We all engage in negotiation at various stages in our lives both at work and in our home lives. Yet many people even in the business world never receive any formal negotiation training. Consequently they often suffer more than necessary in the buying and selling processes.
For many people, negotiation is seen as a pitting of wits, a battle of power and an opportunity to ‘get one over’ on ‘the other side’. However really successful negotiations tend not to be so brutal. We frequently talk today in terms of win win negotiations where both sides gain a deal with which they are satisfied. The basic idea is to move from a competitive approach to a cooperative approach where both sides work together to solve a common problem to the satisfaction of both parties rather than one party winning and one losing.
Although negotiation can be a sophisticated process there are some basic ideas which will help anyone create a better deal with a higher level of satisfaction. These techniques work in every situation with every person.
Firstly what can you give the other side which will cost you little but which will mean a lot to them? The reverse of this is, of course, what do they have which they could give you which would mean a lot to you but would cost them little. This is the basis of win win negotiation and is based on both sides wanting different things.
Secondly never negotiate just about price. Once you just focus on one issue there has to be a winner and a loser. Get creative and build a package around what you are offering and encourage the other side to do the same. That will give you material for concessions and flexibility in terms of your demands on the other side.
Thirdly practice ‘tough empathy’. Imagine what it would be like to be the other side negotiating with you. Don’t sympathize with them or feel sorry for them but simply put yourself in their shoes for a while and see the situation from their viewpoint. This is often the key to successful hostage negotiations.
Fourthly plan your negotiation. Never enter the discussions without finding out the issues with which the other side is dealing. Identify your ‘walk away’ price and try to work out the maximum and minimum you can obtain from the other side.
Fifth on our list is to practice taking the view from the balcony and look at the negotiation and how it is progressing as would an observer watching the proceedings from a nearby balcony. An alternative way of thinking about this idea is to imagine you can fly up in your personal mental helicopter and see from a distance what is really happening in the negotiation.
Number six is never to accept the first offer and always aim high. Research into successful negotiations suggests that high level of aspiration invariably produce the better deal even with the risk of upsetting the other side.
Number seven is to make sure that you never give the first concession. When you do give a concession always make sure that you ask for something in return before finally agreeing the concession.
Negotiation is a skill which can be learned. It is vital not only for business people but for everyone in every walk of life. We all buy and sell things including cars and houses and it is important particularly in a time of economic recession and hardship to ensure that we make the best deals possible. Practice negotiation at every opportunity, whatever you are buying or selling.
Author Resource:
Did you find this article useful? John Potter is a leading international business psychologist who regularly gives out free information. Developing negotiation skills is a very useful way of developing your effectiveness as a leader and manager. It also develops self confidence and the ability to create multiple streams of income. If you would like to know more about how to develop a second source of income with full video and tutorial support please visit the website http://www.MaverickMoneyMakersWinsOnline.com
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