7 Effective Negotiation Tips You Need To Know
Do you have an important negotiation coming up and need to make sure you come out on top? Read here to learn 7 effective negotiation tips experts use!
Negotiations are not meant to be fun. The purpose of a successful negotiation is to come up with a solution that two parties can agree on, usually with both parties gaining some kind of benefit. But how can you be a successful negotiator if you don’t look forward to negotiating?
Effective negotiation takes skill and patience. If you’re negotiating with (or against) someone or some entity that is more powerful than you, you’re probably going to feel intimidated. But the trick is to get on the same page as your ‘opponent’ so you can feel confident and prepared.
Another trick to successful negotiation is to ask for more than what you really want. You have to know going in that you won’t get that much, but asking for more makes what you’re really negotiating for seem like much less.
In this article, I’m discussing seven effective negotiation tips that will guide you toward your next successful negotiation, no matter how big or small. Keep reading to learn more.
Focus
Instead of focusing on your own pressure related to the ‘deal’ that you’re negotiating, focus on the pressure that the person you’re negotiating with is under.
You’re putting yourself at a disadvantage when you’re focused on your own pressure because it gives you more reason to worry about the outcome. If you can focus on the reasons why the person on the other end of your negotiation may have concerns, you’ll have more negotiating power.
The key takeaway from this should indeed be focus in general. It’s important to be mindful that your focus stays tuned in the right direction.
Listen
Of course, you won’t get anywhere with those you’re negotiating with if you can’t listen properly. Listening means that you’re attentive to what the other parties are saying and understanding what they mean.
Make sure you’re not finishing other people’s sentences and do your best to build trust by being respectful. You can try repeating what has been said to make sure you’re interpreting everything correctly. This also allows the speaker to see that you’re paying attention.
Listening is a great skill to bring to any negotiating table and you’ll feel more accomplished at the end when you’ve heard everything that was said.
Acknowledge All Terms
Instead of accepting counter offers or objections, acknowledge what is said in rebuttal to your presentation and have a backup plan ready.
For example, if you’re negotiating with the cable company to lower your monthly bill the customer service representative probably can’t lower your bill. They’ll most likely tell you that type of service is beyond their control. Be prepared to acknowledge these terms and ask for a supervisor to resolve your problem.
Acknowledging everything brought forth gives you an advantage at the negotiating table. It proves you’re listening and capable of rebuttal yourself.
Set Your Expectations High
Remember that you should always hope to end up with a win-win situation at the end of any negotiation. In the same notion, you should also set high expectations for the outcome.
Setting high expectations gives you the confidence you need to ask for what you really want, which may not even be what you expect. Asking for more than you expect to receive will set a standard but also leave room for feasible negotiations.
Be an optimist and expect more if you want to get more in return.
Don’t Give Up
Never ever give something away without getting something in return and don’t give up. Effective negotiations should result in both parties walking away with something. Whether it’s more money for more time spent or less of something for more of something, never walk away empty handed.
A successful negotiation requires that both parties rely on the other. If you give something away without requiring reciprocation, the other party may feel entitled. This gives them more power, now and in future negotiations.
Don’t Take It Personal
Try not to get sidetracked by personal issues either on your own part or the part of the other party. Unnecessary emotions may get in the way causing the negotiation to fail.
Keep in mind that each individual involved with negotiations also has a personal life to contend with. If those issues are brought forth at the negotiating table, it’s best to put them to the side, especially if they’re not part of the deal. Try to understand the behavior of those you’re negotiating with so that you can avoid simple issues that may come up.
Be Passionate
Smile — or frown, depending on your emotions related to what’s happening in the negotiation. If you like what you’re hearing and things are going your way, it’s perfectly okay to show your emotion. Same goes for less happy emotions.
Emotional signals can let the other party know that you care about what you’re discussing. It can prove that you’ve done your research and understand the outcomes giving you an edge in the negotiation process.
Final Thoughts on How to Have an Effective Negotiation
Whether you’re negotiating for a raise at work or dealing with potential investors for your startup, effective negotiation gets results.
Negotiating doesn’t have to be stressful or scary. Just keep these tips in mind the next time you find yourself in a situation that requires good negotiating skills. You’ll be thankful you did.
Always try to keep in mind that the person you’re negotiating with probably feels the same way as you do. Unless of course he or she is a professional negotiator. Being prepared for anything will get you further in your negotiations.
If you still need pointers or have questions, contact me! I help entrepreneurs and small businesses succeed.
