Negotiation is an important skill that is often neglected. Whether you are a salesperson, a job seeker, or a business owner, you will find yourself negotiating at some point in your career. The better your negotiation skills, the more you will get good deals. Funnily, if you understand human psychology, negotiation is not as complex as it sounds. All you have to do is prepare before time and learn more about the person you are negotiating with. So, here are some negotiation strategies to help you seal more deals.
#1. Understand Every Party’s Goals
Understanding every party’s goals is one of the negotiation strategies to help you seal more deals. Once you know the goal of whoever you are negotiating with, you can easily give them a good deal they can’t reject.
In every negotiation, both parties have to reach a common ground based on their interests. During the negotiation process, you have to clarify your goals, interests, and viewpoints.
It’s easier to reach a common ground when both parties understand each other’s goals and clarify what’s important to them.
You are less likely to get a good deal for your business without a well-defined goal in mind. But when you enter a negotiation with a specific goal, you will put yourself in a position of strength throughout the negotiation process.
Therefore, set smart goals for your negotiation, let the other parties understand your goals, prioritize them, and always consider what’s best for your business.
Again, don’t just make the negotiation about yourself. Try to consider what’s important to the other party so that you guys can have a win-win outcome.
#2. Understand the Other Party’s Perspective
One of the best negotiation strategies to help you seal more deals is understanding the other party’s perspective.
Understanding the other party’s point of view is one of the most critical aspects of the negotiation process.
It helps you to control and direct the entire conversation in your favor. All you have to do is study them as they talk, understand their pain points, know what’s important to them, and emphasize those areas.
If you are strategic enough, you will know exactly when to hold and fold the other parties before getting to the negotiating table.
Try and understand everything about your counterparty, including their thinking and position. And you can achieve this if you do enough research before the negotiation starts. How they react to issues during the negotiation will also give an idea of how to control the entire process.
#3. A Good Negotiation Starts With Research
You will be putting yourself in a very weak position if you go to the negotiating table without knowing anything about the other party. That is why research is one of the negotiation strategies to help you seal more deals.
When it comes to negotiation, you do most of the job before getting to the negotiating table. As you step into the negotiation, you should know a million things about the other party.
You should know their strengths, weaknesses, why the deal is vital to them, how desperate they are about sealing it, and if they are willing to walk away when the contract is not in their favor.
The information you gather will help you create a relationship between you and the other party. It will also give you an idea of how they will react throughout the negotiation process.
And when you understand how the counterparty will react before the negotiation begins, it puts you in a place of strength.
#4. Stand Firm on Your Request
Negotiating a deal can be very brutal because everybody wants what’s best for their company.
And as a representative of your company, you must be relentless with your request. That is why standing firm on your position is one of the negotiation strategies to help you seal more deals.
Prepare your mind ahead of time. The other party may be as firm as you in their request. They may not want to reach a common ground. That is where you will start using the information you already gather about them strategically.
For instance, if you already know that you are the only option for the other party, you will be more firm in your request. However, it’s advisable to be reasonable so that you guys can get a win-win outcome in the end.
But don’t back down unless the other party is ready to meet you halfway. And don’t be desperate about your request.
Once you realize that the other party wants to take advantage of the situation, walk away from the negotiation.
Regardless of how amazing a deal seems, if it’s not favorable to your organization, it’s not a good one. I know it may be tempting to accept it, but a good negotiator knows when to walk away.
#5. Beware of Your Body Language
Your body language is one of the negotiation strategies to help you seal more deals. But be careful of how you use it. Otherwise, the other party may use it against you.
Be composed, and try to align your body language with your verbal conversation. Don’t panic or fidget; it’s just a deal. And if you are confident about yourself, you can easily close the deal.
Funny enough, negotiation is not rocket science. It’s easier than you think if you are strategic about it.
Once the deal is not going in your favor, don’t hesitate to walk away. It puts you in a position of strength when the other party understands that they aren’t your only option.