Every marketer needs to prepare for negation strategies, since consumers expect more flexibility these days. Consumers can easily find competitors in a matter of clicks on their smartphones at any time. With the internet making business more competitive and personalized, it's best to adopt a set of negotiation strategies.
Why Negotiation Matters
Today's businesses are much more fluid and flexible than in the past, thanks mainly to the internet and smartphones. There are many more ways to negotiate deals than in the past as well, thanks again to wireless and remote communications technology. Many times negotiations are needed to resolve budget or time constraints.
The negotiation process is very helpful when it is used to lower individual rates for a group, especially for training programs. Software licensing can also be expensive for a class, but affordable for each individual at a group rate. By applying effective negotiation skills, you can get lower rates on higher volume deals.
When it comes to negotiation, there's a lot of difference so far as focusing on interests and focusing on positions is concerned. Your interests pertain to outcomes that are going to benefit you, while your position refers to you the stand you take on a particular issue. A small company has to consider the underlying interests of a larger one it’s negotiating with, and the possibilities of their mutual needs. While entering a negotiation, it’s highly beneficial to keep in mind the different scenarios and alternatives. Having such options in mind can help lessen the fears that come while negotiating. You need to remember that a Negotiation is not an either all or nothing process. First and foremost, think about your interests, and accordingly determine your options based those that are of highest priority to you.
Creativity is a key factor while negotiating. Studies have time and again proved the value of creativity for generating out-of-the-box alternative solutions and possibilities, and this is an important lesson you need to think about when you create your negotiation agenda.
Be Ready for Counters or Objections
When you gain an understanding of your opponent’s priorities, you can uncover their underlying interests more quickly. This process will also help you align their interests with your own, and in determining mutually beneficial outcomes. Gaining an insight into matters of highest priority of your opponent can help you ideate what kind of questions he might ask as well. You can accordingly prepare responses for those questions, with the help of collected data to support your answers even before you sit at the negotiation table. It will also help you in figuring out the kind of questions you would like to ask while negotiating. You will need to exercise some amount of flexibility and judgment while you negotiate, when it boils down to consideration of your opponent’s priorities.
During a negotiation, engage in a positive and proactive discussion without making overtures of offending your opponent. Such a situation can be rather delicate, involving a tightrope walk, as you might unwittingly offend your counterparts while negotiating: this is especially true in the case of international peers. This situation is going to become more and more likely in business in future.
Be Fair and Transparent with Colleague
During a negotiation, pay due regard to people sitting next to your table also. While you might be the person who does all the talking, it will be prudent on your part to prepare a colleague who will be ready for the negotiation. Be fair and transparent to your colleagues and they should apprised beforehand of any information that might arise during the course of the negotiation. They should also be made aware of the cultural and behavioral context regarding your opponents that you may have researched. This kind of transparency will give your team an opportunity to give their valuable insights.
In brief, keep the following negotiation tips in mind:
Be as creative as possible to inspire a memorable presentation
Focus on your interests instead of positions
Approach the other party as a co-marketing partner
Prepare a backup plan and a series of "if-then" scenarios
Consider the other party's background and perspective
Personality Traits of Negotiation
The key to negotiation is to present yourself in a natural transparent manner with a sense of openness. The negotiation process requires listening carefully to the other party's needs and sharing insights that strengthen a relationship. Ability to view the needs of both sides objectively is the basis of favorable conditions for negotiation.
Learning business etiquette is valuable since it shapes the foundation for successful negotiation. While it's important to come off as natural as possible, here are some techniques to keep in mind:
Pauses can add dramatic impact
Punctuality shows concern for resolving issues
Take into account the cultural origins of the other party
Showing interest in the others' background helps
Negotiation is both an art and a science. It requires an appreciation for two-way communication. The most effective negotiation occurs when two decision makers creatively facilitate each other's needs.
Image source - Pixabay