When negotiating a deal or sale, it is important to consider the skills and trades you’re offering and what you hope to get in return. When offering your services, it is recommended to refrain from giving “too much” away. What this means is not over-promising or giving away something too valuable without getting something back in return.
In high-stress sale or negotiating situations, it is easy to unload offers to try and appease the other party member. This is a self-defeating method, as it devalues your services and leaves you vulnerable to unwanted concessions.
If you plan to offer something, make sure there is a return on it. It is not undesirable to make the other party member ‘earn’ the concessions you have access to, as opposed to simply giving them to them. This will result in a more satisfactory experience for both individuals.
Establish a Negotiation Strategy in Your Company
If you’re the head of a company, it is recommended to establish a quality negotiating plan among your employees. A good negotiating strategy can help improve customer satisfaction and potentially boost sales by implementing strategies that adhere to consumers’ wants and needs.
A poorly implemented plan may lead to conflict within a company or to disenfranchised employees frustrated by poor communication among their peers or superiors. With most organizations, negotiating is a daily business at every level. Whether it’s designating tasks for employees or handling customers, the ability to properly negotiate affects all areas of the workforce. A consistent and well-designed plan reduces stress among employees and lets staff learn proper negotiating tactics applicable both in and outside of work.
Don’t take it personally
Dealing with rejection or potentially rude customers is an expected part of negotiating. However, being sidetracked by personal conflict loses sight of the original deal or offer and results in time spent on unrelated issues. Understanding someone else’s personality or demeanor requires patience and sympathy. Peaceful negotiation requires focusing on the problem at hand and providing a solution irrespective of someone’s personality. Coming to a conclusion that satisfies both parties successfully defuses personal conflict and keeps the discussion civil between both parties.
Negotiate Through Emotions
Negotiating can be an emotional investment among people, which can be a powerful tool to utilize. A common mistake among businesses is that they rely on logic or rationale to drive the negotiation process. Communicating ideals or values is almost always an emotional experience, with decisions being made based on greed, fear, ego, status or a desire to please.
An important tactic in negotiation is to show the benefits of a product or service, perhaps by painting a picture in someone’s mind or alluding to potentially successful scenarios or situations. This provides a visual imagery without actually spelling it out for someone, a clever tactic in challenging the other party member.
Celebrate a Closed Deal
The close to a successful deal is a satisfying experience for both individuals, given that the deal is mutually beneficial. Regardless of personal opinions towards a potential business partner or customer, it is important to celebrate a successful deal once it has been settled.
Making the other party feel good about their decision is an important aspect of closing a deal. A begrudging acceptance may result in animosity later on, presenting an underlying dissatisfaction with the deal, which may make it difficult for them to come through on their initial promises. Make sure both party members are satisfied with the offer, even after they’ve said yes.
Subscribe to Leadership Insights, the blog that transforms.
Join thousands of subscribers in the Leadership Insights community for a regular diet of ideas to fuel your success.