Negotiation in the Financial Industry

Cross Sell, Up sell, and Negotiate High-Profit Loans

(Developed exclusively for the Financial Professional)

Financial professionals are confronted constantly with the need to negotiate well. Every loan involves rates, terms, and opportunities for additional revenue directly linked to the profits of the organization. In addition, internal situations such as salary negotiations, work outside the scope of current assignments, pressures to change schedules unreasonably, even a need to convince another of the wisdom of a particular course of action – all are calls to negotiate. Failure to negotiate well creates vast frustration for the financial professional, short changes the customer, and most importantly, can result in many dollars of lost revenue for the institution.

Cross Sell, Up Sell, and Negotiation High-Profit Loans will provide the financial professional with understandings and techniques to negotiate effectively in a highly competitive market. It will address special problems in negotiating for the financial professional, and will focus emphasis in the following areas:  

• Negotiating high rates while maintaining a great relationship with the customer
  
• Negotiating for additional business in highly competitive situations
  
• Negotiating when the gap between parties is great and there seems little hope

This seminar is designed to not only teach about, but when, and how. The modules are very interactive, as we discover information and knowledge needed to negotiate successfully. As the experience progresses, more case studies and skill building exercises are included.

Each experience is the result of customization and tailoring, but the following provides a “menu” that serves as a beginning of the customization process.

THE BIG PICTURE

Module 1. Welcome and Overview.

Module 2. Challenges to the financial professional in becoming a good negotiator, and why it's so important that you become one. The top 5 situations that will assure a poor outcome if you fail to negotiate well.

Module 3. Key perceptions regarding negotiation.

Module 4. Negotiating styles. Each participant will discover their dominant negotiating style, and how to utilize that style for maximum results. Differences in style between technical/financial and non-financial people in negotiation – and how to bridge those style differences to achieve success.

Module 5. Positioning. A powerful module. Participants learn the concept of positioning and how to position themselves and your organization for maximum results. This is the key to gaining additional business and achieving high rates on your loans while maintaining great relationships with your customers. Positioning mistakes often made by professionals within the financial community – and how to avoid them.

Module 6. Power. We shine a spotlight on power: Where it comes from. How to get more of it. How to not be abused by other’s power.

Module 7. When to negotiate (And when not to.) Avoiding “religious wars”. How to make sure you don’t win the battle but lose the war.

Module 8. The greatest negotiation principle

BEFORE THE NEGOTIATION

Module 9. Preparation. How to prepare for negotiation. Expectation. Aiming high. Assessing strengths and weakness of yourself and others.

This section includes a preparation checklist in the resource section.

Module 10. Reading others/what makes this guy tick?

Module 11. Expectation levels

Module 12. Logistics of Negotiation

Module 13. The Success Formula/Your secret Weapon

THE NEGOTIATION

Module 14. Opening the negotiation/Establishing rapport

Module 15. Finding that middle ground

Module 16, 17, 18, 19. Tactics and Strategies. These modules deal with the actual tactics and strategies of negotiation. Each is introduced and demonstrated, then discussed and role played by the group.

Module 20. Concession Strategies. How do you give in without losing face? How do you concede while maintaining the relationship? How do you concede in such a way that you end up in the final destination you desired?

Module 21. Creativity and negotiation/thinking on your feet

Module 22. Ending the negotiation

SPECIAL SITUATIONS

Module 23. Coaching others to be good negotiators

Module 24. Team negotiating

• Advantages of a team
• Pitfalls of a team
• Picking the team
• How the team works

Module 25. Phone/email negotiation

WRAPPING UP

Module 26. Lessons from my Dad.

Module 27. Review

Module 28. What it takes to become a master negotiator.

Graduation

Bob Gibson is a negotiation strategist and the president of San Francisco-based THE SALES NEGOTIATION INSTITUTE. 

He may be reached at 800-572-8005.

or  bgibson@negotiationresources.com