2024 State of Negotiation Trends: Insights on the Year Ahead

By RED BEAR February 22, 2024 | 7 min read

What will 2024 have in store for negotiation professionals? 

Here at RED BEAR, our mission is to not only provide individuals with the skills, knowledge, and tools they need to negotiate effectively but also keep them up to date on the trends and topics that will shape the business landscape.

If these last few years have taught us anything, it’s that being adaptable and ready for change is more than a luxury; it’s a matter of survival. While pressures from the COVID-era are starting to wane, a full recovery still seems far away.

To help negotiators find footing on this uneven terrain, RED BEAR has interviewed 20 companies across various industries. Based on over 50,000 words of interview notes, our study analyzed companies with a combined annual spend eclipsing $60 billion, including several Fortune 500 firms. Covering a workforce of over 250,000 across diverse sectors such as technology and manufacturing, these organizations collectively generate revenues exceeding $55 billion. 

The 2024 State of Negotiation Trends E-Book is a go-to resource for professional negotiators looking to gain insight not only into the trends that will shape the coming year but also uncover the pains and successes other companies have experienced. 

Let’s explore what you’ll find in this new RED BEAR asset and why this resource is a can’t miss opportunity for you and your team.

2024-state-of-negotiation-trends-e-book-thumb

What You’ll Find in the Trends E-Book

So, what can sales and procurement professionals expect to find in the 2024 Negotiation Trends E-Book? 

This E-book shines a light on the trending topics that will shape the negotiation landscape in 2024 and delivers some actionable insights into the common mistakes the RED BEAR team sees when working with our clients.

These clients range from enterprise giants with thousands in their workforce to high-growth startups. Regardless of size, they all face similar challenges. From not setting high expectations during negotiations to a lack of planning and preparation, these are the kinds of mistakes that are not only common but easy to fall into. More importantly, though, they come with some significant disadvantages.

Our mission at RED BEAR is to teach the next generation of negotiation. We don’t offer one-time use strategies or manipulative tactics. Instead, we focus on the fundamentals that drive effective outcomes.

No matter the challenge, our training gives your team exactly what they need to craft profitable, value-based agreements with customers, suppliers, and even internal team members.

“No matter the challenge, our training gives your team exactly what they need to craft profitable, value-based agreements with customers, suppliers, and even internal team members.”

The 2024 Trends E-Book is one of the many resources in the RED BEAR arsenal that prepares your team to negotiate in any situation with anyone, no matter the location.

2024-state-of-negotiation-trends-e-book-thumb

Uncover the Trends that Will Shape 2024

At the heart of the E-Book are the trends that will set the stage for business professionals in 2024. 

Some of these trends will be familiar from previous years. Others will be new and require a different approach to master efficiently. Even so, the Trends E-Book outlines what negotiators need to know to find solid footing in the coming year.

One trend that should be no stranger to you and your team is inflation. Across the 20 companies interviewed by RED BEAR, inflation is still a major hurdle. It affects everything from transportation costs to the prices of raw materials. 

Another key trend shaping 2024 will be negotiation time pressures. 

According to Gartner's research, during the B2B purchase journey, customers only spend 17% of their time with sales representatives.

This means face-to-face time is shrinking, and customers are coming into negotiations prepared with independent research and self-learning. For negotiators, making the most out of the time you already have will be paramount. It’s not enough to reuse the same strategies that worked a decade ago. 

Teams need a refined approach to negotiation that balances initial feelings of self-interest with the desire to collaborate and find creative solutions to stubborn problems.

This concept is at the heart of the RED BEAR negotiation methodology.

To explore these trends in more detail and learn what other topics will shape 2024, be sure to get the Trends E-Book today!

Stay Ahead with Powerful Negotiation Strategies

The negotiation trends of 2024 are only part of what you’ll uncover in RED BEAR’s newest E-Book. 

You’ll also find the top 10 common mistakes negotiators make, as well as some concepts to help address those challenges. These mistakes come right from real RED BEAR clients and highlight the common issues teams have with negotiation — whether that comes from not having the right tools to negotiate effectively or a lack of understanding of what it takes to craft valuable deals.

Let’s take a look at a common mistake: not meeting customer needs.

It’s easy to get wrapped up in terms and negotiables and only focus on information that’s on paper or being said. But, skilled negotiators learn to approach information gathering differently. They’re trained to find the underlying needs behind an ask. 

Let’s say a supplier is asking for a higher price for their product and pointing at high prices for raw materials as the reason for the price hike — which is fairly common, especially in 2024

At face value, this seems like an obvious reason. The supplier wants a higher price to mitigate the rising costs of materials. But what’s underneath the surface? With some skilled information gathering, an experienced negotiator might find that this supplier is having a hard time securing long-term contracts with clients. The price hike attempts to make the most out of a short-term opportunity.

_ultimate-guide-procurement-negotiation-training-cta

With this information in hand, the negotiator might offer assurances on orders for a longer period of time, giving the supplier confidence that this relationship will last. As a result, the supplier comes down in price. 

This is just one example of how to mitigate a common negotiation mistake, and precisely what you’ll learn in the 2024 Trends E-Book.

Start 2024 Off with Effective Negotiation Training

The 2024 State of Negotiation Trends E-Book is a wealth of information for negotiators in any industry. It leverages real insights from companies in the market today and combines those insights with powerful RED BEAR Negotiation concepts.

Whether you’re a sales team trying to drive optimal outcomes or procurement professionals searching for effective strategies to combat supply chain issues, this resource is for you.

Get the 2024 State of Negotiation Trends E-Book today!

2024-state-of-negotiation-trends-e-book-thumb

Of course, while it dives deep into the trends and mistakes driving this next year in negotiation, it’s only the beginning.

If your team is looking to find its competitive edge in 2024 and beyond, get in touch with the RED BEAR team. We have a variety of workshop options, all built to help give your team exactly what they need to negotiate effectively, develop robust relationships, and, ultimately, build profitable agreements. 

Get started on your negotiation journey with RED BEAR!

Fill out our contact form and we will be back to you in no later than one business day.

 

RELATED POSTS

In this episode of The Confident Negotiator Podcast, host Rob Cox and RED BEAR's Founder and CEO Chad Mulligan discuss the foundational pillars that have steered RED BEAR through a decade of success.
Mastering virtual negotiation skills has become increasingly important in our post-2020 world. As globalization and remote work have been normalized, the ability to negotiate effectively in virtual...

Subscribe for Exclusive News

Subscribe Here!

Follow Us