

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<v Speaker 1>me to start thinking internally the internal negotiation, what some

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<v Speaker 1>of the give gets I'm starting to map out socialized

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<v Speaker 1>internally in my own organization, make sure I've got a

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<v Speaker 1>level of alignment on the things that we do want

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<v Speaker 1>and the things we might be willing to trade to

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<v Speaker 1>be able to get there. So there's an internal side

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<v Speaker 1>of give gits. And then once I've got some clarity

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<v Speaker 1>on that, at least initially, guess what I can start

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<v Speaker 1>anchoring into the conversation. The things that we're interested in,

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<v Speaker 1>like a deal by the end of this quarter would

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<v Speaker 1>be important to our organization, Like including our premium service

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<v Speaker 1>package might be something that's valuable to work them, having

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<v Speaker 1>someone like you in an industry that we're targeting, being

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<v Speaker 1>willing to do a case study, or be able to

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<v Speaker 1>talk about your success at a user event, whatever those

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<v Speaker 1>things might be. Hey, as long as we're talking about

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<v Speaker 1>it right now, looks like we're on a path. I

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<v Speaker 1>know you're not committee yet, but maybe it makes sense

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<v Speaker 1>for us to exchange some legal documents and me to

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<v Speaker 1>be in contact with your legal team to start working

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<v Speaker 1>through master agreements and things like that, because we are

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<v Speaker 1>moving kind of fast here, so we might need to

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<v Speaker 1>do things in pillow. All I'm doing is anchoring into

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<v Speaker 1>the conversation midstage some of the things that will make

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<v Speaker 1>this a great deal for us as well. Don't want

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<v Speaker 1>to give surprises to people at the end with my

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<v Speaker 1>give gifts, like I offer something, I ask for something

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<v Speaker 1>in return, and they say, where'd that come from? You

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<v Speaker 1>know what? Why am I just finding out about this

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<v Speaker 1>right now? I want to start that early externally with

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<v Speaker 1>the customer, internally with my team to make sure everybody's

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<v Speaker 1>on board. I know it doesn't happen every listener that's

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<v Speaker 1>going to be listening in us, Rachel, but sometimes the

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<v Speaker 1>left hand in the right hand in our own organization

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<v Speaker 1>don't always align on what the gift gets ought to

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<v Speaker 1>be be great if we started with an approved list

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<v Speaker 1>of things to think about. Some of our clients have those,

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<v Speaker 1>but you don't need an approve list to start that

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<v Speaker 1>process early internally, start anchoring in the conversation with the

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<v Speaker 1>customer so that when you get to those points middle

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<v Speaker 1>towards the latter stages of the negotiation. You've got a

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<v Speaker 1>foundation of give gets, you can't start working with which,

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<v Speaker 1>By the way, Rachel, sometime the give gets is the

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<v Speaker 1>process like negotiate how we're going to negotiate. Yeah, I

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<v Speaker 1>want to make sure everybody's ready for this year end deal.

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<v Speaker 1>I might need to negotiate access and timing on the

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<v Speaker 1>decision process for example. So a lot to be said there,

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<v Speaker 1>but early stage anchoring, yes, or a curse throughout? Good

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<v Speaker 1>to have our early stage anchoring strategy. Give gets, start

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<v Speaker 1>mapping them out and anchoring them into the conversation with

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<v Speaker 1>customer mid stage.

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<v Speaker 3>Yeah, And the last thing you want to happen is

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<v Speaker 3>to end a call or leave a conversation and be like, oh,

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<v Speaker 3>why didn't I say that? You know, backtracking kind of

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<v Speaker 3>weakens the authority that you have in the conversation.

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<v Speaker 1>Well, there's nothing like a plan to avoid that, right Ray.

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<v Speaker 3>You want to perhaps so you're able to execute in

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<v Speaker 3>the best way possible in front of your customer.

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<v Speaker 1>Absolutely.

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<v Speaker 3>Another positioning tactic that we teach is the importance of

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<v Speaker 3>multiple options, giving the customer choice as it relates to

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<v Speaker 3>their value, their outcomes, and our interests and multiple options

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<v Speaker 3>are also a way to help you prepare and execute

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<v Speaker 3>a great negotiation strategy.

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<v Speaker 1>Of all the best practices we talk about, Rachel, I

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<v Speaker 1>think this is the most powerful, underutilized concept that is

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<v Speaker 1>out there relative to professional sales and negotiation negotiating with

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<v Speaker 1>a customer. Multiple options. These are classically MEDTI late stage

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<v Speaker 1>activity shaping. Multiple options The basic idea for those of

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<v Speaker 1>you that don't recall on it, old Rachel, you'll put

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<v Speaker 1>some links into the show or some other conversations we

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<v Speaker 1>had on that, but multiple options is basically dispelling the

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<v Speaker 1>myth that I'm moving towards one final proposal to a customer.

