LEARN HOW TO NEGOTIATE WITH THESE TACTICS
Negotiation is the key to business success. Successful negotiation involves good interpersonal and communication skills used together to bring the desired result. In fact, negotiation is one of the main qualities employers look for when recruiting staff nowadays.
This is because a good negotiator can close the best deals, leading to the advancement of an organization. Improved supplier relationships, sustainable competitive advantage, and managing conflicts effectively are all advantages of successful negotiations.
Most people never get training in the key concepts of negotiation, despite it being an essential skill in business and in life. Whether we realize it or not, we are constantly putting the keys to negotiating into practice when we leverage assets like confidence, collaboration, and the desire for excellence.
When you’re able to give negotiation meaning by using it to realize your unique professional dreams, you create a negotiation definition that encapsulates the strengths you’ve worked so hard to develop. You likely already understand that to get bigger, better deals in your favor, you must learn how to negotiate from a position of power.
Whether you’re a novice to the art form or an accomplished negotiator looking to augment your skills, you can always learn more negotiation techniques to take your business to the next level.
WHAT IS NEGOTIATION?
In the broadest sense of the term, a negotiation is a discussion between two or more parties who must cooperate to achieve their respective goals. Negotiations require a give and take by both parties to attain a result that is mutually beneficial. Successful business negotiation tactics often mean maximizing the meeting of your interests.
You are striking an agreement with another person, and while you want this agreement to benefit both parties, you also want to get the most out of it.
However, in order to get the most that you can, you must also meet the other person’s interests. Yes, you want to walk away from the negotiation feeling like you’ve “won,” but those you’re negotiating with need to feel that way, too. If one party emerges victorious, then it’s not really a negotiation – it’s a disagreement.
CRAFTING A NEGOTIATION DEFINITION WITH MEANING FOR YOUR BUSINESS
To bring this negotiation definition to life, you must ask yourself: What is negotiation as it pertains to my business? To give the word “negotiation” meaning, you must craft a negotiation definition that resonates with your brand identity and ultimate business vision.
As you learn about the principles and keys to negotiating, brainstorm ways to apply them to your business model. Think about what makes your business stand out from the competition, from your branding to marketing and customer retention strategies. As you create a personalized strategy, you’ll increase your self-confidence along with your skillset.
Negotiation Skills Are Learnable
Contrary to popular belief, top negotiators are not hard bargainers and tough-minded personalities. They are not aggressive and pushy and demanding. They do not coerce their negotiating partners into unsatisfactory agreements.
The best negotiators are invariably pleasant people. They are warm, friendly, and low-key, They are likable and agreeable, They are the kind of people that you feel comfortable agreeing with.
COMPONENTS OF EFFECTIVE NEGOTIATION
There are three critical components to every negotiation:
In any negotiation, each party wants something from the other – it’s their “requirement” for entering into negotiations in the first place. If you are negotiating a new job, then your prospective employer wants you to work for them, and you want a paycheck and benefits in return.
Both parties care about the outcome. There is an inherent desire to win, but that desire does not come at the expense of the other party. Instead of muddling your negotiation definition with an adversarial tinge, look at it as an effort to solve a problem.
3. AN EYE ON THE BIG PICTURE
To give a negotiation meaning, ask yourself: What part of this discussion matters most to me? If you’re negotiating salary and benefits for a job, you may be willing to forego an extra $5,000 a year if you can get 10 days of paid time off.
As you work your way through the potential agreement, understand that negotiating power comes from a point of interest – the dream that drives you, or the goal you desire. Why do you want this outcome, and why do you deserve it? You must approach each negotiation knowing what you’ll achieve by obtaining this agreement.
Remember that negotiation tactics largely revolve around conversation. What is negotiation going to accomplish if it doesn’t allow both parties to express themselves? If we continue using the example of a new job and its salary, then there will likely be numbers tossed around and emails exchanged. But the bulk of your efforts will be centered on talking to the other person or people.
This is not the time to steamroll them with your opinions. You want them to see your point of view, but you also want to listen deeply and learn theirs. Understanding how they are approaching this conversation and why they want what they want will help you build your own case.
The ability to empathize is at the heart of a negotiation definition that works in the real world. Empathy gives negotiation meaning since it smooths the way for a collaborative give and takes.
12 KEYS TO NEGOTIATING
The following keys to negotiating will put you on point when you’re heading into deliberations.
