Negotiating can be uncomfortable: standing up for yourself, asking for what you want, and trying to get a better price, terms, and condition often feels confrontational–and most of us avoid confrontation.
When you think like a negotiator, everything is negotiable.
In the beginning, inexperienced negotiators will have missteps. Here are the five most common mistakes that are made during negotiations and how you can avoid them .
1. Lacking confidence
Some people think it takes a bold or brazen personality to negotiate a deal, and others think experience is required. Instead, negotiations take tenacity and preparation.
Before you start the process, make sure you’ve identified mutually desirable terms, anticipated possible objections, and determined what motivators or ‘hot buttons’ will resonate with your opponent. Projecting confidence also means having a heart, which is often endearing and gives the opposition a less defensive stance.
2. Assuming that something is non-negotiable
When you think like a negotiator, everything is negotiable.
When you decide that the terms for anything can be changed in your favor, a world of opportunity presents. Rules can be modified if you simply propose an ethical, viable, and mutually beneficial alternative solution. Powerful negotiators are rule breakers.
3. Not building relationships first
One of the biggest mistakes individuals make in negotiations is not getting to know their opponent. Slow down and make connections with people and you’ll glean useful information that can be used to identify what they value in life, what motivates them, and what annoys them. You might be surprised how well you can leverage what you learn through a genuine conversation with someone.
4. Not asking
It sounds simple, but the key to successful negotiations is asking for what you want. Fear of rejection or the fear of looking greedy can get in the way. But know that rejection will happen.
Rejection is never personal. It’s merely a reflection that you did not present a viable argument substantiating why you should get what you want. Your offer was rejected, not you.
When you get a no, it means the other person needs more information. The only way to master the art of rejection is to get rejected and keep asking.
5. Taking too much
Talking too much is a sure-fire way to kill a deal. In fact, it’s not unusual for a salesperson to talk so much about a product or service that they talk you right out of the purchase.
“Never underestimate the power of silence”. There’s an old adage: ‘He or she who speaks next loses.’ When discussing a deal, if you simply stop talking and get comfortable with the awkwardness of silence, your ability to win your argument, sell the product, or a get concession in the negotiation increases significantly.
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