Also known as bargaining, negotiation is a process where people or parties get together and find a common ground in a situation where they have a conflict of interest. Each of the parties involved in a negotiation has its aims, interests and opinions. They negotiate with each other because there is an issue of mutual concern. Negotiation is a skill that is highly valuable in society today. It is applied in various situations. Examples of these are in business deals, courts of law, relationships and in sport. Each party in a negotiation hopes to achieve its objectives. They hope to get what they want. To do this, they need to have an effective approach to the negotiation. Here are the 10 most powerful negotiation tactics.
Sharing is caring
In most cases, we approach a negotiation while unwilling to share information. We are wary of revealing what we know lest it is used against us. Despite seeming like a good idea, it actually harms us more than it builds us. This is because it prevents us from fostering trust with the other party. We expect the other party to trust us. For this to happen, we must make the first move. You can share some information about yourself or your client in the negotiation. It can be related or unrelated to the matter at hand. You don't have to show all your cards. However, sharing your hopes for the negotiation can help to establish a positive environment and lead to good results.
Rank your desires according to priority
When approaching a negotiation, each party has some objectives that they hope to achieve. Some of them are dealbreakers. Thus means that if they are not met, the negotiation is over. To succeed in this endeavor, you should organize your priorities according to their value to you. After doing so, communicate your ranking to the other party in the negotiation in full transparency. This shows that you are willing to achieve an amicable solution. Not only does this foster trust, it encourages the other party to share their objectives with you. This leads to quicker, more positive results in the negotiation.
Identify your target and your reservation objectives
In a negotiation, you should have your target objective. This is the term that you hope to achieve. You should also have your reservation objective. This is the term that you are willing to settle for in case you don't achieve your target. Ensure that you have both of these as you approach your negotiation. In case you accomplish your target, celebrate. If not, try to achieve your reservation objective. If this is not possible, walk away.
Be the first to make an offer
A fundamental principle of negotiation is that whoever makes the first offer is most likely to get what they desire. This is because their offer sets the stage for all further negotiation. It is a psychological process known as anchoring. We are often afraid to make the first move because we may be asking for too much. However, research indicates that thus is exactly what you need to do. In life, you get what you pay for. Therefore, approach the negotiation with lofty expectations and make them known as you make the first offer. This will lead to a positive outcome for you.
Make the other party agree to small, slow concessions
Sometimes you can find yourself at the negotiation table with a hard bargainer. Not only do they have a very high initial offer, they are unwilling to compromise. In such a case, you should first of all indicate your own ambitious terms. After that, make the other party agree to small concessions bit by bit. This will help to soften their resolve and get them to your level.
Get your facts right about the commitment of the other party
In a bid to stall negotiation or get their terms agreed to, some parties can say that they have no power to adjust their position. They can indicate that their hands are tied. In such a case, make sure that you have done enough research about them to know the extent of their power. Therefore, if they seek to mislead you with this tactic, call them out and indicate that you are aware of their ability to keep compromising.
Focus on the content, not the context
Sometimes, you can get a take-it-or-leave-it offer from the other party in a negotiation. This is their deal breaker. If you don't agree, then you don't get anything. If you are faced by this situation, ignore the finality of the statement. Instead, focus on its content. What do they want so badly and how can they achieve it in a way that benefits you as well? This is a constructive way to go in a negotiation.
When going into a negotiation, it helps to prepare yourself. Some areas of preparation that you can focus on include your objectives, some alternatives to these objectives and the ones that you are willing to compromise. You should also study the past of the other party and estimate which of your objectives they are more likely to agree to. Also, finding out the areas that you have in common with your party is instrumental in achieving success in your negotiation. This is because you can capitalize on these areas so as to achieve your objectives.
Perform active listening
Listening is very important in any negotiation. Active listening is where you pay attention to the verbal and non-verbal language of the other party. By doing this, you can observe and identify the areas where the other party is willing to compromise. As a matter of fact, observing their body language can help you to identify these areas even if the other person has not said that they are willing to compromise on them. Spend more of your negotiation listening actively and use your findings to your advantage.
Control your emotions
Emotions play a critical role in negotiation. Some discussions can elicit powerful emotions and cause the negotiators to react. Examples of emotions that the negotiators can experience include anger, sadness, frustration and apathy. When you are negotiating, keep a tight rein on your emotions. This keeps the lines of communication open and boosts your chances of achieving your objectives.
The Important Take Away
Negotiation is a skill that we can learn. Like any other one, we need to practice as often as possible so as to master it. The tips indicated above can help you to negotiate and achieve your objectives every time. Follow them and you can become a master negotiator.