NEGOTIATION SKILLS ## WATCH YOUR POSTURE
The concept of state is one of the most pivotal keys to negotiating. When you harmonize your mind, body, and emotions, you project an air of confidence. The way you stand or sit conveys a great deal about your present state of mind.
Slouching makes you look insecure or like you don’t care; fidgeting signals to the other person that you’re nervous. Sit up straight and keep your body angled toward the individual you’re negotiating with.
NEGOTIATION SKILLS ## PRESENT YOURSELF WELL
Showing up to a negotiation in a T-shirt and a pair of shorts might work for a handful of people, but it likely isn’t a tactic you want to try. Show up to a negotiation the way you would show up to most job interviews, in clean clothes that fit well. Feeling assured about your appearance can go a long way in feeling confident about a situation.
NEGOTIATION SKILLS ## DISPLAY CONFIDENCE
You can create confidence even if you don’t feel particularly confident in a given moment. By appearing sure of yourself and what you’re asking for, you convey a sense of certainty to your opposing party. That certainty can persuade them to see the situation from your side, giving you the advantage in the negotiation.
FIND COMMON GROUND
Next time you are stuck on how to negotiate, remember that at its heart, negotiation is an effort to solve a problem and reach an agreement. By better understanding your opponent and working with them instead of against them, the chances of everyone getting their interests met go up dramatically, resulting in a successful negotiation.
KEEP AN OPEN MIND
Flexibility is critical in negotiation, meaning you must give yourself some wiggle room to accommodate the other party’s objectives. Instead of getting stuck on a single desired outcome, prepare for the negotiation by compiling a list of outcomes you’d be happy with.
When you’re clear on what will ultimately propel your business forward, you’re able to see multiple options for getting what you want.
EXPLORE INSTEAD OF OFFERING
The concept of dialogue is so pivotal to a working negotiation definition that it deserves a closer look. As you’re conversing with the other party in negotiations, maintain a mindset of exploring your options. You’re conversing to see what the possibilities are – not to offer a final solution. Exploring opens doors, and offering closes them.
ACCEPT SILENCE AS GOLDEN
Whether you’re new to negotiation or a seasoned pro, there will be moments in your dialogue where you don’t know what to say. This is an opportunity to practice one of the lesser-known communication skills: silence. Instead of backing yourself (or the other party) into a corner with a half-baked response, give yourself time to think.
What is negotiation without intentionality? By taking a moment to reflect, the other party may respond with a solution. Or both parties may decide to take the conversation in a different direction.
In any case, the collaborative skills you build through deliberations will take you a long way in your professional relationships and overall career trajectory.
Keep Emotions in Check
It is vital that a negotiator have the ability to keep his emotions in check during the negotiation. While a negotiation on contentious issues can be frustrating, allowing emotions to take control during the meeting can lead to unfavorable results.
For example, a manager frustrated with the lack of progress during a salary negotiation may concede more than is acceptable to the organization in an attempt to end the frustration.
On the other hand, employees negotiating a pay raise may become too emotionally involved to accept a compromise with management and take an all or nothing approach, which breaks down the communication between the two parties.
NEGOTIATION SKILLS ## Active Listening
Negotiators have the ability to listen attentively to the other party during the conversation. Active listening includes the ability to read body language as well as verbal communication. It is vital to listen to the other party to find areas for compromise during the meeting.
Instead of spending most of the time in the negotiation while defending his viewpoint, the experienced negotiator will spend more time listening to the other party and find clues for further debate.
NEGOTIATION SKILLS ## Clear and Effective Communication
Negotiators must have the ability to communicate clearly and effectively to the other side during the negotiation. Misunderstandings can occur if the negotiator does not state his case clearly. During a bargaining meeting, an effective negotiator must have the skills to state his desired outcome as well as his reasoning.
Maintaining Good Relationships
Effective negotiators have the interpersonal skills to maintain a good working relationship with those involved in the negotiation. Negotiators with patience and the ability to persuade others without using manipulation can maintain a positive atmosphere during a difficult negotiation.
Ethics and Reliability
Ethical standards and reliability in an effective negotiator promote a trusting environment for negotiations. Both sides in a negotiation must trust that the other party will follow through on promises and agreements. A negotiator must have the skills to execute on his promises after bargaining ends.