What is a Negotiations Strategy?
A negotiation strategy is an organized plan for negotiations, structured to maximize the negotiating team's ability to reach an agreement that is favorable to the team's interests. Negotiation strategies are based on the principles of negotiation theory and involve extensive preparation and research before the actual negotiation process begins. It should be noted that negotiation strategies are not static, and they can be changed or adapted during the negotiation process to take advantage of new information, changing circumstances, and shifts in power dynamics.
What's included in this Negotiations Strategy template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Negotiations Strategy template for?
The Negotiations Strategy Template is designed for sales and procurement teams in various industries that need to develop an effective negotiation strategy in order to reach favorable agreements with suppliers, vendors, and customers. This template provides a structure for organizing a negotiation strategy and provides guidance to help identify the most important objectives, actions, and measures.
1. Define clear examples of your focus areas
The Negotiations Strategy Template is organized around focus areas, which are broad topics related to the negotiation process. Examples of focus areas include Effective Negotiations, Time Management, Cost Management, and more. This template provides a structure for organizing a negotiation strategy and provides guidance to help identify the most important objectives, actions, and measures.
2. Think about the objectives that could fall under that focus area
Objectives are specific outcomes that a team wishes to achieve through the negotiation process. Objectives can be broken down into actionable steps that can then be linked to measurable targets. Examples of objectives include enhancing negotiation skills, improving communication skills, improving efficiency, and reducing costs.
3. Set measurable targets (KPIs) to tackle the objective
KPIs, or Key Performance Indicators, are quantitative measures used to evaluate the success of a negotiation strategy. They measure the progress of a team's objectives and can be used to identify areas of improvement. Examples of KPIs include increasing negotiation success rate, increasing communication effectiveness, decreasing time spent negotiating, and decreasing negotiation hours spent.
4. Implement related projects to achieve the KPIs
Projects, also known as actions, are specific activities related to the negotiation process that are undertaken to achieve the team's objectives. Examples of projects include developing effective negotiation strategies, utilizing persuasive communication, prioritizing time allocation, and identifying cost savings opportunities.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
The Cascade Strategy Execution Platform is an online platform designed to help teams manage their negotiation strategies. It provides tools to facilitate collaboration, track progress, and measure performance. Using the Cascade Platform, teams can quickly and easily create, execute, and monitor their negotiation strategies in order to reach their goals.