How can you use scarcity to create urgency in negotiations?

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Negotiating a contract can be challenging, especially when you face tough competition or resistance from the other party. How can you persuade them to agree to your terms and close the deal faster? One powerful technique is to use scarcity to create urgency in negotiations. Scarcity is the perception that something is limited, rare, or in high demand, and therefore more valuable. Urgency is the feeling that you need to act quickly or you might lose the opportunity. In this article, you will learn how to use scarcity to create urgency in negotiations and boost your chances of success.

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Divya Chandrasekaran

Founder - iPACT LEGAL| Corporate Lawyer| IP Attorney | contracts and negotiations| FMCG | Pharma | IT

1 Identify your sources of scarcity

Before you enter a negotiation, you need to identify what makes your offer scarce and desirable. This could be your unique skills, expertise, experience, reputation, network, or resources. It could also be your limited availability, capacity, time, or budget. Think about what sets you apart from your competitors and what value you can provide to the other party. Then, prepare to communicate your sources of scarcity clearly and confidently.

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Amanda T.

Global Supply Chain Mgmt|Board Advisor| CSCM| Lean6black Belt|IOT|AI automation
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Limited Time Offers: Communicate deadlines or limited-time offers during negotiations. Express that certain terms or benefits are available only for a specific duration to motivate quicker decision-making. Limited Quantity: Emphasize scarcity by indicating limited availability of products, services, or resources. Highlighting limited quantities or availability can prompt the other party to act promptly to secure the desired items. Highlight Uniqueness or Exclusivity: Emphasize the unique features or exclusive benefits of your offer. Demonstrating that the offer is rare or exclusive can instigate a sense of urgency to seize the opportunity.

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2 Highlight the benefits of your offer

Once you have identified your sources of scarcity, you need to highlight the benefits of your offer to the other party. Explain how your offer can solve their problems, meet their needs, or fulfill their goals. Use specific examples, testimonials, or case studies to demonstrate your results and credibility. Emphasize how your offer can provide them with a competitive advantage, a unique opportunity, or a long-term solution.

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Amanda T.

Global Supply Chain Mgmt|Board Advisor| CSCM| Lean6black Belt|IOT|AI automation
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Stress High Demand: Communicate high demand or popularity for the product or service being negotiated. Indicating that others are interested in the same offer can prompt the other party to act swiftly to avoid missing out. Create Competition: Introduce the notion of competing offers or interested parties. Mentioning that there are other potential buyers or offers on the table can stimulate urgency to secure the deal before someone else does. Demonstrate Future Scarcity: Discuss potential changes or future scarcity that could impact the deal positively. For instance, highlighting upcoming price increases or changes in availability can prompt quick decisions to lock in current favorable terms.

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3 Create a sense of urgency

After you have highlighted the benefits of your offer, you need to create a sense of urgency to motivate the other party to act quickly. You can do this by using time-sensitive language, such as "now", "today", "soon", or "limited". You can also use deadlines, incentives, or penalties to encourage them to make a decision. For example, you can say "This offer is only valid until the end of the month, after that the price will increase by 10%" or "If you sign the contract today, you will get a 15% discount and a free bonus". Be careful not to use false or exaggerated claims, as this can damage your trust and reputation.

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Divya Chandrasekaran

Founder - iPACT LEGAL| Corporate Lawyer| IP Attorney | contracts and negotiations| FMCG | Pharma | IT
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Creating a false sense of urgency can develop trust issues and may even break the deal. While one may be tempted to make any and all promises to close a deal, it is important to realize that the contract is just the start of the relationship, and looking at a long-term engagement, promise only what is doable and do not pressurize the other party to fall for any false or exaggerated claims, promises, pressure.

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Amanda T.

Global Supply Chain Mgmt|Board Advisor| CSCM| Lean6black Belt|IOT|AI automation
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Utilize Testimonials or Success Stories: Share success stories or testimonials about the positive outcomes others have experienced by acting quickly. Real-life examples can illustrate the benefits of prompt decision-making. Flexible Negotiation Terms: While emphasizing scarcity, offer flexibility in negotiating terms. Providing options or accommodating specific needs within the limited timeframe can motivate the other party to commit. Maintain Credibility: Ensure that the scarcity or urgency you communicate is genuine and credible. Overusing or misrepresenting scarcity could lead to distrust and negatively impact the negotiation. Negotiate Responsibly: While employing scarcity tactics, ensure fairness and ethical conduct in negotiations.

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4 Handle objections and alternatives

Even if you use scarcity to create urgency in negotiations, you may still face objections or alternatives from the other party. They may question your value, ask for more concessions, or compare you with other options. You need to handle these situations calmly and confidently, without compromising your position or losing your leverage. You can do this by acknowledging their concerns, providing evidence, reinforcing your benefits, and reminding them of the consequences of delaying or missing the opportunity.

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Amanda T.

Global Supply Chain Mgmt|Board Advisor| CSCM| Lean6black Belt|IOT|AI automation
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Negotiate Responsibly: While employing scarcity tactics, ensure fairness and ethical conduct in negotiations. Avoid using manipulative or aggressive tactics that might damage relationships or credibility. Strategic use of scarcity in negotiations can prompt urgency and encourage the other party to make quicker decisions. However, it's essential to employ these tactics thoughtfully and ethically to maintain trust and build successful long-term relationships.

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5 Use social proof and reciprocity

Another way to use scarcity to create urgency in negotiations is to use social proof and reciprocity. Social proof is the idea that people are influenced by what others do or say, especially when they are uncertain or unsure. Reciprocity is the principle that people tend to return favors or kindnesses that they receive from others. You can use social proof and reciprocity by showing the other party that you have other interested or satisfied clients, that you have received positive feedback or referrals, or that you have done something extra or helpful for them. This can increase your trust, authority, and likability, and make them feel more obliged or compelled to accept your offer.

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6 Follow up and close the deal

The final step to use scarcity to create urgency in negotiations is to follow up and close the deal. You need to maintain the momentum and pressure that you have created, and not let the other party procrastinate or change their mind. You can do this by sending a summary of your offer, confirming the deadlines, incentives, or penalties, and asking for a confirmation or a signature. You can also use a trial close, such as "Are you ready to move forward with this?" or "Do you have any questions or concerns before we finalize this?". This can help you identify any remaining issues or objections, and resolve them quickly and effectively.

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Amanda T.

Global Supply Chain Mgmt|Board Advisor| CSCM| Lean6black Belt|IOT|AI automation
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Negotiate Responsibly: While employing scarcity tactics, ensure fairness and ethical conduct in negotiations. Avoid using manipulative or aggressive tactics that might damage relationships or credibility. Strategic use of scarcity in negotiations can prompt urgency and encourage the other party to make quicker decisions. However, it's essential to employ these tactics thoughtfully and ethically to maintain trust and build successful long-term relationships.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use scarcity to create urgency in negotiations?

1

2

3

4

5

6

7

1 Identify your sources of scarcity

2 Highlight the benefits of your offer

3 Create a sense of urgency

4 Handle objections and alternatives

5 Use social proof and reciprocity

6 Follow up and close the deal

7 Here’s what else to consider

Contract Negotiation

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How can you use scarcity to create urgency in negotiations?

1

2

3

4

5

6

7

1 Identify your sources of scarcity

2 Highlight the benefits of your offer

3 Create a sense of urgency

4 Handle objections and alternatives

5 Use social proof and reciprocity

6 Follow up and close the deal

7 Here’s what else to consider

Contract Negotiation

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