Companies use event professionals because they have established networks, preferred suppliers and strong buying power. Negotiation is a vital skill and one that event professionals have mastered; negotiating not only price, but non-tangible items such as time and responsibilities of suppliers, ultimately improving your bottom line and the experience for your delegates. These negotiations keep the event running smoothly, on time and on budget by ensuring all parties are committed to specific tasks and deadlines.
4 negotiation tips from professional event planners to get the best ROI on corporate events:
1.Understand your value points
Knowing where you can derive value from your negotiation can save you money on your next corporate event. While often negotiation can feel like a zero-sum game, there are always win-win situations for both sides. Understanding what you value most and what is least important provides you with your bargaining chips.
Being flexible is highly important in negotiation. To reach a positive outcome for both parties, you need to be able to compromise on some aspects of your plan: for example, a change of dates can reduce price dramatically without having a negative impact on your event.
Preparation and research will help you speak confidently and lead the negotiations. Confidence will come from knowing what you want, allowing you to control the direction of the meeting, and agree on pricing and responsibilities on your terms.
4. Honesty and integrity
While it might be tempting to try and get the best possible deal, playing hardball might not always benefit you. Walking the line between ‘soft’ and ‘hard’ negotiation tactics is important to ensure that you maintain a cordial relationship with your suppliers. It can be beneficial to take short-term concessions for a long-term working relationship.
At Solterbeck Events, we have 30 years of experience providing quality event management solutions and corporate events to businesses around Australia. Our talented event planners will negotiate on your behalf to ensure you get the best return on your next corporate event. Contact us or talk to an event planning professional to discuss your next event, conference or incentive travel program today on 03 9949 5900.