The ability to negotiate well can have a monumental impact on your career. Poor negotiation skills can lead to missed opportunities and economic loss for your organization. Therefore, it is important that you learn the strategies necessary to clinch lucrative business deals. Here are some of the best negotiation tips from the experts.
Set Clear Goals
If you don’t set clear goals, you are unlikely to clinch a deal that’s in your favor. Prioritize your objectives so you know exactly what things are non-negotiable and what you would be willing to concede. You also want to determine your BATNA so you have a reliable backup plan in place. Having clear goals in mind can help take the emotion out of your decision-making, often resulting in better outcomes.
Listen and Understand the Other Party’s Needs
One of the biggest mistakes many negotiators make is doing all the talking. These negotiators try to control the conversation and continuously reiterate their own point of view. You are far more likely to clinch the deal if you truly listen to the other side and try to understand their key issues. This allows you to uncover valuable information and formulate a solution that will benefit both parties.
Be Prepared
If you want any chance of closing a deal, you must take the time to thoroughly prepare. Review the background of the person and business that you are negotiating with. Read articles and press releases about the company as well as personal bios about your counterpart. Review similar deals that have been completed by the other party and understand the offerings of your competition.
Negotiate with Real Decision Makers
If you are working to clinch an important business deal, make sure you are negotiating with the real decision makers. In large organizations, the decision makers may vary and a contract with certain personnel might not hold. Therefore, before spending your time on lengthy negotiations, be sure you are dealing with the right person.
Focus on Mutual Gains
The most successful negotiations are the ones in which both parties walk away feeling satisfied. A strategy aimed at mutual gains will almost certainly result in better deals. Furthermore, this helps to build stronger relationships for future negotiations.