12 ways to effective negotiation
In business or life, you never get what you deserve; you only get what you negotiate!
Negotiation is an art that carefully explores your position and the other person’s position with an aim to find a mutual acceptable solution. This is something we all indulge in everyday life.
Negotiation skills are an absolute requirement for any business. It is an excellent approach to achieve your goals, but the ultimate goal of negotiation should not be a win-lose but a win-win situation for both the parties.
Here are some tips that will surely help you in your next negotiation session:
1. Do your homework: Understand the interest and motives of your counterpart, to weigh your deal against your best option. Your homework will prepare you to put a stronger case and will help you in framing a proposal that is in your favor.
2. Be Assertive and Not aggressive: Take care of your interests without disrespecting other’s interests. Express your terms without any anger or anxiety.
3. Use ‘I’ over ‘You’: A very important practice for a successful negotiation is, using ‘I’ statements i.e. instead of saying, “You cannot solve this,” it’s better to say, “I don’t think it is a viable solution.”
4. Attempt for a Win-Win: Remember that the individual with whom you are negotiating has his own constraints and ambitions. Negotiate your deal in a way that helps him get the win too.
5. Gamble the numbers: Don’t be afraid to put your numbers first. If you feel that you’ll have to come down, put an anchor point where you reasonably think the number should be. Making the first move, by default, makes your counterpart get close to your anchor point.
6. Be an exceptional Listener: When you are prepared for the answers, you hardly listen to anyone. But the trick of the trade is to stop and listen to what the other person wants. Listen to the silence and react accordingly.
7. Amaze your negotiation collaborator: This is one of the most effective techniques to disarm the other person immediately. Advise them something that doesn’t help your position or provide them something they didn’t ask for. This will set the base to close the deal on a win-win note.
8. Don’t play the hardball: Don’t get stubborn and draw a line. If you do so, expect your negotiating partner to do the same. For a productive and efficient negotiation, it’s better to walk on the same side and work towards a common goal.
9. Curiosity helps: Don’t be afraid to ask questions. Assuming you know what the other person wants could lead to a false road. Ask whatever comes to your mind and tweak your approach as per the answers.
10. Be willing to step down: If you concentrate too much on the positive result of a negotiation, you will lose your aptitude to say NO. Step down amicably if you feel the deal is not satisfactory. You need to be prepared for the right moment when you will not be able to negotiate further because if you do, you are sure to lose it.
11. Don’t give without getting: Tie a string for anything you give. If you will not do that, the other person is sure to take advantage of your concession and will not be satisfied until you give more.
12. Patience is the key: Remember, whoever is more flexible with the time, has the advantage to play more. If you are in a rush, you are likely to leave money on the table.
A skilled negotiator is one who listens, develops perspective, keeps things simple and honest and knows how to get what he wants.
Rightly said, “Never Negotiate out of fear and never fear to negotiate.” - John F. Kennedy