Negotiation has become common these days. Whether it is about bargaining the price with the store owner or negotiating the homework with your school teacher, the art of negotiation isn’t as simple as it seems. Sometimes, negotiation results in conflicts and unnecessary disputes.
It might sound surprising, but the truth is negotiation can result in peaceful deals that satisfy each party. You only need to learn the right skills of negotiation and come up with a decision that sounds acceptable and fair to both parties. Note that patience and skills play a pivotal role when it comes to bargaining.
In this post, we’ll share a few essential tips for effective negotiation for students. If you think your negotiation skills are not that great and you often end up losing the deal, here we’ve come up with the effective tips on how to improve your negotiation skills. Keep reading.
Be Ready to Listen to the Other Side
It’s super easy for people to talk and stick to their deal. This is because people have a habit of getting nervous when they are negotiating. The term negotiation implies the win-win situation i.e. when each party is satisfied with the deal and they happily accept each other’s offer. So, rather than thinking about getting what you want, listen to the other side and know what they are looking for.
Let the other party state their deal. Listen to what they say and put across your offer only when you have heard their side. There is a high possibility the other party may not agree with your negotiation. In such cases, you will need to adjust the offer.
The key to an effective negotiation is listening to the other side and considering their requirements before coming up with the deal. A negotiation that only satisfies one party will never result in effective negotiation.
Be Clear With Your Negotiation Goals
It is a no-brainer fact, but still, there are people who get into a negotiation without determining the objectives. The last thing you want is to frustrate the other party by switching your offer too frequently. Set your goals before starting a negotiation. Here are some tips that will help you determine your negotiation goals:
Find Out Your Bottom Line: Let’s say you are a service provider and planning to sell specific services to the customer. Now, what do you think is the least acceptable deal? What lowest amount do you intend to receive at any cost? Similarly, the buyers should think about the maximum they can go. What’s the maximum amount you could pay?
Be ready with Plan B: Always have an alternative plan when you are negotiating. You never know how the negotiation will end. What if you don’t come to a final agreement? What if the other party refuses to accept your last offer? That is when you should use the alternative plan.
Be Ready to Walk Away
Sure, there are situations when walking away is not really an option. Let’s say you have to make apparel delivery at a particular location on the same day. Unfortunately, the truck you had hired for the job has broken down. Now that you are in a hurry, walking away from the rental vehicle counter (just because the owner isn’t accepting your negotiation) isn’t even an option.
However, this is a practical requirement. Most of the time, you want certain things. For example, you may want to invest in real estate or purchase a luxury car. There are many alternatives to the property and car you want.
If you are planning on negotiation, be ready to walk if the price, terms, and other factors are not in your favour. Of course, trying bargaining is not a bad idea but wanting the same item (unless you are fine with the price and other terms) will not be a satisfying option in the long run.
Before you meet the party, do your homework and be prepared with the numbers and terms. Proper research on the item will help you settle the deal. If the vendor does not accept the offer or they want something below your least-acceptable-offer, then it is better to walk away and look for the alternatives.
Do Not Let Your Emotions Get in the Deal
There comes a point when the parties let their emotions interfere and ruin the deal. People take the deal emotionally and consider it a win or lose situation. They don’t even think about whether they offer they are suggesting sounds practically okay. All they want is to settle the deal for their negotiated terms.
The more you think emotionally, the higher the chances you will end up losing it. For example, en employer negotiating for a rise in the paycheck can get too emotionally involved in the deal that they consider it all or nothing situation i.e. the employer has to increase their salary or they are quitting their job.
You do it because of frustration. You are too annoyed to let the other party win. However, you forget the fact that it is not a competition. In fact, you are starting a negotiation, in which, each party’s satisfaction must be the priority.
That’s why experts recommend proper research and planning before you get into a negotiation.
One good quality of a successful negotiator is that they expect more. You should learn to be optimistic when negotiating. Aim high and put across the best offer. If you have low expectations, you will probably end up unsatisfied. So, the best way to start an effective negotiation deal is by aiming high. It is also important to consider the other party’s pressure.
Even if you have not done the research, you will sound much more practical if you look confident. As mentioned before, people often ruin deals because of nervousness. Moreover, you should learn to put pressure on the other side. If you look in a hurry, the other side will use it to their advantage.