Interview:
In the entertainment business world, a lot of things will depend on negotiating and deal making to succeed on the outcome of your projects. For example, SMG is a venue management company that administrates many facilities worldwide. In these venues, negotiation meetings are held on a regular basis. A lot of venues sustain themselves with sponsorships. The marketing department is in charge of making deals with companies that could serve as sponsors. Having sponsorships is very important because this gains something in return for your company.
I decided to conduct an interview with Gabriela Torruellas because she will help me learn more about the process of negotiating for sponsorships and how it is beneficial for a company.
Gabriela works as a marketing and guest services assistant in the Coliseum of Puerto Rico Jose Miguel Agrelot for SMG. Her job requires to find new clients with sponsorship opportunities for the building. When she finds a potential client, she sets a meeting to go over terms and options that may benefit both companies. She also meets with the sponsors the venue already has to go over or renew the contracts. Gabriela has been given the authority to negotiate with some of the most important clients of the coliseum. These include "Banco Popular" and "El Nuevo Dia", which are two of the most powerful companies in Puerto Rico.
One of the issues I could imagine when dealing with people from powerful companies, is how to handle their high status. It is not easy to have a personal opinion about someone and not demonstrate it. During a negotiation it can be hard to separate personal emotions and just focus on the problem.
"Learning to deal with emotions takes practice. I have learned to separate the people from the problem by staying focused on what I need to accomplish for my job's sake. Thinking about the outcome so much, just doesn't give me any time to think about personal opinions what so ever." says Gabriela.
Negotiating with a person who has a lot of leverage can be intimidating. Fear is a hard feeling to hide from the other person. Employees of "Banco Popular" and "El Nuevo Dia" know they have power over other companies. The Coliseum Jose Miguel Agrelot is also a powerful company, in fact, it is the most recognized venue of the Caribbean. So being a client of the coliseum can give you more power and exposure. Gabriela uses this power in her favor.
Gabriela stated, "When I step into the negotiation meeting I always remember I also have power and control. I try to leave outside the room any intimidation I might perceive from the person because inside the meeting we both have the same amount of power and want something from each other."
A lot of times sponsors are the ones who contact the coliseum for a negotiation. This is when the marketing department searches for possible resources that might interest them from that sponsor. Gabriela uses the client's interest in making a deal to acquire services that may benefit the coliseum. I really like how exchanging services really helps them to receive mutual benefits. "Most of our negotiations are reasonable and end up being mutually beneficial. We give them sponsors and they provide us with services; pure and simple." Gabriela expressed.
I learned that dedicating time to prepare is necessary and crucial for a negotiation. Doing research is a powerful tool, actually, it can become your weapon in case someone tries to play any tricks on you during the negotiation process. Make sure you know the company's background, history, resources and services. Search for any partnership they may have with other companies and try to investigate on the agreements they have. If you know all the company facts this can help you identify lies.
This is what Gabriela has to say about this:
"Preparation is the key to each of our negotiations. Once we find what the company can offer us, we even prepare a pre-contract. We hand it to them so they can read carefully and make the changes they want to bring up in our next meeting. And when I negotiate alone, I take a letter from my boss that indicates my authority to negotiate because they have tried to use this as an excuse to cancel the deal."
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