Do you ever find yourself making some amateur negotiation mistakes? Or having a difficult time handling objections? Your journey to becoming an effective negotiator begins by acquiring these four basic negotiation skills, either through a training course or books.

Preparation Is Key

Know who you'll be negotiating with. What are their strengths and weaknesses? What is their motivation and what goals do they aim to achieve?

Who will be present in their negotiation team? Will there be any negotiation coalition? Who is the final decision maker?

You want to negotiate with the decision maker. Otherwise, you will find yourself open to subsequent negotiations long after you have made major negotiation concessions.

Negotiation skills training helps you identify the other side’s goals and aims. Knowing the buyer’s goals enables you to create an offer which gives the greatest value to both sides.

 Walk in with a Strategy

A common -negotiation mistake from those who are untrained is to walk into the negotiation meeting without a clear concession strategy. Factor in the following:

• What will be your first offer?
• What are you willing to give?
• Where do you draw the line?

Be ready for some give and take. Have a reason for any discounts you offer. Are you matching your discount with the value you’re receiving?

For instance, if you reduce the price, it may be because the client has agreed to higher volume purchases. If you make concessions without reasons, the buyer or seller will likely feel they can still get more.

Listen More, Talk Less

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When you listen to the other party, almost every objection becomes an opportunity for a better deal. A negotiation workshop can help you improve active listening skills and find common ground.

Avoid interrupting when representatives for the other company speak. When the other side raises objections, become aware if you notice yourself feeling defensive, and avoid getting drawn into arguments.

Nail Down Offer Specifics

When you make your offer, make sure you have the specifics at hand. The offer specifics may include:

• Price
• Terms and conditions
• Warranties
• Timelines
• Scope of work

Align the details of the offer with your overall strategy and endgame in mind. The negotiation is the beginning of a relationship. Negotiation skills courses will teach how to make optimal exchanges to ensure your deal maximises shared value.

Conclusion

Know what you want and what the other side wants in a deal. This knowledge empowers you to bring real value into negotiation.

As part of your strategy, keep in mind that the negotiation is only the beginning of the relationship. Listen to the other side and work towards achieving mutually beneficial outcomes.