Strategies to Improve Your Negotiation SkillsAdministrative Assistant Resource
May 17, 2013 — 1,796 views
Negotiation skills are necessary to succeed in your profession, especially if your profession is in a sales environment. Owners and managers of small businesses need to negotiate well to emerge successful. Negotiating is a skill--and like any other skill, practice is the key to development and success.
Preparation and Research
No one can use negotiation skills without some basic research. When you negotiate with your customer or client you need to know their requirements, price, objective, and your own expectations from the deal. You have to draw a line beyond which the deal may not be profitable to you. On the other hand, you even need to know your strengths and weaknesses.
Hone your Listening Skills
Apart from negotiation skills, listening to your customers or clients itself is a skill that must be sharpened. While listening to the other person, it is important to see the other person’s body language also so that you know what to say and when to say it. Body language will help you know the mood of the other person, so that you can negotiate in the right way. Also, listen to their problems so you can recommend a solution which can help them out and benefit your business as well.
Knowing When to Compromise
Another requirement for good negotiation skills is the ability to compromise when needed. Things can’t and won’t always be in your favor. A more realistic approach is needed to be prepared to compromise whenever you have to. You don’t have to compromise so much that you lose, but you should know the limits to which you are ready to compromise.
Quote Without Fear
Those who successfully apply negotiation skills don’t fear to quote the highest price. But when you quote the premium price, you should be prepared to justify the price you demand. In case you hesitate or fumble, the customer might not be satisfied with the price. Not being able to justify the price you demand will also show that you are not sufficiently informed. So, if you can confidently justify the price for a product or service, chances are that the deal will be in your favor.
Confirm the Negotiation
After the deal is done, it is best to reiterate the terms agreed upon. This will make sure that no confusion remains in the mind of your customer or client. It will also help to avoid any misunderstandings with respect to the deal. Depending on the nature of your business, it is advisable to have a written contract signed by both the parties. If you are dealing online, it is best to send an email immediately after the negotiation which sets out the terms and conditions to be verified and confirmed by the client.
Good negotiation skills can be a rewarding talent to anyone having to negotiate. It is important to research about the issues to be negotiated upon thoroughly. In addition to the ability to compromise when needed, it is also a primary objective that one should have excellent listening skills when the time for negotiation arises.