LaToya Shambo on 7 Strategies to Negotiate a Win-Win for Any Deal
MASTERCLASS
October 27, 2023
Image via AdWeek
Global marketing and partnerships expert LaToya Shambo has negotiated and closed deals with some of the most iconic brands, including Disney, Walmart and MTV.

Negotiation is data collecting. You won't be able to negotiate effectively if you don't have the appropriate information from the other party. And the two things to keep in mind when you're doing data collecting is how much of the right information you have going into this negotiation, and then how much of the right information you have coming out of the negotiation.

In your discovery call, you're asking for their goals and their objectives so that you can say “Here's how I can help you achieve that. This is my approach to help you hit your objectives.”

The first step is always research. 

It might sound simple, but h people skip this step all the time. You need to figure out who it is that you want to meet with. Go to their LinkedIn, go to their Instagram, go to the internet. When you go to LinkedIn really understand their business style: have they been featured in anything do they like to you brag and boast about the work that they've done? Are they highly regarded by their friends? I know that sounds a little creepy. But when you when you go here, you're looking for commonalities, you're looking for something that's going to help you relate to them when you do land that meeting, or when you do send your your your pitch outreach, just  something that's going to make a connection and set you apart from your competitor.  If your campaign or your opportunity can include something that speaks to their soul. It will really help in the negotiation process. The more you know about the person you're getting into this deal with in this business opportunity, the easier it will be for you to close the deal seamlessly.

Influence the influencer

You have to learn who is the driver behind the yes. Because sometimes the person who is taking the meeting, they want to clear it with another person. They they want to run an idea by so and so. You want to know who that person will be as early in the process as you can. The driving force behind the final decision is the person who is going to be the one you need to get buy-in from early. 

Know your bottom line.

I see it all the time with businesses creators. They don't know what their bottom line is, and missed out on opportunities.Here's an example. Let's say you get a an RFP, or an aperture, a brief and the budget that they usually provide three budget levels, or they'll provide one budget and they'll say send back a scalable opportunity. Scalable means multiple budget options. So here's your budget option 50 / 100 / 150. There's your bottom line and then there's your absolute bottom line. The bottom line in for me is always this is what I need in order to make this work. That is something that you have to really decide and be comfortable with. 

Know Your Value

What somewhat someone pays you is based on their perceived value of what's being offered. It is your responsibility to clearly articulate the value of the opportunity that they're going to gain from working with you or not what they're going to lose by not working with you. This, this is your responsibility. It's not their responsibility to seek out the value in your offer. It is you to articulate the value. 



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