Negotiating Tactics II
Last week, we introduced negotiating tactics, below we’ve added additional tactics that are sure to get you the deal. Keep in mind that when you negotiate whether for business or personal life, you get what you negotiate not what you deserve.
Turn weaknesses into strengths: this is very delicate and it takes skills in order to master it. Turning your weakness into a strength is very powerful. You first need to acknowledge your weakness, understand it and take advantage of it.
Competition: creating competition when negotiating can work to your advantage. When you are negotiating mention you have other bidders and other offers on the table. This will push your counterpart to offer the best possible offer, however this doesn’t mean it will necessarily be the best price. Remember that the deal has to be good for all parties, win-win or no deal situation.
Third party authority: in the business world, it is very common for a third party to be used when negotiating. For instance
if you are doing business online you have other people giving testimonials such as a referral. If you want to make a sale however are not confident in the topic, this is where the third party comes in. It doesn’t have to be someone you know, but this tactic will have your counterpart paying close attention. This will help to get the point across.
Factor juggling: when negotiating or doing a sale, there are many aspect which need to be taken care of. Pricing is one of them, but there is also the manufacturing process, payment terms, when and how to pay and in what currency. Factor juggling can have a significant impact, as sometimes you might accept a higher price and pay it between 5 to 20 years but this depends on negotiating. Of course you can negotiate other aspects other than pricing.
Prepare to walk-away: probably one of the most powerful tactics is learning to walk-away. When you go into a deal you go with high expectations but with low attachment. If the deal doesn’t go ahead do not get disheartened, there’s more to come. If the deal is not right for you and does not meet your requirements, walk-away.
Negotiating skills can help you in both business and personal matters. Continuous practice is the key to improve your negotiating abilities.