pitching ideas, closing deals and negotiation skills

Pitching Ideas, Closing Deals and Negotiating Skills

Elaine RumbollDirector and Chief Deal Pitcher for the Executive Education Unit, University of

Cape Town Graduate School of Business

PITCHING IDEAS

Nothing Sells Like Conviction, Passion and a Track Record

of Success

STICKY IDEAS

SIMPLE

UNEXPECTED

CONCRETE

CREDIBLE

EMOTION

STORY

Simplicity

Unexpectedness

Concreteness

Credibility

Emotional

Stories

Sticky Ideas= stripping

= understanding/remembering

= capture attention

= believing

= caring about your idea

= Inspire Action

Making Ideas Stick Simple: Proverbs, ideas simple and profound Unexpected: Interest and curiosity Concrete: Ideas have the same meaning to

everyone Credible: Audience "tests" an idea, and confirms

it credible Emotional: Make the audience feel something -

we are wired to feel, not for abstractions Stories: Far greater recall than ponderous

pontifications (Heath & Heath, 2007)

NEGOTIATION SKILLS

Negotiations Interests/Needs vs Positions Options Relationship

Needs vs Positions

To Create Value in a Negotiation

At the table:

1. Explore interests of all sides

2. Generate options & packages that “increase the pie”

3. Suspend criticism

4. Invent options without committing (brainstorming)

5. Build relationships

(Prof. B Jordaan, 2007)

Know your BATNA

BEST ALTERNATIVE TO A NEGOTIATED SETTLEMENT Sets a Values threshold Know your INTERESTS Know the other party’s interests Know who you are negotiating with Know your options Know your best alternative

Be Comfortable with Walking Away Trust me – if you’re not happy now, you’ll

be even unhappier later Deals do NOT get Better than the

Negotiation Honeymoon

The Fruits of a bad Negotiation

Building Relationships Keep the other person whole

If people trust you, they will want to work with you and will give you the deal you want

If you are perceived as sincere, the relationship will be healthier and more beneficial to you.

Nina Wanendeya (Chief Negotiator, Johnson & Johnson)

Magic Phrases for Negotiating Effectively (Glatzer, 2003)

1. "That sounds a little low."

"To make it worth my time, I would need..."

"Considering the amount of research required, can we agree to..."

2. "I'm expecting more for this piece."

"Can we work on that?"

Golden Rules DO NOT NEGOTIATE OVER E MAIL ONLY NEGOTIATE FACE TO FACE IF IT HAS TO BE THROUGH ANOTHER

MEDIUM FOLLOW UP WITH A PHONECALL

SELL THE BENEFIT NOT THE PRICE DO NOT GET EMOTIONAL

CLOSING DEALS

GET IT IN WRITING AS SOON AS POSSIBLE

OTHERWISE YOU LEAVE YOURSELF OPEN TO…

Second Thoughts Better Offers Unforeseen Circumstances

COMPLETE THIS CYCLE AS SOON AS POSSIBLE

Expression of Interest Verbal Commitment Written Agreement

Update Clients with

Successful Developments Media Attention Awards Other Large Contracts

The Most Important Part of all 3