Introduction
If you look around yourself, there are very few people who would like to negotiate. Most of us think of it as a task that needs to be avoided or get rid of as swiftly as possible. However, most people do not seem to understand that it is a fact of life. If you observe your surroundings, you will eventually see negotiations going around you all the time.
Whether it is amongst family or a couple, we are often trying to reach an agreement. What shall we eat? Which theatre shall we go to? And that is all negotiation is. It is less of competition but more of a communication thing whereby we try to convince the other person and reach a favourable ground.
If you do not know how to negotiate, do not worry. We have got your back. Here are some tips that would help when you are in the market next time.
1) Find what you can negotiate:
We must not forget that not everything is negotiable. We are certainly not entitled to every deal we want to get. It is indeed a hard truth to accept. So, rather than wasting our time on fruitless ventures, we should focus on what we can get. Fighting the right battles will save us lots of time and may save us some money.
2) You don't get what you deserve, you get what you negotiate:
If you are a business person, you would already understand that there is a lot at stake while we negotiate. Whether you are a buyer or a seller, you would definitely want to get favourable terms and better pricing. And how does one get that? By merely asking for it. Ask for a better price. Ask for a better deal. If you are not satisfied, keep asking. Most often, people are so afraid to hear 'no' as an answer that they do not even try. In such cases, they are actually missing out on a better deal. So next time, ask for it.
3) Do plenty of research:
This comes in handy when one has to make quite strong negotiations such as choosing a phone plan, car dealership or insurance policy. Remember, preparation is the key if one wants to hold successful negotiations. You must find comparable plans that may provide similar services or products and then carry out a practical analysis. This will provide options and variety for you so that you fully understand what you are negotiating. But, if you walk into a test without studying, you are bound to fail.
4) Never come out with a number first:
This is one of the best-negotiating tricks you might ever find. Why? Because while negotiating, we need to get our hands on as much flexibility as we want. When the person we are negotiating with puts up the price, we can make statements such as 'It's not in my budget'. This will provide us with some room in which to move and settle for a price that we want. However, if you went first, you would not be able to negotiate further as you are most likely to end up stating a price which is higher than you would have otherwise gotten. Let them go first.
5) Use silence or time to your advantage:
What I mean by using silence to your advantage is that when you are in the midst of negotiations, and the person you are negotiating with has stated a price, you need to wait. It is highly likely that that person would try to fill the ensuing silence and in doing so, he would provide you with a reason as to why he could not stoop any lower than that price. Once you know the factors, all you have to do is play around with them and find a spot where you could close a deal.
What I meant by using the time to your advantage is that you must try to let your negotiations consume some time. The person you are negotiating with would like to extract some value out of the time that he has invested. This reason would allow him to find a favourable deal and maybe give you what you are asking.
6) Do not fall prey to the emotional statement:
This trick is long used by traders or retailers where they make you feel guilty for asking a lower price than the one they stated. Please do not pay heed to such emotional requests, unless of course, it is a special case scenario where the seller is poor or something. Otherwise, it is just a trick which gets to many people. Feel free to continue with your negotiation and get that price.
7) Focus on win-win agreements:
This is very simple to understand. Your entire attention should be on a gain for both sides situation. If I claimed that you should solely focus on your win even if the other person has to face a loss, that would be unethical. Therefore, you should always look for a settlement. Remember, it is not a competition. Instead, it is a collaboration. Or an agreement. Where both parties must be satisfied with the outcome.
Conclusion:
Negotiation is not a troublesome process. In fact, it is an essential skill that every person should learn. Whether it is to save a few bucks or make a profit, negotiation is the way that you need to walk on. Imagine how much money you could have saved if you just gave it a try.
-w
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