Negotiations with other companies are necessary in every business sector. Modern businesses focus on a niche and then rely on clients to fulfill their other needs. Cooperation between companies is the only way to prosper in today’s ever connected world.
However, it’s not easy to negotiate terms that two businesses will agree upon. Everyone is looking out for their own interests and attempting to cut costs to the bare minimum. This makes having a list of negotiation techniques important.
Let’s look at the best negotiation techniques to convince your client to say yes to any business deal.
Always come prepared to your negotiation. It’s the same concept as any business meeting. Never walk into the room without knowing the ins and outs of not only your own strategy, but your opponents as well.
Understanding your adversary’s strategy allows you to vet out the bad compromises and offer solutions that you’ll both agree upon. It’s much easier to convince someone your way is beneficial if you’re talking on even intellectual ground.
Find The Why, Not The What
This tip relates to staying informed. Part of researching into a specific niche is identifying why your client is interested in doing business.
Don’t confuse this with what they’re interested in achieving. It’s obvious they’re looking for a compromise, but you should determine why they’ve chosen your company over all others.
For example, maybe you provide exceptional delivery times. Use this knowledge as leverage and offer a quick shipment in return for increased price. It’s easy to obtain a yes to any business deal when you know your opponent’s end goal.
Make The First Offer
Many people wait for the other party to make the first offer. The logic follows that knowing your opponent’s first move allows you learn their strategy. This is somewhat true, but not the best way to open a negotiation.
Studies have actually shown that making the first offer results in higher prices, and what is known as an “anchor.”
One study examined customers who asked mechanics how much they valued a car title loan, and then gave the mechanics their own estimation.
Making a high first offer can result in higher prices for your company, and a sense of accomplishment for your opponent as they “negotiate” the price down.
Sometimes the best way to get a yes answer is to make friends with your client. Not everyone gets along amicably, but you should make the best effort possible to secure a deal.
Put simply, agreeing on a contract becomes more difficult if one party is unreasonable. Acting in a less than courteous manner will only serve to drive your client away. Break the ice with some non-work related questions and attempt to forge a real bond with your counterpart.
Getting a client to say yes to your terms is simple if you follow these basic negotiation techniques. Remember, negotiation is about compromise and adaptation.
You’re never done learning how to convince a client to agree to your business deal.
Getting a yes is simple with the these negotiation techniques.
Close any business deal with these simple tactics.
No is never the answer with our tried and true negotiation techniques.