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<v Speaker 1>What multiple options are intended to do is to present

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<v Speaker 1>multiple pass forward to a customer framed against different business

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<v Speaker 1>outcomes they're reaching. It's not the option one, Option two,

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<v Speaker 1>Option three, the premium package from US, the Premium Plus package,

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<v Speaker 1>and then the ultimate package. That's what you get at

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<v Speaker 1>a car wash. This is not a car wash. We're

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<v Speaker 1>dealing with more complex situations. We like to frame multiple

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<v Speaker 1>options around things that would be motivating to the economic

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<v Speaker 1>buyer in there. This is the low cost, maximize efficiency approach.

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<v Speaker 1>This is the expand into new markets approach. It is

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<v Speaker 1>the drive flexibility into our data management press, whatever it is.

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<v Speaker 1>But we're framing, building, titling these options around something that

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<v Speaker 1>would be motivating to the economic buyer to invest in.

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<v Speaker 1>And then below each of those branded topics, we would

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<v Speaker 1>create a bundle of package that we believe would help

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<v Speaker 1>them achieve that based on our discovery, based on our anchoring,

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<v Speaker 1>probably including some give gits. But it's not just one.

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<v Speaker 1>It might be two, it might be three. Now, the

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<v Speaker 1>science behind using multiple options, Rachel, is I'm not trying

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<v Speaker 1>to convince someone of everything in my one option. I'm

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<v Speaker 1>trying to present different pass forwards so that can happen.

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<v Speaker 1>Remember I said it was mid to late stage. I

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<v Speaker 1>may present some directional options coming out of discovery and say, hey,

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<v Speaker 1>I see two or three different ways we could go.

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<v Speaker 1>Which way makes the most sense to you. I may

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<v Speaker 1>be in a scenario, Rachel, where the technical buyer is

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<v Speaker 1>suggesting one thing, the finance people might be suggesting something else,

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<v Speaker 1>and the end users might be suggesting something else, and

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<v Speaker 1>I might not know early on which is kind of

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<v Speaker 1>the most dominant thought there. I may share some or

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<v Speaker 1>you know, some mid stage directional options without pricing. Just

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<v Speaker 1>say hey, we could go this way, this way, or

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<v Speaker 1>this way, and listen to how they respond which one

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<v Speaker 1>of those directions resonates most that I could go forward

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<v Speaker 1>later stage, I might be presenting recommendations across two or

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<v Speaker 1>three different outcomes they're trying to achieve and create a

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<v Speaker 1>bundle of what goes on now. The logic of presenting

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<v Speaker 1>multiple options, Rachel is I can say, hey, here's one right,

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<v Speaker 1>this will meet one of your needs. The people in

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<v Speaker 1>the technical buyers, this is what they were looking for,

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<v Speaker 1>the finance team, they were looking for this. Here's another

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<v Speaker 1>approach we could take. The end users they were looking

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<v Speaker 1>for this out come. Here's another approach we could take it,

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<v Speaker 1>and here's what goes on behind it. What we know, Rachel,

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<v Speaker 1>is every once in a while a customers say, oh,

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<v Speaker 1>I'll take this one. I'm the technical buyer, it's my money,

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<v Speaker 1>we're the ones, and everybody's on board that we're going

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<v Speaker 1>with this one. But you know what happens most often, Rachel,

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<v Speaker 1>someone says this one over here for the technical buyer.

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<v Speaker 1>That makes a lot of sense to me. But I

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<v Speaker 1>do like these two things from the one you created

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<v Speaker 1>for the finance people and their interests and I like

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<v Speaker 1>these two things from the end user. One. What have

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<v Speaker 1>we just done. We've opened up the door for trading.

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<v Speaker 1>Our give gets Rachel right, and now we're trading back

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<v Speaker 1>and forth to reach an agreement. So multiple options, Why

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<v Speaker 1>is this part of preparation? You do not create multiple

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<v Speaker 1>options in the moment. It's not I come up with

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<v Speaker 1>these at the variant. You're building them again, socializing them.

