Posts Tagged with “negotiation process”
Negotiation skills: Want to possess the negotiation skills to earn more profit and benefit?
Negotiation skills are a skill that is totally based on your communication skills and mental game. We all need to negotiate at some point or another in our lives. But the major question is still the same: How to negotiate? What are the ways by which we can easily agree with the other person on our terms?
Be it a business, shopping, relation, salary, or other situations in life. All we need is to have strong verbals, sharp minds, strong instincts, and perfect body language. Negotiation is not as easy as it seems to. Every bargaining experience gives a new lesson that should always be kept in mind.
Starting with the rules and methods of bargaining, the first rule in our list is:
Always evaluate the product or services:
Make it a point that in the temerity never go wrong with the evaluation of the product or service for which you are making a deal or agreement. All you need is to pause for a minute, be a good businessman and value the product. Negotiation does not mean only saying your terms and not understanding and judging the other parties terms and associations with the term.
A best negotiation is one in which we limit the cost and terms best to the value of the product. A valid term and conditions that do not cause harm or loss to another party is the successful one.
So right cost for the item is a key source for a successful deal
Never hesitate to keep your words
An open conversation is another step towards successful bargaining. Never hesitate to keep your thoughts and ideas while going through the process. Take negotiation aas challenge which should not be disrupted with feelings. A true negotiator should know to have control over the anger and anxiety. Accept everything one face.
Debate equally and never accept any of the facts and details shared by the seller blindly. If you have any doubt, clear it right at the moment, do not feel reluctant in doing that.
Be a good Listener
It is a human weakness that when we are nervous or tense , we tend to speak more and frequently. This is where we lose control from the deal.
It is very important for us to be a good listener.and evaluate before we speak. We need to understand what the dealer wants and how we can convey him our needs.
Let the other party speak first and do not interrupt them. This is a human tendency that whenever there is silence from the opposite site during important communication, the speaking party gets nervous and anxious and tries to fill the gap by speaking more and more. And this is the time where you can catch it.
Get a frame ready:
It is always preferred to do your homework before negotiation. To have an excellent deal then you need to know every detail of the product and its competitor in the market.
This is because then you will not be believing just blindly. You will have your clause to counter the false statement set by the other part.
Pre[are a short script and be ready with some parts of the communication like how to negotiate on price, what all he can say, how to answer his few common questions.
So, if you have a framework then you already have done 50 percent of the deal.
Prepare for worst:
Never set your mind for the best situations. Always be ready for the worst cases, situations, and questions that might come across your way in the process. Always keep in mind roses come with sweet fragrance but also have thorns. Be bold enough to face every situation positively and with a challenge.(Negotiation skills)
It may also be a chance that negotiation might not work and you might lose the chance but never get disheartened after this. It is just a deal without a winner or loser and negotiation is not a race. Never underestimate the other party and keep a room for their terms also.
What to avoid during negotiation skills?
Trying to rule
Gone are the days where ruling the opponent party can make a deal for you. Now the world has moved to two way communication. Now negotiation is not only one party benefit.
It is more of a compromise now. Both the terms and conditions are considered and both the parties should need to agree.
So the golden rule of negotiation in current situations is to list all the benefits and compensation that the opponent will have. People these days want more profit than even understanding the utility of the product
Never set a price range for the product. Setting a price range increases the scope of negotiation for the other party. It is rather suggested that never come up with your price if you are a buyer at initial. First understand the quality of the product. Later, share your price.
If you provide a range then it could be a bad deal. The opponent will always try to close the deal nearer to the higher range. So always set a fixed price having small room for negotiation .
Never close the deal alone even if you are the single decision maker. Always close the deal after negotiation for two times at least. This will give you enough time to close the deal more efficiently. Always discuss with two or more people and let the opponent also know.
Clearly tell him that you need to discuss with a few more people and then will share the final call.
Even if you are doing shopping which needs negotiation right away, go along with one or two more people. It will be easier to decide and even bargain.
Neither Win nor Loss
Never take negotiation as winning or lose. If you will take this as a do or die situation then things might end up extreme ends. So negotiation is simply a process that is conducted to increase your profit margin. Rather we can say it is a compromise and understanding between two parties. Always end a negotiation at such an end that if you even go for new product negotiation the client is not hesitant and you have such a bond that you can easily increase your profit margin.(Negotiation skills)
While negotiating, keep your emotions, fear and nervousness at another end. Your emotions and feelings should not play a role in the process. They will definitely make you feel weaker and worsen the situation for you. Never take any advice or comments personally while bargaining.
Do not fall prey of emotions when having a discussion. Every comment, compliment and words used are only used for business purposes, so do not get emotional and make a decision with the flow.
All you need to understand is that you are not here to give everything and no one is here to give their everything without profit. What matters is profit margin, good relation without the compromise r loss in current purchase and no space for emotions.
So, with clear communication, confidence and strong body language and above mentioned points in mind you are all ready to make a successful negotiation. Keep in mind what are not the good ways to negotiate is far more important to remember.
Keep your terms and room for other terms and try to end a negotiation on a good relation note for the future also. -negotiation skills