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6 rules of negotiation
We all negotiate so learn to do it ethically and to the best of your ability. Thinking and planning is as important as performance
Think before you negotiate
Price is by no means the only area where we negotiate but it's certainly the one prospects and customers love, and every time you negotiate on price you are giving away potential profit. So answer these simple, yet fundamental questions first:
- Have you differentiated your product or service sufficiently well to substantiate the price you want?
- Or it could be that you habitually skimp on the classic problem/need/benefit part of the sale - establishing this person's perceived individual need and presenting the most appropriate benefits that your product or service will provide?
Or maybe you just need to practice the Art of Negotiation and learn to steer it away from price
The 6 rules of negotiations
There are six crucial rules that govern successful business negotiations:
- Do your homework in advance, know and be able to justify your value
- Know as much about both sides of the situation and the mentality of the people you are dealing with as possible
- Know what you want to achieve, what is reasonable to achieve, and be prepared to stick to your guns
- Ensure that all parties are happy with the outcome - nobody should feel that he or she has lost
- When you negotiate successfully it usually results in enhanced respect for you, and the value of the service you provide to your employer or client
- If you can't get what you believe to be a fair deal - be prepared to walk away - if you're not, the other party will sense it and you will lose
There will be times when your clients and prospects will question your terms, conditions, delivery, price, whatever, because it's human nature. However, the more effort you expend on the early stages of the sale, honing in on providing the right solution for this prospect's or customer's needs, the stronger your position will be should the subject of negotiation arise. You will increasingly find yourself negotiating on value for money rather than price.
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