Tips on how to get the best deal!
1. Connect at a personal level
Human connections are paramount in negotiation. Your attitude and energy going in will set the tone and affect the outcome. It all starts with a mindset. You need to set aside the idea that negotiation is a contest between two parties and realise that you’re working with a person across the table. Keep in mind the language, both verbal and non-verbal. You can use words like long-term to convey a sense of common interest and lasting value and keep your body language relaxed.
2. Now the person who you’re dealing with
Know what the other side wants. Know their needs and motivations. To achieve this, you need to do your research and ask questions. Don’t assume that they are just like us and that their internal logic is the same as yours. If you understand where they are coming from, you will be better prepared to adapt to the dialogue as terms change.
3. Disclose as much information as possible
Open up and share as much information as possible with your client and give them the full scope of your thinking. Details also show credibility. It shows that you’ve done your homework and have thought things through. Anticipate the questions and ensure that the disclosures are in line with your goals.
4. Don’t give up
Many people can’t deal with the pain of rejection. They go in thinking that they have to wrap the deal in a day. When they are told no, they give up. Negotiation is a process. At times it takes weeks or even months to close. Be satisfied with the progress and keep pushing talks forward.
5. Don’t be afraid to think big
What else could you have done apart from getting the deal done? Could something be tied to the back end? This comes down to the confidence that comes with truly knowing the other party. If you know that you’ve got an idea or a product that will add value to their business, be confident in sharing.
6. Listen and listen more
You can become an effective listener by allowing the other person to do most of the talking. Encourage the other negotiator to talk by asking lots of open ended questions that can't be answered with a simple "yes" or "no."Follow the 70/30 rule. Listen 70% for every 30% you talk.
7. Don’t be afraid to ask for what you want
You’ll never get things that you don’t ask for. Don’t just focus on the cake, go for the bakery!
Successful negotiators are assertive and challenge everything – they know that everything is negotiable.
Being assertive means asking for what you want and refusing to take NO for an answer. Let people know what you want in a non-threatening way by expressing your feelings without anxiety or anger.