Business negotiation tactics:
Business negotiation tactics with global customers to reach a win-win situation for both parties. Master negotiators should know these rules to get the best deal in the corporate world of global business.
Table of Contents:
business negotiation tactics with global customers: 07 mASTER RULES:
01. Everything is Negotiable all of the time:
Master Negotiator knows well ”Everything is negotiable all of the time”
They give up too easily; they do not understand that this is a tactic. Many attributes are related to being a skilled negotiator, including having a good memory, being ‘quick verbally’, and handling stress well. But effectiveness is as much a matter of attitude as it is of ability. The best negotiators exhibit four key habits of thought that everyone, regardless of their style or IQ, can adapt to improve their negotiation results.
02. Evaluate Leverage and find multiple solutions:
The first essential skill of smart negotiating is an evaluation of the leverage factors at work, plus the ability to apply leverage when it’s in your favor and make do when it’s not. Leverage is negotiating power, It is the gas in your tank. You have no leverage, you are at the mercy of your opponent. Master negotiators understand leverage. They know how to develop it and use it to their maximum advantage.
When you offer your product/service to the marketplace, if you call your customer to get it, you may not have leverage, but if your customer calls you to get it, you should have strong leverage. Leverage is wonderful, but you will probably lose it if you don’t use it.
03. Develop a flexible Negotiation plan:
Master negotiators develop strategies for each phase of the negotiation process: the opening, middle, and end games. He is like a chess player at the negotiation table, knowing how an opponent may start. They understand that, from there, strategies have to be flexible because how their opponents respond to opening offers is unpredictable. Nevertheless, they plan ahead as much as possible. Freund suggests the following simple format for developing a negotiating plan:
A master negotiator always develops a closing strategy. He knows whether he wants to close the deal sooner rather than later and whether he wants extensive documentation or if an outline of the deal will do.
04. Understand Lines of communication:
Without lines of communication, there can be no negotiation. Therefore, this rule is essential. Lines of communication are the lifeblood of a negotiation. Master negotiators understand this, but novices do not. Novice Negotiators often focus on the static elements of the problem.
Master negotiators nurture their lines of communication. Where lines are weak, seek to develop new ones. To get effective negotiation results, establish rapport with your opponent. The norm in a negotiation may be three simple codes of conduct.
– You must be trustworthy and reliable…
– You should be fair to those who are fair to you.
– You should let others know about it when you think they treated you unfairly.
05. Be cooperative, but don’t let your guard down:
Statistics show that cooperative negotiators are more effective than competitive negotiators. To negotiate well, you do not need to be so tricky. But it helps to be alert and prudent. “The master negotiators always play straight, ask the opponent a lot of questions, listen mindfully, and value what the other party wants to accomplish at the bargaining table.
06: Listen, Listen, and Listen:
The best negotiators ask questions, test for understanding, summarize discussions, and listen, listen, listen…
Listen actively and acknowledge what is being said. Paying close attention to what is said, asking the other party to clearly clarify exactly what they need, and requesting that things be repeated if there is any uncertainty are all standard techniques of good listening. Unless you acknowledge what they are saying and demonstrate that you understand them, they may believe you have not heard them.
07. Strive for Wise agreement and Emotional closure:
Any method of negotiation is most likely judged by these three criteria. It should finally become a wise agreement. It must be efficient enough. Finally, it should not damage the relationship with the opponent
– Master negotiators must know how to close emotionally.
– Show Gratitude to your client for selecting you to do business with.
Above I discussed the step-by-step procedures to follow and reach on Win-Win situation for both parties.