Given the proposed price from TRM Labs, it is beneficial to present competition as a negotiating tactic. Research alternative suppliers and present any quotes that are significantly lower than what TRM has offered. This approach establishes that you have cheaper options, increasing the urgency for TRM to match or reduce their offer.
Since you are entering a new contract with TRM Labs, insist on removing auto-renewal clauses. This tactic provides you with more control over the contract terms. Highlight that your finance team requires this change to ensure they have more flexibility in the future.
Mitigate any unilateral pricing increases by anchoring your negotiations around expected price stability. Emphasize that you were not notified of potential uplift increases and push to have it removed or capped at a minimal percentage.
You can negotiate for cost reductions based on usage projections. If TRM Labs expects to increase features or functions, make it clear that budget constraints require you to push for lower rates or added features at no additional cost.
Offer to participate in case studies or provide references in exchange for better pricing. This exemplifies value for TRM Labs and your willingness to support them, making them more likely to accommodate your price requests.