IN ANY NEGOTIATION there will always be times when you need to think on your feet. To help you, here are a few tips you might care to add to your Toolbox.
Tip # 1: Treat Negotiating as a Process
Most people look upon it as an Event – something you need to complete in one sitting. But what you require to happen, is have the other party make an Investment (of time or money) – because fast deals rarely stick.
Tip # 2: Always Welcome Objections
In most cases, they’re merely stating: “You haven’t yet given me enough details to decide”. You will hard to conclude a deal , if you’re not getting any objections.
Tip # 3: Use the Power of the Printed Word
Simply confine your conversation to the agreed commercial terms of the deal, and allow them to “study” the legal documentation if they want. You’ll quickly find very few individuals ever challenge the wording of a printed Contract.
Tip # 4: Confirm … OK … Approve?
Most people have actually been informed never to sign anything before talking with their Solicitor. However, the funny thing is … they’ll move straight ahead, if you simply ask them to confirm, OK or approve it.
Tip # 5: Float “Trial Balloons”
In a sticky situation, simply say: “If I were to _______ … would you be prepared to ________?”
Tip # 6: The Power of Competition
Whenever you can develop the illusion of having alternatives … your proposition unexpectedly appears a lot more attractive.
Tactic # 7: Time is Your Friend
Keep in mind … 80% of the concessions will occur in the least 20% of the Negotiation. So, try to uncover the other side’s deadline.
Bonus Tip: Silence!
Whenever you ask a “closing question”, just pause.
Yes, it may seem like an eternity. But when the other side speaks at last … invariably, you’ll find they will end up committing themselves.
Bottom Line: Would you like to take this to the next level and join my Masterclass on Negotiating? If you are interested, you can sneak peek it now.