Starting B2B Negotiations for Potential Business Development

Different businesses, different ways of negotiating. Especially if the negotiations both involve two companies or business to business (B2B). You need the right way of negotiating so that each party benefits.

Good negotiation skills are certainly needed in this case. This is because B2B negotiations will be more difficult and challenging than negotiating with end users. To be successful, consider a few steps to be able to carry out B2B negotiations well.

1. Make thorough preparations

Before negotiating, you need to find out more about the company you want to work with. Find out more about the business the company runs. Find out also the product raw materials needed for business products.

That way, you can consider the right product to market to the company. Make sure the products offered are able to solve the problems they face. Likewise with the products and services offered by these companies to your business.

2. Negotiating prices

Price remains an important element in negotiations. Negotiating B2B prices is even more challenging because they both need to turn the wheel of the business. In other words, you need to calculate the exact price.

Even so, you have to be fair in this matter of price. Your company should offer similar prices when negotiating with other companies. If the price negotiation is successful, usually further cooperation will be easier to do.

3. Give each other, take each other

In business negotiations, don't give something away without getting a comparable return. What is said to be comparable is not always about the price of a product. The returns given can be about added value in a product or brand in a wider scope.

So, prepare a number of price schemes offered along with the rewards that will be received later. In this case, your company also has the right to ask for a reward when it gets a business offer. Make sure the reward you ask for does not make other companies feel disadvantaged, yes.

4. Consider non-financial factors

Say a few things about the target to be achieved. This target can of course be achieved by establishing strategic cooperation between companies. So, try to determine also the non-financial factors in B2B negotiations.

Choose a good and mutually beneficial duration of cooperation for both parties. The reason is, this business contract will be a reference for the company in utilizing its cooperation. Then, don't forget to continue to maintain good personal relationships between business owners.

Your company can promote the business of business partners on certain occasions. In addition, you can also give small gifts on big days.

5. No rush

Negotiating an employment contract between two companies may not be enough in one meeting. Maybe you need one or two meetings to find a mutually desired result. So, try to be patient with the whole process.

Not rushing in making decisions can bring losses in the future. Separating the negotiations in different meetings will lead to new offers that may be more profitable.

The more often you engage in negotiations, the smarter your skills will be. Apart from experience, you can also hone your B2B negotiating skills with Prasmul Eli's Managing Strategic B2B Account training.

This program will invite to understand the role of Branding in B2B business. In addition, you will be invited to understand the importance of relationship marketing in B2B to negotiate with other companies.