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<v Speaker 1>I like, before I present multiple options, make sure everyone

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<v Speaker 1>internally is on board with a couple different approaches. We

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<v Speaker 1>might need to take my champion. I like to enlist

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<v Speaker 1>my champion and helping me frame those multiple options in

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<v Speaker 1>the most motivating way. You know, A multiple options sometimes

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<v Speaker 1>is aligned with one functional areas interest and I and

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<v Speaker 1>another one but another functional areas interesting. I want my

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<v Speaker 1>champion give me some guidance on this and then guess what.

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<v Speaker 1>I also have to have my team being clear on

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<v Speaker 1>what we're trying to get. So multiple options a very

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<v Speaker 1>powerful way to design trading into the end of the

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<v Speaker 1>negotiation process as opposed to mandates for concessions, but building

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<v Speaker 1>them out and building them out in a way that

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<v Speaker 1>doesn't look manipular. We've all had bad options shared with

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<v Speaker 1>us Rachel, you can have this thing that's exactly what

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<v Speaker 1>you want. It's a little more expensive, a little more COMPLAIX,

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<v Speaker 1>but this is exactly what you want. Or I can

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<v Speaker 1>sell you this other thing that by comparison won't even

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<v Speaker 1>be close to what you're looking for, but I'm giving

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<v Speaker 1>you a lower price option. You know it's those options

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<v Speaker 1>appear to be manipulative, and I know as a buyer,

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<v Speaker 1>I'm supposed to go with your high priced one. That's

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<v Speaker 1>what you're trying to get me to do. Doesn't take

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<v Speaker 1>a very sophisticated buyer to see through that. That's why

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<v Speaker 1>framing the options around a viable business interests, giving them

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<v Speaker 1>the guidance on what goes inside. It's such a better

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<v Speaker 1>approach than saying, here's a one size fits all that

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<v Speaker 1>I've probably inflated in the anticipation you're going to want

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<v Speaker 1>to take things out. What I'm doing, I'm shooting myself

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<v Speaker 1>in the foot for the future, Rachel, right design mandates

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<v Speaker 1>for concession into the way I present my recommendation. I'd

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<v Speaker 1>rather freate a scenario where we're trading back and forth

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<v Speaker 1>to reach agreement. That's what multiple options do. Yeah, gotta

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<v Speaker 1>prep them in advance. Internally, you gotta practice sharing them.

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<v Speaker 1>You got to enable some support from champions or others,

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<v Speaker 1>and then you've got to be able to deliver them

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<v Speaker 1>and be able to adjust them along the way. Anchors

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<v Speaker 1>give gits and multiple options. Guess what, By the time

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<v Speaker 1>we get to multiple options, it's just a big old anchor.

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<v Speaker 1>It involves a lot of back and forth, give gits,

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<v Speaker 1>and it's a way to drive agreement towards the end.

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<v Speaker 1>So we picked three things to talk about here. They're challenging.

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<v Speaker 1>Can't do them in the moment, got to prepare for

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<v Speaker 1>them in advance, be ready. But they all three intertwined

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<v Speaker 1>with one another to really help us both create and

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<v Speaker 1>capture value in the negotiation for both sid.

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<v Speaker 3>That's it, And they're also good things to ask yourself

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<v Speaker 3>as you are prepping for a conversation. Do we have

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<v Speaker 3>our anchors or do we have our give guests? What

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<v Speaker 3>are our anchors? How are we thinking through multiple options

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<v Speaker 3>for them? It's good kind of gut check before your

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<v Speaker 3>sales conversations. Three key areas of prep appreciate it, Tim.

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<v Speaker 1>It's a team sport. Rachel, get a lot of people

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<v Speaker 1>in the boat with you, but you should be the

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<v Speaker 1>one guiding the whole thing. You get those three right pulls,

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<v Speaker 1>everything else along with it.

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<v Speaker 3>That's it, that's it, all right, Thanks again.

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<v Speaker 1>Tim, A pleasure, Rachel. Let's go close some business.

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<v Speaker 3>Let's close some business. Thank you. Thank you to all

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<v Speaker 3>of you for listening to the Audible Ready Sales Podcast.

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<v Speaker 4>At Force Management, we're focused on transforming sales organizations into

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<v Speaker 4>elite teams. Our proven methodologies deliver programs that build company

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<v Speaker 4>alignment and fuel repeatable revenue growth. Give your teams the

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<v Speaker 4>ability to execute the growth strategy at the point of sale.

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<v Speaker 4>Our strength is our experience. The proof is in our results.

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<v Speaker 4>Let's get started. Visit us at forestmanagement dot com.

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<v Speaker 2>You've been listening to the Audible Ready podcast. To not

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<v Speaker 2>miss an episode, subscribe to the show in your favorite

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<v Speaker 2>podcast player. Until next time.