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Negotiation Techniques that Never Fail

negotiation skill-How to get the best deal

As it is known, business is all about buying and selling. At every step in business, we have to resort to bargaining, sometimes from the buyer and at other times with the seller. In such a condition, it becomes imperative to have the skill of negotiation to thrive. For this, either we have to persuade the client, or we have to accept his point. But in both the cases the profit/loss of our business cannot be overlooked. The impact of loss to either one of us directly affects the business.

Art of Negotiation and its Significance

To run the business well, we should know the art of negotiation. Many big deals go out of our hands because we don’t know how to negotiate. Apart from this, many times in the absence of negotiation, we make such deals which prove to be a major loss for us. Simply put, the art of Negotiation is crucial for a businessman to grow. So the question is – how do we define this widely used term Negotiation?

Negotiation – Negotiation is a technique of resolving an issue under a strategy. In this, both the parties benefit and the deal is done with the consent of both. In Negotiation, one side agrees to a little less and the other side remains a little higher. But no one is at a loss.

Often negotiation is combined with two more similar terms. These are – Persuasion and Bargaining. The meaning of both the terms is completely different from Negotiation but still, they are used together in common parlance.

Alway understand difference between bargaining and negotiation

Difference between Negotiation and Bargaining

Bargaining is a term that is an agreement between two or more parties. What both the parties will do for each other is decided in it. It is mostly related to the bargaining of money. In bargaining, a deal is settled for less than the original price.

Whereas Negotiation is not only on the price but multiple issues are considered in it. If the negotiation gets stuck on the price except for other issues, then it is called bargaining.

Difference between Negotiation and Persuasion

Persuasion is an art in which we convince the opposite party to deal according to our terms. We influence them to do what we want.

Negotiation, on the other hand, is an agreement between the two parties based on mutual understanding.

Nail the Deal through Negotiation

Negotiation is a combination of Persuasion, Bargaining and Convincing Art, in which we have to deal with the party logically, emotionally and sometimes with some adjustments. The good thing is that both of them are benefited from negotiation.

Some principles have to be followed for good negotiation.

Some basic principles of Negotiation skill

1. Start with ‘No’

The first principle is always to start the offer with no. Never say yes to the very first offer, start negotiating with a no.

2. Never Reveal your Motive

Never let the person in front of you know your motive. Your hurry, need and haste can damage the deal. Rather we should try to know the purpose of the client. By understanding his intention and desire, we can easily turn the deal in our favour.

3. Be Demanding

Demand more than you need. Knowing what the other party is offering and that it won’t be able to meet our high demands. This gives the deal an opportunity for negotiation.

Apart from the price, there are three other factors in the negotiation. It is necessary to take care of these factors because often we get deceived by these in the matter of price.

These three quaility factor-Time quantity and quality

These three key factors are – Time, Quantity and Quality

Often we save money by negotiating but get caught in such products or services which waste our time. Getting bad quality products or services is also a loss for us. Sometimes we get cheated even in quantity. Therefore, instead of focusing only on money in negotiation, these factors should also be reviewed.

Important Tips for Negotiation

• Always tell the total price of the product/services instead of bifurcating it. Bifurcation allows the buyer to bargain.

• Reveal the features and services of your product before revealing the price.

• Explain the features in detail to the client, assuring him that he cannot get a better product than this.

• Describe the features of your product by understanding the need of the client.

• Information regarding additional benefits, if any, must be given to the client.

• Remember to speak less, think twice and agree slowly while negotiating.

• Come to the negotiation table with complete information about your product and the client.

• Work to get a Win-Win situation so that both parties benefit from the deal.

• Never discuss politics and religion in business.

• Never negotiate with yourself. Remember, we have to negotiate with the client, not with our own needs. If you feel that you are at a loss due to the deal, then do not compromise.

By adopting these tips and understanding the essence of Negotiation, we can become successful negotiators. With this art, we can live a wonderful professional and personal life, all we need is to understand and adopt the secret tactics of negotiation.

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