We all Negotiate everyday of our lives, like where to go on holiday, wanting more time on your projects, borrowing something from somebody.
Somehow, we don’t always get the exact deal we initially wanted. How to be one step ahead requires insight, knowledge and skill and above all, CONTROL.
Follow these points below and you will have greater control in all your future dealings:
1. Be well Prepared:
To “win” a negotiation, one must be well prepared. This is key. Thorough preparation gives you clarity of exactly what it is you want from the Negotiation. It will give you the advantage of having the necessary facts about the deal, the other party, their strengths and weaknesses, policies and procedures, financial strengths of the deal, the product, etc.
Part of the preparation is to gather as much insight about their motive and why they want the deal. Having more information than the other party places you in a position of strength, with strength you have the advantage and with the advantage you get the better deal than without.
2. It’s not about you:
Never place yourself in the spotlight when it comes to ego. Nobody really cares who got the deal as long as the deal was won. By making the other party feel that they are the winners will only strengthen the long-term relationship that will lead to further deals from them. Good relationships generally make further negotiations easier to create better deals. Being seeing as the person who dominates the negotiation aggressively may win you the right deal, but may also prevent you from doing further business with the other party.
3. Listen intently:
Let the other party do the talking. During the conversation they will usually unknowingly disclose vital information that will help your argument. So keep listening for it. Asking questions not only gives you the control, but also gets them to talk more. Information is power – provided you collect it and use it. Without it, power is useless.
4. Aim high:
In your preparations, plan what you believe to be the best possible deal. Never aim too high as this may scare them away. What may be reasonable for you could be extremely high for them. Be reasonable and make sure you can backup this high end with justification. Make sure that you are able to present this well or it could fall flat.
5. Know when to strike:
Know when to introduce your deal. Pay special attention to timing, sensitivity and their emotions. Everything works well at the right time. Introducing a great deal at the wrong time may damage the outcome and even the relationship. By having a well thought out and powerful presentation will assist you in the long run.
6. Plan Concessions:
You are not the only one having concessions up your sleeve, the other party have their own. The first few concessions they present may not always be the best ones on offer. Try not to accept the first one, even if it exceeds what you were hoping for, rather see what else they are holding back. Learn ways of smoking out their concessions as well as their concerns
7. Let them keep their ‘monkeys’:
So often, they will dump millions of reasons on you as to why they cannot accept your offer. They may feel that if they burden you with their issues, you may concede to their emotions. If they really want what you have to offer, they will make a plan to get involved. Normally, this involves money.
The best way of retaining control is to recap. At the end of every issue – recap. At the end of the meeting – recap. Ensure that the other party confirms your points. This allows both parties to walk away understanding the issues and arrangements.
9. Follow through:
A negotiation does not end at the goodbyes, this is where it starts. Keep in contact while the deal is being processed right up to the delivery. This allows a happy client and should assist in future business.
10. Honesty and integrity:
A good deal is an honest deal. Never try to take short cuts on what has been agreed to and always do as you have said you would do. This brings clients back even if you are not the cheapest.