 Making the Deal
By: Mary Clark
Effectively marketing and advertising your business is a key factor in determining how successful you will be. While deservedly, a great deal of attention is paid to choosing the right message, targets, and media for your advertising efforts---getting the most from your investment is often overlooked. To achieve this requires the skill to negotiate with marketing professionals and media outlets. Whether you are marketing your own company or are in the business of providing marketing services to clients, here are some tips that will make you a better negotiator. It Starts From WithinThe popular saying Ôpractice what you preachÕ can be used in every aspect of business, but none more important than when talking about negotiating. Many of the dealings you have with clients and outsider vendors regarding deadlines, expectations, and rewards; are experienced within your company as well. Take time to really look at what you are asking of your employees, see if changes should be made to make things fairer for them, and above all communicate with them about their role in the company. Understand What Win-Win MeansAs the person running your business, you know what you want the marketing to achieve, what you are willing to spend, the schedule you need to keep, and the quality you expect. If you are in the business of serving other clients, then it will be their expectations and their money that you will be working with. A successful negotiation will be a combination of results and costs that you (or a client) and the outside vendors you deal with, find acceptable. The advertising industry can be a somewhat ego-driven environment. Creative professionals take pride in their work and sometimes have difficulty dealing with the negotiating process, yet most are professionals and act as such. Do some research into the industry. Learn about the various disciplines, prices that are common for that type of work, and the type of quality you can expect to receive. This will put you in a better position to get the best value for your money. Create Win-Win Relationships With VendorsRemember that the marketing and media professionals you work with are your allies, and that they know that to keep your business you must be satisfied with the work they do. Also, keep in mind that people move around a lot in the marketing industry. Developing a good working relationship with a core group of professionals will prove beneficial down the road. Be direct and clear about the objectives you are trying to achieve. Poor communication is by far the most common cause of conflicts about pricing and quality. Value-Added NegotiationSometimes getting a lower price is not the best way to approach negotiations in the advertising industry. Many professionals and media outlets work on tight margins and thus have little room to move on price. When that is the case look for other ways to increase the value you are getting. There are a number of ways to do this such as through better placement of your advertising in a publication, increase a print run from a printer, multiple versions of a design piece done at the same time, etc. The best way to find these value added options is to learn about the way vendors do their work and then simply ask for them.
Some Final Points
Although negotiating can be demanding, it is an important part of the business world. Remember these general rules:
- Recognize the person on the other side of the table as an equal and treat them accordingly with respect.
- DonÕt be fearful of negotiating, we have a tendency to sell ourselves short and settle for less than we could have received.
- Be willing to walk away from a deal that will not make you happy and improve your business.
By keeping these ideas in mind, you will improve not only your marketing, but also all areas of your business. You will develop strong working relationships within your company and in your business community, and youÕll get what you deserve for the work you love to do. And thatÕs really what itÕs all about. Mary Clark is the president of Zuva Marketing.
Article Source: http://www.flourishmagazine.com
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