Negotiate better, sell more. How.

Never enter a negotiation you're not willing to walk away from. - Shonda Rhimes

Not knowing how, when, or what to negotiate can be costly.

Entering a negotiation from which you're willing to walk away is a great negotiation strategy. Are there other things you can do before and during a negotiation to strengthen your position? Indeed, there are. Let's get into them.?

Articulate interests

One of the reasons why negotiations end in an impasse is that parties are fixated on their position -- i.e., stating what they want. Instead, consider articulating your interests -- i.e., stating why you want what you want. Take a moment to identify your needs, concerns, and other reasons that underlie your position. By sharing these interests with the other party during the negotiation, you'll give the other party the opportunity to introduce additional issues that perhaps you had not considered but may nevertheless address your interests.

Have a reservation price

Part of the preparation for negotiating will entail establishing your resistance point, which is essentially your bottom line. If you are negotiating with a supplier, your resistance point will be the maximum amount that you are willing to pay. If you are negotiating with a client, it will be the minimum that you are willing to accept for payment.

What's your target price?

Your reservation price is as important as your target price. The target point is essentially your ideal outcome -- the amount that you would like to either pay or be paid. Whereas your target price is what you believe something is worth, your reservation price is what the market says it's worth. Always start a negotiation by disclosing your target price, not your resistance point.

Don't forget the BATNA

Negotiation is psychology. People who secure a Best Alternative to a Negotiated Agreement (BATNA)-- which is the option a party has if the negotiation ends in an impasse--tend to have a strong negotiation position. There is power in knowing that one can be assertive in a negotiation because they have already secured another option should the present negotiation fail. A BATNA emboldens people to do what all negotiators must be willing to do--walk away.

The bottom line: Only talk as much as you need to. One of the shrewdest negotiation strategies is to harness the power of silence. Maintaining silence provides an excellent window into the other party’s point of view, which can help you get what you want. Enough said.?