Negotiate a high-stakes contract renewal amid intense client pushback and margin risk. Simulation Details: NovaTech Industries is a leading manufacturer of industrial IoT sensors and advanced monitoring equipment for smart buildings. Their flagship products deliver predictive maintenance, integrating seamlessly with existing systems to reduce HVAC energy waste by up to 85%. NovaTech’s AI-powered technology anticipates equipment failures, resulting in faster response times and significant cost savings for clients. With a robust service model and high customer satisfaction, NovaTech stands out against competitors by offering proven reliability, measurable ROI, and comprehensive support. Showcase accounts like Meridian Property Group demonstrate NovaTech’s ability to deliver tangible value, making client retention critical for both revenue and reputation. You step into the role of Senior Account Manager at NovaTech Industries, tasked with defending a proposed price increase during a key contract renewal negotiation. First, you’ll consult with the Sales Director via chat to confirm negotiation boundaries, gather performance highlights, and set your strategy. Next, you’ll engage in a one-on-one voice call with the client’s Chief Financial Officer, who is under pressure to cut costs and has challenged your proposal. Your mission is to address objections, probe for underlying constraints, and present compelling, data-backed arguments to justify the price increase—balancing assertiveness with diplomacy to secure the renewal and protect NovaTech’s margins. - Consult with the Sales Director via chat to prepare your negotiation approach and clarify pricing boundaries. - Lead a persuasive voice call with the client’s CFO, addressing objections and presenting value arguments. - Demonstrate negotiation and persuasive skills by defending your company’s pricing and maintaining a positive client relationship. - Achieve a renewal agreement that meets or exceeds the minimum acceptable price increase.