The Five Keys to Success in Reverse Auctions: Part 2

Notes on Negotiations
By Marty Latz, Latz Negotiation Institute

What should you do if you’re selling and your potential buyer puts you in Conference Room A and your competitors are in Rooms B, C and D? It’s a reverse auction – and it can be brutal.

Last month I detailed the first two keys to success in this environment: 1) Prepare a Strategic Plan and Write Down Your Goal; and 2) Investigate Your Counterpart’s Interests/Options and Creatively Address Them. (click here to read part 1)

Here are the final three keys.

3.    Research Competition and Evaluate Incumbency Advantage
Knowing your competition sounds simple. It’s not. How much will your competitor discount to get a foot in the door with your client? Will competing bidders operate at a short-term loss – the classic loss leader – intending to make it up later?

Some contractors always bid super low to get the contract. Their profit comes from scope changes they “unexpectedly” incur later.

Companies spend billions to find out this strategic intelligence.

How can you get this information? Ask around at industry conferences. Talk with your customers who have previously worked with your competitors. Hire industry consultants who know the competitive landscape. Reach out to your social networks.

A supplier once told me how he negotiated a great deal with Walmart. He was sitting in Conference Room A and stuck his head out the door – and there was no one in Conference Rooms B or C or D.

Find out who else is bidding, before the reverse auction if you can. Then develop your strategic plan. (By the way, Walmart made a strategic mistake by giving this supplier the opportunity to see that no one else was bidding).

And if your customer is running the reverse auction, you probably don’t need to undercut your competitors’ bids to keep their business. Why not? Because changing suppliers involves risk and cost – and your customer knows this. This incumbency advantage can be significant.

4.    Differentiate with Independent Standards
It’s one thing to say you’re different and/or better than the competition. It’s quite another to get a potential customer to believe it and be willing to pay more for it.

The best way to effectively differentiate on issues other than price is to provide independent, credible evidence and standards supporting your differentiation.

For example, “here are a dozen references – from companies just like yours – who will tell you about our timeliness, reliability and creative ability to solve your problems better than our competitors.”

Or, “here’s an independent study by industry experts attesting to the true quality of our product or service.”

5.    Strengthen Your Pipeline/Plan B
Earlier this year a Fortune 500 company asked me to bid on training 1,000 of their employees to more effectively negotiate. At first, it sounded like a potentially significant deal.  However, after analyzing their RFP and talking with their representatives, I decided not to bid.

Why? It became clear to me – despite their rhetoric – that they were looking for a low price leader. That’s not my business model.

In addition, I was already pretty booked for the time in which they wanted the training. Could I have fit them in? Sure. But already having work, and the pipeline for more work, gave me the luxury to sit this one out.

Strengthen your pipeline. You may even decide not to bid.

Latz’s Lesson:  Effective differentiation from your competitors plus a solid pipeline will put you in the driver’s seat in reverse auctions

______________________________________________________________________

Marty Latz is the founder of Latz Negotiation Institute, a national negotiation training and consulting company, and ExpertNegotiator, a Web-based software company that helps managers and negotiators more effectively negotiate and implement best practices based on the experts’ proven research.  He is also the author of Gain the Edge! Negotiating to Get What You Want (St. Martin’s Press 2004). He can be reached at 480-951-3222 or Latz@ExpertNegotiator.com

ICLEF • Indiana Continuing Legal Education Forum, Indianapolis, IN

Posted in Negotiation/Mediation Blog0 Comments

Representing the Soldier, Jan. 27: Special Low Tuition for Everyone!

ICLEF is proud to provide a special reduced tuition for EVERYONE, in honor of those who serve in our armed forces.

TOPICS:
Panel #1 lead by Major Daniel B. Bagley
• The Soldier’s and Sailor’s Civil Relief Act
• Landlord / Tenant Issues
• Consumer Credit Issues

Panel #2 lead by Major John C. Drier
Ethical Matters of the Attorney-Client Relationship:
• Pre-Mobilization Checklist
• Child Support Coordination
• Wills & Estate Planning; Powers of Attorney
• Military Pay
• Family Care Plans

Panel #3 lead by Lt. Colonel Michael A. Fish
• The Uniformed Services Employment & Reemployment Rights Act (USERRA)
• Death and Survivor Benefits

