Although negotiation is a basic skill, practiced almost daily in all walks of life, very few have studied it.
Here are some insights that we have gathered.
"You don't get what you deserve, you get what you negotiate for."
"The negotiator who has the most confidence usually perseveres."
"If you are an impatient negotiator, you will not do as well as you could otherwise."
Here are some tips for improving your negotiation skills:
- To be a good negotiator, you have to work at it.
- If you are willing to walk away, you usually make a good deal.
- When you negotiate, you need to know when to start, when to stop, and your bottom line.
- Charge for things the other party wants even if they do not matter to you.
- Puffery and embellishment are acceptable, but lying about what is essential ends trust and the hope of any future successful negotiation.
- If the other party respects you, they will try harder to agree with you.
- The other party will walk away from negotiating if an offer is so unreasonable that someone else may offer a better alternative.
- Know your "best alternative to a negotiated agreement" (BATNA).
- Be aware of nonverbal communication, such as body language and significant changes in behaviour.
Share your thoughts
Tell SRT Marketing and its readers about a time you were involved in business negotiation. How did you plan? How did it go? Did you walk away with what you wanted?
We'd love to hear your thoughts