Using the power of future business in negotiations

Description

This Skill Bit shows that leveraging future business potential in negotiations involves offering concessions for promises of continued or prospective business. For instance, a supplier may propose discounts or improved payment conditions in return for a long-term contract with the buyer. This strategy proves effective as it fosters mutual long-term gains. The supplier secures steady revenue, and the buyer enjoys cost savings or enhanced terms. Nonetheless, commitments should be realistic and feasible for both parties to honor.

Duration approx. 2 Min.

Tier: proficiency