Industry Crunch: Using Your Negotiation Skills To Negotiate For Security
One can sense a great deal of uncertainty in the world financial markets wherever you go - for the first time - irrespective of where you find yourself in the world.
Warren Buffet said that it is only when the tide goes out that one can see who is wearing no swimsuit. In other words, it is easy to be prosperous when the economy is booming; it is only in tough times that we can clearly distinguish quality & commitment.
How can you use your negotiation skills, negotiation training or purchasing training to avoid losses in the current economic climate?
Use 'Loss Framing'
We are more interested by evading loss than by achieving the very same gain. Kahneman & Tversky's Prospect Theory work describes how individuals will become risk seeking in an attempt to avoid a loss whilst they are likely to be risk averse when seeking benefits. In the way that we negotiate, we can make our counterparties aware of the unique items that they stand to lose if they don't agree to our requests and otherwise gain if they do.
Create Alternatives
In times of difficulty it is very important to look at other options so as to strengthen our negotiation position. Creating options are important in the context of negotiation and the power of alternatives to securing a transaction is the key driver of our negotiation power.
Usually we wait until we recognise that we are not going to make a deal before we start thinking about alternatives. We risk entering into a less than ideal transaction and if we have not studied all the options. Similarly, thinking about the options available to your counterparty in the negotiation will give you a clear view of their relative position of strength in the negotiation. If they have strong alternatives available then they will be more aggressive and if they don't, they will tend to be more agreeable.
Use Reciprocation
Reciprocation is one of the key principles of powerful influencing skills, because we are most likely to return to others the sort of behaviour that they demonstrate towards us. In times of difficulty it is important that we act in the interests of the other side if we would like them to perform in ours. You can use this principle to your advantage by acting first and using the principle of reciprocation. Be careful and make sure that you register the obligation with your counterparty.
Move from price to value
It is key to take the focus off price and home in on the Total Cost of Ownership. For any service, product or solution that we buy or sell, there is always a trade off between value & price. If we only engage on the price, the best that we will do is to haggle and it is only when we investigate the entire lifecycle of the service, product or solution that we trade, that we begin to discover opportunities for negotiation. Before you even state price in negotiation, evaluate your counterparty's long term strategic fit, capabilities, switching costs should they wish to change a business partner, financial stability and potential risks or negative consequences that may happen when your counterparty doesn't manage to reach agreement with you.
Remember that the magic in negotiation is found in the quality of your planning. In times of economic uncertainty it is key to dedicate sufficient time to planning your negotiations.
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Proper Negotiation Training Can Show You That Defeat Can Be Better Than Winning
Instead of indicating to your opposite number that supporting my offer will assure a deal, it may be even better to say and specify what they are going to squander if they do not support it.
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Include This Tip In Your Negotiation Skills Training To Ensure These Three Things Never Occur
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We could easily make the mistake of stereotyping people according to their national culture whilst ignoring the other elements of culture that will contribute to the success in your negotiation.
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