Since the day we were spanked by that Doctor who pulled us out (hopefully head first), we have used negotiation tactics.
All through life, we are negotiating in one form or another.
But suddenly, when it comes to business negotiations, some entrepreneurs seem to “shut down” or “get cold feet.”
I cannot answer why so many people shy away from negotiating… It is a completely natural human action.
I am going to help you.
I am going to share 7 expert negotiation tactics and tips that you can, and should use to achieve the best outcome in any business discussion.
Keep in mind that nearly anything can be negotiated. Even when you are shopping for an item for your spouse or other loved one, do not fear negotiating for a better price. You may surprise yourself when that $100 sticker price suddenly becomes $80.
Expert Negotiation Tactic #1: Word Mirroring
This is a manipulative trick used by the best of the best negotiators. It is taught to those guys who are talking a dangerous criminal into giving up.
You will build a strong connection with the person when you simply repeat back the last 1 to 4 words they used in the sentence before. And, those words need to come from you with a question inflection.
The person you are negotiating with: “We will be willing to allow this sale as long as your company meets 3 stipulations.”
You: “3 stipulations?” (3-4 second pause) “What will they be?”
Learn to selectively use word mirroring. It builds rapport and gives you extra time to think.
Expert Negotiation Tactic #2: Competition
This tactic can be used by buyer or seller effectively.
If used properly, the competition tactic can work great but if misused, it can create mistrust and animosity.
No matter what, do not make the competition look evil or damage their name.
Buyer: “(competitor) offers a comparable product for this price; can you match it?”
Seller: “I know that you will see (competitor) has a similar product that is good, but our product gives you these 2 added benefits…”
Expert Negotiation Tactic #3: Have Your Price Range Set Before You Start Negotiations
Before you even enter negotiations, you need to know what your high and low prices are. Do your research.
You do not want to share these with the other party but by having these set, you will be better prepared and will have the power to accept or walk away without being “wishy-washy.”
Expert Negotiation Tactic #4: Delay
When a negotiation is getting near the deadline, you can gain more concessions by using a delay tactic.
Let’s say that the other party wants this deal closed by tomorrow at noon and you are just not comfortable with the terms.
“I will have to sleep on this. We can meet again tomorrow after I talk to my partner… Say 10:30 AM?”
Expert Negotiation Tactic #5: Who Makes The First Offer
There is a long-standing debate on making the first offer or not.
I tend to agree that you can set your “flag in the sand” by making the first offer…. But make it unreasonable!
You have already determined your price range and I suggest you make that first offer higher or lower than your range. And study the reaction to know how you can move forward.
Expert Negotiation Tactic #6: Ask Questions That Will Get A No Answer
If every question asked is seeking a yes answer, you can put the person in a defensive position.
Mix in questions that will get an answer of no and you will create an atmosphere of relaxation. The other party will feel comfortable with you.
“Is now a bad time to meet?” or “Have you given up on this negotiation?”
Expert Negotiation Tactic #7: Name Dropping
This tactic along with testimonials can enhance your credibility.
“When we started this project, we partnered with (name of an influencer) who stated this would solve (problem) that no other product could match.”
“(Influencer) used the service and immediately told me they would have paid double the price I charged.”
I will immediately tell you that all of these tactics take practice. You may “slip-up” during your first few negotiations, but keep practicing.
Never… I mean Never
be fearful of walking out on a negotiation. You have the right to say no if the deal is not satisfactory.
I hope this helps you.
Negotiation is a huge aspect of taking you to the top. I suggest you get the book I wrote that will help you gain prosperity in life and in your business. Get your copy of To The Top here.
Do you have any questions about negotiating? Feel free to ask below. I will get you an answer.
And with that, I wish you great success and that your business will grow…
To The Top!