We’ve all had them: the one client that you knew intuitively was a perfect fit for you and your company… but was the one that got away.
When negotiations break down, it can be hard to recover your equilibrium. But the best thing you can do is analyse the process you just went through and pinpoint where the deal crumbled. Learn from your mistakes, and the next deal will be easier.
Negotiating is a skill that can be learned with study and practice.
The following tips on how to negotiate more successfully will set you off on the right foot:
Prepare. Then prepare some more
Know your counter-negotiator. Learn as much as possible about him or her and the company represented. Put yourself in their shoes and try to determine from what position they will be negotiating. What is it they need most that you can offer? If you can get inside the other person’s head, you can define their issues and build your counteroffers and negotiations around their position.
Know your break-even point
Knowing this point will give you the edge in negotiating towards a successful deal that you both can live with. This means either knowing the rock bottom price that you’re willing to accept or knowing the worst-case scenario you’ll be able to live with. If you don’t know your break-even point, you run the risk of sealing a deal that isn’t good for you or your company.
Know your concessions beforehand.
In your research into this potential client, you will have learned their negotiating position. This will allow you to settle on concessions you can offer as you negotiate and what concessions you are willing to receive as acceptable to you and your company. Concessions are a great way to make sure each side comes out feeling comfortable in the deal.
Listen more than you speak.
You can learn a lot about how a person negotiates and what’s most important to them merely by listening to and assimilating everything they say. Even the most mundane statement can give you insights into the other person’s mind set and position. Mirror back to your counter-negotiator your understanding of what they’re saying. This helps build trust.
Don’t lose your cool.
This is undoubtedly the worst thing you can do in a negotiation process. Once you’ve lost your composure, you’ve lost the upper hand. If the other party sees that they can rattle you and shake your confidence, they’ll understand how to manipulate you into a deal that’s not in your best interests.
Be ready to walk away.
Never go into a negotiation with the notion that you have to make a deal at all costs. Be willing to walk away if you can’t reach concessions that are favourable to both sides. If the other side is unable or unwilling to see your value, then you probably don’t want to do business with them anyway.
These are very basic negotiating skills that, with practice, will help you arrange deals both sides can live comfortably with. The main goal is to make sure each side gives up something acceptable while getting what’s most important to them in return.
At Natural Training, we believe that negotiation training should develop a high level of personal impact. We aim to develop an individual’s competence, recognising that there is no ‘ideal’ negotiator. The professional negotiator deploys the basics extremely well and understands the need to adapt their style and tactics to the specific time and situation.
We have saved our clients millions in terms of buying lower, selling higher and maintaining professional relationships and integrity throughout the negotiation. Call one of our Consultants today on 0207 043 1582 to discuss how we can help you achieve your goals.