Present competitors offering similar functionalities at lower price points. You should communicate how both the current vendor and potential competitors meet your needs but indicate that finances are driving the need for reevaluation of options. Use this tactic to create pressure on the current vendor to align with the pricing expected based on alternatives.

Utilizing the rarity of multi-year contracts for your finance team can help push for a more favorable deal. Emphasize your hesitance around long-term commitments, which may prompt the vendor to offer discounts to secure a shorter engagement or favorable terms. Continue to apply pressure indicating external financial factors.

Insist on removing auto-renewal clauses due to financial and legal requirements. Position this tactic as a necessity for your team to stay compliant with their internal processes. This will help emphasize the need for flexible terms during negotiations.

Conduct an internal review to ensure the proposed pricing is in alignment with market standards and is beneficial for your needs. If discrepancies are found, use this as leverage to negotiate better pricing terms or conditions with the supplier.

Leverage your willingness to be a reference or partake in a case study as a way to secure pricing concessions. Present this as a value-add and require compensation for the marketing benefit you would provide as a high-profile reference in exchange for better terms.