Life is all about negotiation. We ask questions about everything because there seem to be clear alternatives to whatever you are offered. God made humans that way. We are not made to just conform, which is why the creator installed a unique program in everyone called choice. Negotiation is a vital skill in both personal and professional life. Whether you are bargaining for a better price on a car, negotiating a salary increase, or closing an important business deal, the ability to negotiate effectively can have a significant impact on your success. It also matters in making other important life decisions like choosing a life partner.
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1. Know thyself
“Your results in life, be it financial, relationships or career, are directly proportional to your power of negotiation”.
– David Ogidinta
One of the worst mistakes you can make during an important negotiation is to go in representing the ideas of someone else. To negotiate effectively, you must know your values. Whether you are negotiating a salary or trying to close a business deal, you must be able to articulate your worth. Use a simple personal SWOT technique to identify your unique strength and the values you bring to the table. Knowing your weaknesses should not disempower you, rather it points out important landmines, and help protect you and the other party. Identify the opportunities and threats that lie within and outside your strengths and weaknesses. Knowing yourself is therefore critical to the success or failure of every negotiation you take part in. You must use this information to advocate for yourself and negotiate from a position of strength.
2. Prepare thoroughly
Preparation is crucial when it comes to negotiation. In human resources, it is almost taboo to enter a job interview unprepared. Knowing one or two things about the organization is essential. Before you begin negotiation, take time to research the other party, their needs, and their goals.
Salespersons often make the mistake of focusing solely on the A-Z of their products or services. They forget to pay attention to what the other party wants. Knowing this will allow you to anticipate their objections and prepare a solid counterargument. Also, prepare your position by identifying your goals and the concessions or compromises you are willing to make. To negotiate professionally, you must use objective criteria. Examples include industry standards or market data. This way you depersonalize the negotiation and reduce the risk of emotional response. Don’t forget that in every negotiation, all parties have biases. By using well-known facts to support your arguments, you can demonstrate the validity of your position. This will increase your chances of a successful outcome. Good preparation is the only thing that can guarantee this level of proficiency.
3. Set clear objectives
Having clear objectives will help you answer the why question. Negotiation can be very stressful, but it is important to remain calm and professional. Negotiations can also take time and rushing the process can lead to mistakes or missed opportunities.
Your top priority should be to fully understand the issues and work towards a mutually beneficial agreement. If you must win your negotiations, determine your goals and priorities before beginning. This will help you stay focused and avoid getting sidetracked with issues not your concern for the moment. If you are caught unprepared, the other party will outsmart you and unconsciously you will yield.
4. Listen professionally
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Apart from your core values and the need to prepare for your negotiations, the majority of the cues for you to finish strong come from the other party.
Pay attention to what they are saying and ask clarifying questions to ensure that you understand their perspective. Listening attentively can also help you know whether you are well-understood or not. Don’t make assumptions. Reading about the other party, or whatever you have known about them won’t suffice until you listen to them. Don’t assume you know what they want, rather take time to listen and understand their current perspectives. Don’t just wait for your turn to speak. Focus on their words and nonverbal cues. This will help you gain insight into their position and needs. This skill will allow you to tailor your arguments or solutions and find areas of agreement.
5. Build rapport
“The most successful negotiation is where everyone wins.”
– David Ogidinta
Negotiation is not war! There should not be positions in negotiation, rather it is important to focus on interests. Positions are like specific demands or requests made by each party. Whereas interests are the underlying needs or motivations behind those demands. Focusing on interests, you can identify areas of mutual benefit and find creative solutions that meet both parties’ needs. Building rapport in negotiation can help establish a sense of trust and mutual understanding. You can achieve this through active listening, finding common ground, and showing empathy. Most unsuccessful negotiations were coded selfishly, and the biggest tip-off is the feeling of suspicion. By building rapport, you can create a more collaborative negotiating environment and increase your chances for a successful outcome.
6. Learn
Every negotiation should leave you better than you were, whether you win or not. You must make every opportunity you get a learning curve.
Knowing your limits and being willing to walk away if necessary is important. This can be a difficult decision, but it is essential to maintaining your negotiation power. When you are willing to walk away, you can avoid making concessions or compromises. This ensures they are not in your best interest. It also increases your leverage for future negotiations. Setting a clear objective beforehand will effectively protect your boundaries and can help you draw important lessons. Once again, avoid emotional responses like anger or frustration – they cloud your judgment and damage your negotiation power. If possible, share the lessons learned with the other party, it engenders mutual respect and creates room for more opportunities.
7. Follow up
One exposure is not enough to give you the desired outcome. So, you must create a type of closing that makes room for another time.
Once an agreement has been reached, make sure to follow up on any commitments or action items. Failing to follow through can damage your reputation and make future negotiations more difficult. Use tactical persistence, but don’t be pushy. Checking up after a negotiation can help solidify the agreement and keep a positive relationship with the other party. You can send a thank you note, text or email, and reiterate the key points of the agreement. Continue to communicate with the other party to make sure that both sides are meeting their obligations.
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In conclusion, you are responsible for the outcome of all your negotiations. Knowing yourself is crucial. Prepare thoroughly and set clear objectives. Listen professionally and build rapport. Learn effectively and follow up diligently. These actions can significantly impact your success.
NEVER WALK ALONE, UNLEASH YOUR PASSION.
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