Awesome Negotiation Tactics That Are Guaranteed To Get You The Best Deal In Business
Awesome negotiation tactics that are guaranteed to get you the best deal in business. Negotiation as a skill has become so scarce because most of us see a price and expect to pay it. This has not always been the case, in fact throughout most of the human history negotiation was a necessary skill, a basic part of life.
One had to negotiate for food, transportation, almost anything. Still, even today you have to negotiate in both business and in life. This is why today, it is imperative to be equipped with the necessary negotiation tactics so you do not find yourself and your business on the losing end.
1.Take It or Leave It, a Tough Negotiation Spot
There are some places where take it or leave it is not an alternative, like labor negotiations.Take it or leave it should however be avoided any time this negotiation strategy can poison the well. Because if you’re not willing to walk away from the table for good, or you simply can’t, take it or leave it won’t work. Yet the tactic does work in several cases, for instance, when the other party can’t afford to leave it or when you want to discourage future haggling, or you’d be selling at a loss.
2.Share information.
We often approach negotiation being very guarded and wary of showing our cards. Yet, while we believe this is a smart approach, it has a negative impact on our outcomes and inhibits trust. Revealing some information, even when it’s unrelated to the negotiation, increases the outcome. You don’t have to put all of your cards on the table at the outset. Simply putting something of yourself out there – your hobbies, personal concerns, or hopes – can set a positive tone that’s conducive to gaining agreement.
3. Rank order your priorities.
Typically when we negotiate, we know what our key issues are, and we sequence them. For example, if we’re trying to close a new client, we might say that the price is most important, and if we don’t agree, there’s no use to continue. As a business owner, you are able to achieve better outcomes by ranking and leaving all the issues on the table and being transparent about it. That way both parties can compare their rankings and determine what the full set of options really are.
4. Go in knowing your target price and your walkaway terms.
Your walkaway price automatically becomes your reservation price and your target price is what you’re hoping for. Often we go into negotiations with one or the other, so its in your best interest to let our partner start the bidding. It’s critical to do the research ahead of time here. You need your research to be based on firm data, as not only will it provide more confidence and power to you, but it also reduces the chance that you’ll throw something crazy out there.
5. Make the first offer.
This is one piece of advice that clearly defies conventional wisdom. In negotiations, information is often equated with power. It’s best to extract as much as possible from the other person before tipping our own hand. This is popularly known as the psychological principle of anchoring. Whatever the first number is on the table, both parties begin to work around it. It sets the stage.
