Successful entrepreneurs such as Ali Mayar are expert negotiators. Taking the time to do your research and create a comprehensive negotiation plan will give you a huge advantage in the business world. The following seven techniques will help you to master your negotiation skills so you can make the type of deals that take your business to the next level.
1) Know Your Value and Believe in What You Have to Offer
In order to succeed in a negotiation meeting, you must be completely confident about the offer you are making. Instead of focusing on what will happen to you if you do not make the deal, focus on how it will negatively affect your potential client. Redirecting your focus will help you to realize the value of your offer.
2) Use the Mirroring Technique
Establish instant rapport by using the mirroring technique during negotiations. Copying body language and tone of voice is a simple way to make a terrific impression. Mirroring will not only make a potential client feel comfortable with you; it will also make them feel as though you share similar ideas and values.
3) Know What You Are Willing to Lose
Before you begin the negotiation process, you need to know exactly how much you are willing to lose. Set a target price that you hope to achieve as well as a reservation or walkaway price. Never begin negotiating a deal before creating your target and reservation prices. Aim high when starting negotiations and gradually lower your offer if necessary.
4) Master Perfect Timing
Perfect timing is crucial during negotiations. It is not enough to know what you are asking for you also need to know exactly when to ask for it. Waiting too long to ask for what you want can put you at a disadvantage and pushing too hard can ruin the deal. During a negotiation, evaluate the situation carefully and decide when to be patient and when to make a move.
5) Make Your Client Feel at Ease by Using Positive Terms
Even though you are meeting with someone to negotiate a deal, you can benefit by using other words to describe the negotiation process when speaking to potential clients. By referring to the negotiation process as a mutually beneficial business agreement, you can create a positive tone for the meeting. The goal is to make your client feel at ease, so they are open to negotiation.
6) Set Boundaries
You should always set boundaries that you stick to during negotiations. If the potential client is making demands that are not in alignment with your current business goals, let them know that you are not willing to change your objective. If you feel a sense of urgency, you may think that any deal is better than no deal, but this is not the case. It is better to wait and make a better deal with the right client.
7) Play Fair
It is never in your best interest to make false promises when trying to a close a deal. You may be tempted to exaggerate how much you can offer to sweeten the deal, but honesty is essential when developing positive business relationships. You can protect your reputation by only offering what you can deliver.
Do not use ultimatums when negotiating. Putting too much pressure on your potential client is sure to backfire. Remain flexible during negotiations while staying within your set boundaries.