Updated: Dec 15, 2021
Negotiation techniques are easier to preach and hard to exercise. Whether in a family or at the workplace, convincing others to do agree to your viewpoint takes a lot of skill. The deal-making situation is no different from the domestic front and needs a lot of listening, understanding and data researching. Listed below are few negotiation techniques which the young entrepreneurs of this generation have tested practically.
Backup research and facts in negotiation : A better negotiation is one which is backed up by data and facts that work to your advantage. Opinion based negotiations are usually lost in the light of facts and research data. One need not study extensively to negotiate right. Just making it a habit of reading and remembering content and statistics pertaining to your genre does the trick. The quoting of opinions of the important personality is also a good tactic to present a data during negotiation.
Change the ambiance : Sometimes arguments come up when people are detained for too long in the same room or environment. Research has proved that change in the physical atmosphere can bring about change in thinking patterns. If the things are not working out in a meeting room, go for a lunch meeting or take a walk for some fresh air. This change in environment may encourage good rapport building and then pave way for better deals.
Be Silent and work it to your profit : Being silent when the other side is presenting the deal-making details does not create an awkward situation. It only emphasizes that you are giving respect to the other side. Letting them present the deal details without interruption means a great deal to them. This silence can work to your advantage once you begin the negotiation with your piece of facts in place.
Work your Emotional Intelligence to your advantage : Being able to decipher the feelings of the opposite person is an art you master once you get to know that person. An emotional intelligence is a quality where the person knows his/her emotional feelings and can also decipher the other’s feelings. To build this one should begin by building a personal rapport. Begin this by starting a discussion about common interests. It is good to work with people you know and understand well.
Show Respect to the Opposite side : As mentioned earlier being silent shows respect to the other side. But when it comes to negotiation and expressing disagreement with the other side without being rude, it becomes slightly tricky. For example, you can state that “your quote for $35,000 for the program is right in its place because the program is convenient to use and highly efficient. But, my allocated budget for this service is limited to $25,000 only. Please get back to us if you think it can work”.
Arrive at a common goal and probe mutual gain situations : Being alert for identifying a situation for mutual gain is a good negotiation skill training which never fails. It needs the person to spend time with the other party and understand the deal agreement in depth. Even if the opposite side is adamant about price in a deal, focus on the remaining aspects of the business like the warranty scope, bulk purchasing benefits, etc which can be advantageous to both parties.
Anchor the deal first : In any negotiation, the speaker who speaks first usually gets to anchor the deal. The numbers which are presented first set a limit or anchor to the deal and put the speaker at an advantage. Hence, when in a negotiation for salary, speak first and set the anchor to your desired value. It is observed that deals close nearer to the anchor value.
Listen attentively : A good negotiator listens to the opposite side with all the focus. By listening attentively you can find ways and means to come up with right things to say and find out solutions that benefit both sides. It takes great skill to read between the lines when in a negotiation deal.
Make a clever proposal with intentional freebies :This does not mean one should present freebies in the first round of negotiation. It only means that one should include certain aspects which can be willingly cut out of the deal. This is helpful in situations where a deal has to go through a chain of approval meetings. When the other side asks for the change of proposal they feel good in playing a part in making the deal better.