[October 24, 2008]

CRM Now Gets... Negotiation Help

By David Sims

TMCnet Contributing Editor

Marty Latz, a negotiator, author, columnist, law professor and trainer, has announced the launch of ExpertNegotiator, which he describes as a software product “to empower front-line negotiation teams with strategies and best practices from negotiators.”

The product is billed as an extension in employees’ negotiation training and other technology products such as CRM systems “by ensuring the most effective negotiation skills are applied in every deal, every step of the way.”

“Effective negotiation has the greatest impact on a company’s bottom-line success, yet many still rely on ineffective, off-the-cuff techniques that waste time and money,” says Latz, Founder and CEO of ExpertNegotiator.

Saying “companies cannot live by CRM alone,” Latz says CRM systems such as Salesforce.com, Oracle (News - Alert) (Siebel) and SalesLogix provide prospecting management and reporting systems but “don’t include the tools to strategically or effectively manage the crucial negotiation process.”

I know what you’re thinking: “Negotiation? In a CRM package?” Consider that more than 40 percent of large businesses have cut their IT budgets this year due to the global economic slowdown, according to a new survey by Forrester Research (News - Alert) ("The State Of IT Services: 2008").

The Forrester Business Data Services report surveyed nearly 950 senior IT managers across North America and Europe regarding their IT services spending and overall services strategies and priorities, finding that "43 percent of firms have already cut their overall IT budgets in 2008 in reaction to the slowdown in the global economy, while 24 percent of firms have put discretionary spending on hold."

Asked how the economy will affect IT services spending, 70 percent of respondents told Forrester they will likely negotiate lower rates with suppliers, and 16 percent said they have already cut their IT services spending.

IT departments in the financial services industry were hit hardest, the study found: 49 percent of IT shops in the financial services sector have cut their budgets. At the other end of the spectrum is the media, entertainment, and leisure industry, where only 39 percent of respondents said they have had to reduce spending.

ExpertNegotiator is described by Latz as “picking up where CRM systems drop off users,” giving them tools that apply negotiation strategies “in every step of the negotiation process.” He claims the product also “provides managers with the ability to assess financial expectations via reporting features and an online window.”

The product lets users plan in as little as 10 minutes, using pre-built templates, or create their own customized plans specific to their needs. It has an approach to negotiation which includes gaining information, maximizing use, using fair criteria, choosing the most effective offer or concession, and controlling the agenda.

It lets users capture, organize and store intelligence about their counterparts’ reputations, styles and strategies, as well as access professional negotiation guidance and research to avoid common mistakes and build confidence. There’s also a Negotiation Best Practices Management System, allowing users to “manage and improve negotiation success rates and benefit from built-in reporting with automatic notification,” Latz says.

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David Sims is a contributing editor for TMCnet. To read more of David's articles, please visit his columnist page. He also blogs for TMCnet here.

Edited by Mae Kowalke

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