Veterans Court
– Lt. Colonel (retired) Harold R. Johnston

Government Contract Law & the Attorney’s Ethical Considerations
– Colonel Daniel Kozlowski
__________________________________

FACULTY:
J. David Roellgen – Chair
Kolb Roellgen & Kirchoff LLP, Vincennes

Daniel B. Bagley
Attorney Advisor, Indiana National Guard, Joint Forces Headquarters, Indianapolis

John C. Drier
Law Offices of John C. Drier, Plainfield

Michael A. Fish
Attorney at Law, Valparaiso

Harold R. Johnston
Indianapolis Veterans Court, Indianapolis

Daniel Kozlowski
Staff Judge Advocate, Indiana National Guard, Joint Forces Headquarters, Indianapolis

___________________________________

Representing the Soldier: Legal Issues Beyond the Call of Duty
3 CLE / 1 E – Friday, January 27,  1:00 P.M. – 4:15 P.M.

LIVE IN-PERSON SEMINAR
– ICLEF Conference Facility, Indianapolis, IN

LIVE INDIVIDUAL WEBCAST
– From your home or office computer

ICLEF • Indiana Continuing Legal Education Forum, Indianapolis, IN

Posted in News0 Comments

passplus-logo

PASS+ for 2017 is Now Available! Unlimited CLE! One Year, One Low Price!

passplus-logo

 

 

 

 

 

Become a better lawyer with the ICLEF PASS+!  The PASS+ is your ticket to convenient & affordable ICLEF CLE programming!
With the PASS+ you get…

100% OFF
• Over 80 Live In-Person Seminars
Including Advanced Masters Series Seminars & National Speaker Seminars

• Over 40 Live Group Webcast Seminars
Including National Speaker Seminars

• Over 500 Video Replay Seminars

• ACCESS to ALL ICLEF Electronic Publications

Plus, 50% OFF
All ICLEF Live Individual Webcast Seminars

All ICLEF Online/On-Demand Seminars

All ICLEF DVD’s

All ICLEF Printed Seminar Materials

________________________________________

Pricing:
$ 895.00 – PASS+
$ 695.00 – PASS+ for New Attorneys (3 years or less from admission to bar)

Click here to go to the registration page.

________________________________________

FAQ’s:
Q: I purchased my ICLEF PASS+ in March, does it expire in December?
A: Yes. Your ICLEF PASS+ expires at 12:00 A.M., December 31, 2017. So, be sure to take full advantage of ICLEF’s programming throughout the calendar year.

Q: My ICLEF PASS+ is expiring, and I wish to register for a seminar after 12:00 A.M., December 31, 2017. Will you allow me to register?
A: Once your ICLEF PASS+ expires you must either purchase a new pass or pay the regular tuition to register for a program that is taking place after 11:59 P.M., December 31, 2017

Q: May I share my ICLEF PASS+ with another attorney?
A: The ICLEF PASS+ may only be used by the original, individual purchaser.

Q: We have a number of attorneys in our firm that attend ICLEF seminars. Do you have an ICLEF FIRM PASS+ program?
A: We are considering adding a FIRM PASS+, but by using the ICLEF PASS+, your firm will see substantial savings for your CLE dollar.

Q: With my ICLEF PASS+, may I attend an ICLEF Live In-Person Seminar or ICLEF Live Group Webcast as a Walk-In?
A: If space is available, Yes. We ask ICLEF PASS+ holders to pre-register for all events. If you wish to attend as a Walk-In please call or e-mail ICLEF at least 24-hours in advance of the program to make sure space is available.

Q: Will I receive notification prior to my pass expiring?
A: No. All ICLEF Pass+ holders benefits expire at the end of the calendar year. However. Look for further CLE discounts available EXCLUSIVELY to ICLEF Pass+ Holders.

Q: Will I receive a physical card indicating that I am an ICLEF PASS+ holder?
A: No. ICLEF will track your status electronically. If you purchase the ICLEF PASS+ online you will receive a receipt for your purchase, but we will not be sending you a physical card.

Q: How many Live ICLEF seminars may I attend during my 12-month ICLEF PASS+ period?
A: Once you have purchased the ICLEF PASS+, you may attend an unlimited number of programs and ICLEF hopes you take advantage of our quality and relevant CLE. This includes ALL ICLEF Live In-Person Seminars, ALL ICLEF Live Group Webcast Seminars & ALL ICLEF Video Replay Seminars (note exclusions listed in the Terms & Exclusions). We simply ask that you pre-register for each Live seminar that you wish to attend.

