deal making

Negotiation Playbook: Scoring Big in Event Deals

Hey there, deal-making maestros! Up to this point, we've dived into different aspects of event sales, from youth sports to community events. Now, it's time to tackle a crucial skill that can make or break your deals - negotiation. Whether you're dealing with sponsors, vendors, or clients, effective negotiation is key to sealing the deal. So, let's roll up our sleeves and master the art of negotiation in event sales!

Understanding the Art of Negotiation

Negotiation in event sales isn't just about getting the best price; it’s about creating value for all parties involved. Here’s how you can prepare:

  • Know Your Stuff: Understand everything about your event – its value, costs, and potential. Knowledge is power in negotiations.
  • Understand Their Needs: Know what the other party wants. What’s crucial for them? What can they not do without?

Effective Negotiation Strategies

  1. Build Rapport: People are more likely to make deals with someone they like and trust. Start every negotiation by building a positive relationship.
  2. Listen More Than You Talk: Great negotiators are great listeners. Understand the other party’s position fully before presenting your offer.
  3. Aim for Win-Win: Negotiation isn't about beating the other party; it’s about finding a solution that benefits everyone.
  4. Be Prepared to Walk Away: Know your deal-breakers. If the deal doesn't meet your minimum requirements, be prepared to walk away.

Enhancing Your Negotiation Skills

  • Practice Active Listening: Pay attention, ask clarifying questions, and repeat back what you’ve heard to ensure understanding.
  • Role-Playing: Practice with a colleague or friend. Set up scenarios and role-play different negotiation situations.
  • Stay Calm and Positive: Keep your emotions in check. A calm, positive attitude can help steer negotiations in your favor.

Conclusion: Becoming a Negotiation Pro

Negotiation is a skill that can be learned and improved over time. With the right strategies and a bit of practice, you’ll be closing deals and creating successful events in no time.

Call to Action:

Ready to put these tips to the test? Find a friend or colleague and set up a role-playing exercise. One of you is selling an event, and the other is a potential sponsor or vendor. Share your experiences in the comments – what worked, what didn’t, and what you learned. Let's turn those negotiations into triumphs!

Tyler Childs
Ty is the founder of Tournkey. His background is in travel and events. Over the last 25 years, Ty has had the opportunity to see the world through events. Tournkey is the amalgamation of that journey and the path towards more productive events.