Top business negotiation tactics that will get you the deal
Every other day of our lives, we find ourselves negotiating. Whether it is getting our kids to a good school, when we want a job promotion or even in sales and purchasing, we always want to get our arguments win for our cause. In business as is in our normal daily lives, knowing the best negotiating tactics can and will always get you the best deal. When entering a business negotiation meeting, it is paramount that you know the possible different tactics that your opponent can employ so that you can know how to handle your end. Here are the basic tactics;
Ranking of priorities
Entering a negotiation room requires that you sequence your key priorities. As a purchaser, we might say the price is the most important to us and if we happen not to agree on it, then there is no need to continue with the meeting. Grants and Galinsky, well known authors of ‘Give and Take’ puts it best by suggesting that both parties should put their priorities on the table for both to see. This way, they will both compare their priorities and come up with common viable approaches such as trade-ins or allowing of discounts.
Know your price, walk away terms and concessions to make if the need arises
Oftentimes, we enter a negotiation room, hoping to achieve a specific price. While getting the best deal is what we went hoping for in the first place, there is always a risk that you might agree to an undesirable deal at the table. It is important as a digital marketing Sydney firm therefore to know that before you go for the negotiations to do your research well. Have solid data that backs your case. This way, you will enter the negotiation room and argue your case with confidence and more effectively. You will know your price range, determine your walk-away terms and also help you make reasonable yet wise concessions that won’t hurt your business.
Be the one to make the first offer
We might be persuaded to think that letting the other party talk first is courteous. However, as research has shown, going first makes the other party, beware of your terms and to come towards your offer. Don’t forget that high price is generally associated with high quality and low price with poor quality. After having done your research well on the price of what you are selling or offering, you should go by it. Pick a good figure, but not one that will shock and put off the other party.
Both parties should make counter offers
Every other person at the negotiating table wants to come out as a winner. Even after getting a first offer from the other party you should never agree to it straightaway. Ask for concessions and change of certain terms that can be done to make you happy if not happier. Don’t forget that going too low is dangerous and can lead to non committal attitude on the other party to go through with the deal. Having counter offers encourages both parties to work towards achieving greater results.
Be open with information and share it
We often go into business negotiations in the hope that the other party will become a partner with us. For a Digital marketing agency in Sydney to gain the trust of the other party at the negotiating table, it must be open with some of the information it has. You will find that people are normally reciprocal in their daily lives. By being the first party to offer information other will respond in kind. As some studies and analysis have shown, including one done by Business Insider; revealing information even if it is general and not relevant to the issues at hand helps achieve better negotiation results.