Negotiating is a fairly malleable skill in comparison to other skills required in business.
You must be able to listen carefully and communicate effectively but when it comes to negotiating, each person has their own style. It’s important to highlight a few pointers that are useful to every negotiation and will help you succeed in your next one. With this in mind, there are three points to have in mind when you put an offer on the negotiating table.
Preparation is essential
In this case, the key to success is being prepared. If you don't know what’s at stake or haven't considered the other party’s point of view, you won’t be able to effectively negotiate and will end up having to accept anything that comes your way.
Make every word count
Don’t shy away from showing off how extensive your vocabulary is. Get a thesaurus, study words, their meaning and use them correctly.
You can highlight the importance of something by saying it’s “very important” or by saying it is of “paramount importance”. You can say: “this is the most important aspect” or you can use the word “vital”. Make sure every word counts.
Fortunately, in this case no one gets hurt. Being prepared should put you in a favourable position on the negotiating table, so don’t be afraid of using it to your advantage. Make the first move, suggest an opening price but be aware of your breaking-even point. Any reservations shouldn’t go beyond that.
Under promise. Over deliver. Overwhelm
The worst thing you can do when building rapport and trust is over promise and under deliver. However, when you do the opposite, often – under promise (slightly) and over deliver (slightly) – amazing things can happen.
Your client or prospects starts to see you and your company as a reliable resource, you are viewed as a safe pair of hands, you quickly become trusted to do the job.
You don’t need to over deliver much or always on a significant piece of work to build this reputation for yourself.