Negotiation is one skill that every business man should have. Some people think that negotiation has something to do with luck but the truth is, it can be learned and mastered. With these seven principles and some charisma and sheer of luck, you will definitely win any negotiation you will engage yourself with.
1. Be Your Best Self. And when I say be at yourself means wear the most comfortable and presentable suit you have. You need to give them the impression that you respect your job and so they will take you seriously. Being able to present yourself well is already an edge for you.
2. Listen to them carefully. Do you know that one of the classic way to intimidate people is by listening to them attentively? You have to know exactly what they want so you can upgrade your offer more than they expect. The person who do more of the talking in negotiation already lose it. Just let them talk, pay attention and don’t give out all your cards immediately.
3. Quote twice as much. You have to understand that people always want to have more than they supposed to get. This is the main reason why they are negotiating with you in the first place; because they want to gain more from the deal. For example, if your normal rate for a certain service is $300, offer them $700 dollars upfront. No questions. They will certainly be shock but you have to support it with good portfolio, good credentials and unique ideas. You have to justify your rate. If you listen to the person negotiating with you carefully, you would know instantly what exactly they want. Exceed their expectation. Give them some add-ons and features. If they haggle, you may settle with $500-400. So, your original rate of $300 now becomes $500. Just make sure that the add-ons and features will not cost you that much.
4. Do not lay all your cards on the table. If you are on the other side of negotiating, let’s say you are the client; do not lay all your cards on the table. Do not be very honest about the amount of money that you are capable of paying. For example, if your budget is $800 and the requested amount is $1000, tell them that the ready money is only $500. They would definitely laugh at you but try to ask them about all the possible features and add-ons you can get out from your deal. Once you have all the possible features and the exact service or product that you want, that’s the time you may start haggling and see how your negotiation go from there.
5. Flinch is not classy. This is one of the ancient tactics that worked at least in the mid of 16th century. It is a visible reaction during negotiation. For example, if you’re on the other part of negotiating party and the offer and rate is given, using the “flinch tactic” is looking shock about the other party’s quotation of price for the product or service. It is making the other party feel that they are impossible for requesting a certain figure. It probably worked during those good old days but things are changing now. People would like to negotiate with someone who is serious, professional and respectful. If you find the amount requested is expensive, just tell it straight. Tell them that you think it is very expensive and immediately negotiate on how low they can go.
6. Being prepared always equate to success. If you know more about the person or the business you are negotiating with, then you most likely have the better deal in your business negotiation. You have to be well prepared for the negotiation session. Try to research about the person or the company that you are negotiating with. Learn what is important to them. Learn the possible solutions to the problems that the business or the person is probably dealing. For example, if you are a supplier and your client is someone who had a problem with their former supplier, prepare possible solutions to avoid the same problem. Clients are most likely want to deal with people who understand them.
7. Feeling good never goes wrong. It’s so easy to set a positive tone when you feel good about yourself and that is dressing appropriately, well prepared presentation, and having a good research on facts about the subject of the negotiation. Well, these are all factors to feeling good during the negotiation process. However, it is also very important to keep your cool during the entire meeting. Balance yourself from being pleasant and professional businessman. When you feel good, you think clearly and it’s easier for you to answer the questions that the other party might throw at you. Be careful not to be too much motivated too and always remember that the one who yields in negotiation is the more motivated and the one who has the final say is always the less desperate. – M.D.
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