Negotiation Strategies for Success

Negotiation Strategies for Success

Top Three Negotiation Strategies for Business Success

If you’re going to succeed in business, you have to understand the art of negotiation. There’s no way of getting around that. Every day we negotiate with our customers, our coworkers, and our boss. We may not perceive it as negotiation, but that’s what it is. Understanding successful negotiation strategies can help us with every interaction throughout our day.

My company sells industrial chemicals and we’re good at it. Our sales are consistently in the seven-figure realm, but that wouldn’t be possible without understanding how to negotiate. Below you’ll find three important negotiation skills that can help you succeed in every situation.

Active Listening

There’s a difference between hearing someone and understanding someone. Active listening involves making appropriate eye contact and providing nonverbal cues that you’ve heard and understood the person you’re negotiating with. A good practice is to repeat or paraphrase their words back to them to provide proof that you are listening to them.

Above all patience is the key to active listening. No matter how important you think the point you have to make is, let the other party finish theirs first. Your own argument will be that much more powerful if you allow others to make their point first.

Steer the Conversation with Open Ended Questions

Instead of being blunt, ask open-ended questions. Don’t simply ask what it’s going to cost you, ask them how they arrived at the price. When you invite a more complete response, you’ll be able to understand the other point of view better and be better able to present your own in a convincing manner.

Empathize with Other Points of View

Empathy is not something that comes naturally to many people during negotiations. We’re often too focused on our own outcomes to care about what the other party wants out of the negotiation. Even if you do not intend to concede a particular point, showing the other party that you understand their point of view will help you arrive at a solution quicker.

There will be occasions when a negotiation fails in spite of your best efforts. That’s just the nature of business and life. If you can master the three skills mentioned above though, you’ll have a great deal of success when negotiating in any situation.

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