Free Tips
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You already make hundreds of negotiations everyday. From the minute you get out of bed (and sometimes when you are still in it) you begin negotiating. Nearly every interaction we have with another person will involve some sort of negotiation process, most of it subtle enough to go unnoticed by all parties.
To enable the ideal outcome for a negotiation (see Tip 001), thought and preparation need to be applied. The negotiations that we do almost sub consciously are due to the fact that these have been practiced before and you expect a particular outcome, enabling us to proceeded on an ‘Negotiation Auto Pilot’.
The Golden Rule
Tip = 001
Win/Win/Win. Each negotiation should result in a Win/Win/Win situation. This means that you win, the other person wins and there is also a win for your relationship. A win for your relationship keeps both parties happy, is emotionally beneficial and paves the way for further successful business opportunities and negotiations.
Preparation
For a successful negotiation, thought and preparation will greatly increase your chances or a win/win/win situation. Not only will it keep the negotiation process running smooth it will also give you confidence and help pre-empt any negatives.
Tip = 002
Spend Time Planning. Depending on the situation, you will have differing amounts of time to spend planning. Planning can help pre-empt negatives, fill you with confidence and will help the negotiation conversation flow. Be armed with the facts!
Tip = 003
Know who you are dealing with. The more that you know about the party that you are negotiating with the better. Creating common ground helps relate to each other and is a cornerstone of healthy conversation.
Tip = 004
Know the product. Show the person that you are negotiating with that you have done your homework. If you are looking for a discount on a purchase the sales staff will expect more than just a plain ask. If you are selling a product or an idea to someone, the recipient will also expect you to know what you are talking about.
Tip = 005
Authority to deal? Does the person that you are negotiating with have the authority to give you the answer that you are looking for? If not find out who does.
Tip = 006
Brainstorm. Manage a team and often negotiated with? Make sure your staff know what they can offer. A brainstorming session can bring up potential questions and situations and allows your group to learn how to deal with them.
Tip = 007
Create your plan. Write it down. What points do you want to cover? If you are entering a business negotiation consider forwarding on a meeting agenda to the other party, that way they will know what points are important to you and make sure they are addressed.
Tip = 008
What Outcome? Make sure that you have in mind what is your Ideal Outcome, your Likely Outcome and a Walk Away Outcome. Have a Fall Back Outcome in mind if you have to suggest an alternative
Tip = 009
Practice. Role-Play the negotiation helps to iron out any potential stumbling blocks and helps gain confidence in the process. If you run a sales team, consider videoing it and using examples for training. By doing this you can also train for body language and other sales practices discussed later in this book.
Tip = 010
Understand what they want. You have to understand what the other party wants and needs for the end result of the negotiation. There is no point spending time negotiating and the other party leaving with less than they want – keep some meat on the bone or you will end with a win/loss/loss situation.
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