Every day we act as negotiators, it could be when starting a new job, buying a new car, discussing a promotion, pitching a new client, and as simple as deciding where to eat for dinner with your partner. A successful negotiation is looking at how you can create and increase value, with the conclusion of each party walking away satisfied.  

 

The biggest barrier to engaging in negotiation is how we characterise negotiation. For 60% of those surveyed, negotiation is a chance to reach an agreement. 36% view it as a potentially uncomfortable discussion, and 4% view negotiation as an interaction for a transaction.

 

Those surveyed at the 2020 Women in Statistics and Data Science Conference looked at the largest barriers in negotiating… 

Whatever the situation with which you are dealing, you should study the fundamentals of successful negotiation to be able to develop the abilities required to achieve the best agreement.   

 

Each day, commitments and negotiations are reached in consideration for various deals and objects, including new investment initiatives, the purchase of appliances, and the resolution of issues between one or more parties. Regardless of the purpose of the discussions, it has now become essential that each party has something useful to provide to one another. 

 

Negotiation in Business and Life 

 

Despite being a fundamental competence in business and everyday life, most individuals never receive education in the basics of negotiation. Regardless of whether we’re aware of it, whenever we use characteristics like confidence, cooperation, and enthusiasm, we actively use negotiation skills. According to research, every month, on average 28,000 people google “how to negotiate salary.” 

Here are some strategies and tactics to help prospective leaders refine their negotiating skills, increase their influence, and succeed in their professions. These will also help you achieve the best deals while helping you to become a skilled negotiator. 

 
1. Be prepared for Counter Offers 

If something doesn't go their way during negotiations between the two parties, either side will eventually push back. Consider what the opposing side might say in advance to be prepared for counter offers. Create a plan for each potential outcome by forecasting several situations. If you ask for a raise, the following possibilities can occur...

 

If they're prepared to make compromises:  Consider your objectives and see if you can get what you want through negotiation. For instance, ask about an extra performance bonus, another review in six months, or more working from home days, if they can give you a 2% raise instead of a 4% raise. 

If they’re saying no: Consider strategies for guiding the discussion toward a compromise. Ask to have the conversation again later, especially in light of your excellent work history. 

2. Boost Your Confidence 

You will not be able to say what you want if you are nervous during negotiation, so try to practice beforehand. You can ask trustworthy people to listen to your prepared proposal and give feedback.  

Even though it can be challenging to be confident if you're about to engage in what some people may deem as an uncomfortable conversation, confidence can assist you in coming across as a more trustworthy and open-minded individual. Keep repeating a phrase to yourself, adopting a power pose, or playing your favourite upbeat song that will assist you in calming your nerves to increase your self-assurance. Competence is naturally followed by confidence. Practice and prepare enough and you will gain competence in your approach.  

 3. Always Ask Questions 

Never underestimate the value of asking queries during a negotiation. This provides you with additional facts to support your approach while also buying you some time to reflect. Try formulating inquiries that probe the rationale behind or process of decision-making.  

 

For instance, you may request something such as, “I didn't receive enough financial aid to attend this university. Please assist me with writing an appeal for additional guidance.” 

4. Be Polite and Remember Your Worth 

Not all talks are as intense and competitive as they are depicted. Most interactions for both sides are merely trying their hardest to achieve their individual objective. Strive to be tough with a direct approach but polite throughout a negotiation. If you are pleasant and non-intrusive, people will be more willing to collaborate with you to achieve your goals. 

No matter if you're a devoted client or a diligent worker, it's critical to understand your value before entering into a negotiation. Work performance, abilities, expertise, direction, and education are all ways that employees add value. Consumers contribute value in society through word-of-mouth recommendations and monetary value in the form of a reliable revenue source. Depending on your position, emphasise your importance and utilise that to support a request for higher outcomes or better terms. 

5. Maintain Patience 

Perhaps the essential quality of a successful negotiator is patience. Waiting implies time, and additional time could lead to more successful negotiations. Since it offers you the convenience of time, patience is the super tactic in bargaining. You require time to comprehend the provided services and associated dangers fully. 

If you encounter opposition, you shouldn’t cave in to avoid dealing with discomfort, apprehension, or worry any longer. Remember to be patient if you happen to experience this. 
Your performance in the negotiation thus far should make you feel proud, and you must reassure yourself to see it through. Negotiations take a bit of time; however, if you can be patient and committed to your objectives, you’re more likely to achieve your ideal outcome. 

6. Adopt a positive approach 

During negotiations, it’s only sometimes necessary to accept or reject an offer. Find a reasonable approach to phrase your requirement or suggestion. If you provide products or services and someone tries to negotiate your prices, stand by your pricing, with a pleasant attitude. Assure them your rates will provide them with the highest quality of goods or services. It might be challenging for many individuals to argue against quality. In addition, you might be able to offer them an option to pay in monthly instalments, rather than paying one upfront fee. 

7. Make It Personal 

The emotional appeal during negotiation can be beneficial for you if you are negotiating a deal unrelated to your business or career. For instance, when you are making a proposal on a house, a personalised letter to the sellers may help swing the deal in your favour. Building trust and a personal connection by telling your story can be an incredibly effective negotiation strategy.  

8. Conduct your Research 

It's a good idea to conduct research before entering any negotiation. If you're seeking to negotiate a raise or pay, find out your position's average market value in your area. Enter your negotiation with that figure in hand and use it as evidence for the pay you want. The same idea can also be applied to buying a car or house. Research the market price of similar homes and cars in your locality and use it as evidence while negotiating.  

9. Discover a Win-Win Situation 

Creating a win-win scenario for both parties is essential. Suppose you are on holiday and trying to find something to do that won't go out of your budget. You want to participate in a two-hour activity that typically costs $100, however, you only have $50 to spend. So, you can offer to pay $50 for doing the activity in half the usual amount of time. With this offer, you can achieve your goals while staying within your budget and the other party will still receive their standard amount of compensation. 

10. Leverage the Competition 

When you are negotiating, always keep in mind that competition is a fantastic catalyst for better prices. If you're going to buy something, research and compare to obtain the best deal for your money. Though prices aren't always the only consideration when looking for a good deal, you might discover that your preferred service or store charges more. Leverage your understanding and inquire whether they would be ready to match a rival's rate for the same product or service. This could include a position or promotion you are looking to obtain too!

11. Use the “Take It or Leave It” approach 

This approach is a solid negotiation strategy that suggests a deal is non-negotiable. This strategy can be beneficial in situations where you have a product or service that someone else needs. Suppose you are selling a car and a potential buyer disagrees with your selling price; you may reply by telling them that this is the final cost, and they can take it or leave it. If the buyer really wants the car, they will accept it at your price, and if they cannot meet the price, they will leave it and be forced to walk away. Because this strategy is designed as an ultimatum, you should be ready for any result. The same goes for choosing to accept or decline a job offer, if you create a non-negotiable for what you are looking for, you will get it. 

 

Persistence and patience are the keys to gaining exactly what you want, whether that be in negotiations surrounding your career, finances, or in relationships. With impatience, you might be accepting something that you previously considered non-negotiable. With concentrated effort and focus, standing by what you value and resisting the short-term pleasures, your negotiation skills will become effortless, because you know exactly what you want. 

 

Do you need help with negotiating an offer? Book a free chat here with Alyssa for professional, non-judgmental support and advice.