Q: If I do not use my ICLEF PASS+ during the year, will ICLEF provide a refund for my unused pass?
A: No. Once purchased the ICLEF PASS+ is yours. ICLEF will not refund the purchase of the ICLEF PASS+.

Click here to go to the registration page.

________________________________________

Terms & Restrictions:
A very small number of our programs are excluded from the ICLEF Pass+. Those include: 40-Hour Mediation Training Courses (Family, Civil & Crossover), Annual Elder Law Institute, Bankruptcy Advocacy Training, ICLEF Out-of-Country Trip and CLE program, ICLEF Trial Advocacy Skills College (TASC) & Indiana Law Update (Video Replays of Indiana Law Update are included in the PASS+). Keep in mind you have access to over 80 Live & Group Webcast Seminars and over 500 Video Replays.

The ICLEF PASS+ expires on 12:00 A.M. December 31, 2017.

All ICLEF Seminars are “Limited Seating” events. ICLEF PASS+ holders must pre-register to ensure a seat at the program. ICLEF Pass+ holders may only walk-in to an event on a space available basis.

Passes may not be transferred to another person, nor will refunds be given for a pass once purchased.

 

ICLEF • Indiana Continuing Legal Education Forum, Indianapolis, IN

Posted in Highlighted Seminars0 Comments

7-Part Skills Series with Richard Mann

Jump start 2017 with this 7-part series educating you on things you might not do everyday. Super Lawyer Richard Mann brings his wealth of knowledge to a variety of topics in these engaging 1-2 CLE hour seminars. This 7-part series will be held on Wednesdays, around lunch time, through out January and February. Click any seminar below to learn more or to register.

Quickbooks for Lawyers: Trust Accounts, Billing & the Rest
1 CLE / .5 E – Wednesday, January 18,  12:15 P.M. – 1:15 P.M.
Live In-Person Seminar
– ICLEF Conference Facility, Indianapolis
Live Individual Webcast
– From your home or office computer
_______________________________________________

Child Support Guidelines
1 CLE – Wednesday, January 25,  12:15 P.M. – 1:15 P.M.
Live In-Person Seminar
– ICLEF Conference Facility, Indianapolis
Live Individual Webcast
– From your home or office computer
_______________________________________________

What Every Lawyer Needs to Know About Malpractice Insurance
2 CLE – Wednesday, February 1,  1:00 P.M. – 3:00 P.M.
Live In-Person Seminar
– ICLEF Conference Facility, Indianapolis
Live Individual Webcast
– From your home or office computer
_______________________________________________

Law Office Technology for the Small Office Practitioner
1 CLE – Wednesday, February 8,  12:15 P.M. – 1:15 P.M.
Live In-Person Seminar
– ICLEF Conference Facility, Indianapolis
Live Individual Webcast
– From your home or office computer
_______________________________________________

Methods in Getting Paid
1 CLE – Wednesday, February 15,  12:15 P.M. – 1:15 P.M.
Live In-Person Seminar
– ICLEF Conference Facility, Indianapolis
Live Individual Webcast
– From your home or office computer
_______________________________________________

Website Development: Use & Misuse of Social Media in Your Practice
1 CLE / 1 E – Wednesday, February 22,  12:15 P.M. – 1:15 P.M.
Live In-Person Seminar
– ICLEF Conference Facility, Indianapolis
Live Individual Webcast
– From your home or office computer
_______________________________________________

Evidence: E-Discovery Using Today’s Tools
1 CLE – Wednesday, March 1,  12:15 P.M. – 1:15 P.M.
Live In-Person Seminar
– ICLEF Conference Facility, Indianapolis
Live Individual Webcast
– From your home or office computer

 

ICLEF • Indiana Continuing Legal Education Forum, Indianapolis, IN

 

Posted in Sale/Featured Items0 Comments

Having trouble logging in?Visit our Support section.

Subscribe

Contact Us

ICLEF
230 East Ohio Street
Suite #300
Indianapolis, Indiana 46204
Phone: 317-637-9102
Fax: 317-633-8780
E-mail: iclef@iclef.org