We all owe it to the participants for an Online Negotiation Event to be run in a fair, open and expedient fashion.
To help you out, the Market Dojo team have created a guide which outlines the important factors you should have in mind whilst hosting your Event. The guide (which is free to download from the Market Dojo site) contains many more pointers, but here are our Top 3 Do's and Don'ts to get you started.
1. Have honest intent.
As a Host moves forward with an Online Negotiation Event, there must not be an underlying motive to push one participant, but to be genuinely open for any participant to be successful. Participants will only be willing to commit themselves to an Event if they feel there is something to gain. Without your participants, you have no Event.
2. Include your internal stakeholders in the process.
This process is highly visible and auditable. Many people in the organization may be affected by the outcome and the last thing you need is difficulty in implementing the final decision. To avoid this, best practice dictates that you should involve your internal stakeholders early in the process, canvas their views and input to the process to gain their confidence and buy-in. Then any conclusion will be theirs as well and implementation of the final result will be easier. Compound this by inviting them to watch the online negotiation when it takes place.
3. Create a clear specification.
The creation of a clear specification will benefit all that take part in the Event. By clearly defining what is being negotiated via the Event will strengthen the Hosts position and help obtain the best possible result. All parties will be bidding on a like-for-like basis and since the risk is minimized, the Host can obtain the best solution.
1. Change major details just before an event.
We understand that anything can change as a Host moves through the process. Any major changes will be automatically communicated to the participants. However, in the interests of everyone, try to avoid changing major details in the closing stages before an Event. Not only will this de-motivate your participants, it might create an unfair playing field and affect your chances of obtaining the best result.
2. Change your process after the event.
Stay true to your process. For instance, if you have communicated that the lead bid wins, you must hold true to your word unless that participant has demonstrable flaws. If you are concerned about the final price, then set your qualification bid carefully or leave the choice of the final participant at your discretion, i.e. Host's Choice.
3. Let participants bid after the event.
You have initiated a fair process which is clear and open to all. By letting participants bid after the event ruins your credibility, the professionalism, can affect your future events, and gives Online Negotiation Events a bad name.
If you follow this advice then your participants will appreciate the professionalism and courtesy with which you have conducted your Event and so will be more willing to extend the favour back to you. If, however, you don't take heed of any of this advice, then be prepared for your participants to walk away.
For more Do's, Don'ts and some fundamental Not Alloweds, download the full guide from our resource page at marketdojo.com.