Negotiation is an art that has become rare in recent years. While most businesses run on a fixed price model and even job offers seem to be set in stone, negotiation is still on the table. There are many places where negotiation will still get you where you need to go and improve terms that fall in your favor. We have put together a few of our top tips and suggestions that will help you negotiate more effectively.
Enter Negotiations with Knowledge
It is important to have all the facts on hand before you ever start your negotiations. This is true for settling on a salary or just getting the best rate on a new car. Spend time looking at the market to see the current rates available versus the current demands. You can always enter the negotiations with receipts or proof of your point of view to help move the deal forward. The more you know before you start negotiating, the better your position will be.
Look for the Win-Win
Any good negotiation will leave both parties either happy or content with the deal. Make a point of only offering what you would accept yourself during a negotiation. You can also find alternatives that allow the other party to be fairly compensated while you are still able to get the bulk of what you want. Both parties walking away happy with a win is a well-negotiated deal.
Understand Your Worth
Knowing your worth in a negotiation is the only way to make the most of the situation. Be it as a customer, brand owner, or employee, knowing your value is critical. Aside from knowing your value in the market, you also need to know what your value is in the eyes of the other party. This knowledge will give you a stronger foundation on which to stand during negotiations.
Practice Patience
Negotiating is a practice of patience. If holding your tongue is not your style, negotiations are not for you. When you sit down to negotiate, it is important to bring an immense amount of patience and calm with you to the table. Know your goal and work towards it with class and grace. Getting angry, rushing the other party, or hurling insults is the worse way to go about getting what you want. Instead, take a deep breath, put on a smile, and walk into the negotiations with a plan and a purpose.
Practice Your Approach
For new deal makers and master negotiators alike, practicing your spiel is critical to success. Practicing will help you to work out any kinks in your offers and rid you of lingering anxiety about the negotiations. Depending on how big of a deal you plan to negotiate, you may even want to have someone run through it with you beforehand. That way, when you enter the room, you will be confident in your offers and your presentation.
Define Your Trade-Offs
Before you enter negotiations know what you want to achieve and what you are willing to trade-off. Perhaps you are looking to increase your salary in a position that you have held for years. Directly demanding a raise is not likely to work, so have a list of trade-offs you are willing to accept. For example, you would take a raise, but you will also accept more responsibility or fewer days off.
Locate The Pressure Points
Every negotiation will have pressure points, and it is important to find them early on rather than towards the end of the deal. Once you know the other parties' pressure points, you can craft a deal that is more beneficial for you while also addressing their concerns. At the same time, it is important to keep your own pressure points in mind so that you don’t end up settling for less than you require from the deal.
Manage Your Expectations
Your mindset going into negotiation has a lot to do with the results. It is important to have a high expectation or at least expect to achieve what you need. If you go in expecting to be turned down or disappointed, that is exactly what will happen. If you walk into the negotiations expecting to come away a winner, chances are you will. Your mindset is what allows you to work towards a certain goal, or even to accept whatever is offered.
Standing up for what you want is not always easy. If you are filled with anxiety with the thought of asking for your worth, you are not alone. Hopefully, with these negotiating tactics from our vault, you can always walk away like a winner.