Sooner or later we will all experience it: We are getting paid to little!
And all too often it leads back to ourselves – not being good enough at negotiating.
Negotiations are something that we all use every day. When you discuss who should empty the dishwasher or pick up the children, you are negotiating. But it is not everyone is equally good at this.
That is why we have put together 10 recommendations from negotiation guru Ed Brodow that will bring you closer to the successful negotiation.
Be clear on what you want.
Be confident and challenge everything, says Brodow. To be confident means asking for the things you want and refusing to take no for an answer. And at the same time doing it in a non-intimidating manner. There is a difference between being confident and being threatening. One of the differences lies in the “I-statements”: Instead of saying “You should stop doing this” say something like “It is uncomfortable for me when you do this”.
Challenge everything also means that you should think about yourself and make your own decisions rather than accepting everything you are being told. It is your right to question the price of your new car.
Become a negotiation detective. Find out what the counterpart wants.
Act like a detective; ask investigating questions and listen to your counterpart. Obey the 70/30 rule: Listen 70 % of the time and speak 30 % of the time.
Understand the counterpart’s situation.
You will find out what this is by doing your homework. The purpose is to know as much as possible about their possibilities, needs and what type of pressure they are under. This is the only way you'll able to make informed decisions.
Bodrow’s law: Always be prepared to leave a negotiation.
Always make sure that you have an alternative. If you are too dependent on the result of a negotiation, you'll lose the ability to say “no” and the counterpart can feel your desperation.
If you are in too much of a hurry, you'll make more mistakes. If you, on the other hand, are the most patient party in the negotiation, your counterpart will make confessions to get the deal closed.
Open with a high bid and expect the best result.
According to Brodow successful negotiators are optimists. If you expect more, you will receive more. Sellers must ask for more that they expect and buyers offer less than they are willing to pay. Your optimism becomes a self-fulfilling prophecy.
Focus on why the other part wants this deal.
What kind of pressure is he/she under? You'll feel more powerful, if you focus on what the other part has at stake. Use your detective-skills and find out what it is and how you can use it to your advantage.
Show how you want to cover the needs of the counterpart.
Work from the starting point that you are helping each other. If you help your counterpart feel satisfied, they'll feel a greater need for satisfying your needs. This does not mean that you have to satisfy all their needs, but make sure that the most basic needs are covered.
They must earn your concessions.
Never give anything away without getting something in return. Otherwise you encourage your counterpart to ask for further concessions.
Do not take it personal.
This goes for both personal relationships and the other person’s behavior. These are not relevant to the negotiation and should be ignored. Focus on how to solve the problem, so that both parties can get their needs fulfilled.