Tips for Being an Effective Negotiator

Try out these tactics to make you a better negotiation

In the world of business, the ability to negotiate effectively is an important skill to have.  Whether it be negotiations with clients, suppliers, or your employees, you need to know how to handle these conversations.  For your business’s benefit, here are some of the negotiation strategies that you should try.

  • Learn the “Flinch”

The flinch is one of the oldest negotiation strategies in the book.  A finch is a visible reaction to an offer during in-person negotiations.  The goal of this tactic is to make other people feel uneasy about the offer they just presented.  For instance, if a supplier quoted you for a specific service, then you can flinch by exclaiming, “You want how much!?”  By appearing shocked by the proposed price, you will make the supplier feel uncomfortable.  Oftentimes, they will attempt to alleviate the tense situation by offering you a lower price or will try to rationalize the price by offering you additional service perks.

  • Ask for More Than You Expect

When handling price negotiations, it’s always better to ask for more than you actually expect to receive.  This way, you have a little wiggle room and can afford to down as necessary.  Sometimes, the person you are negotiating with will surprise you by accepting your initial request.  Either way, this is a smart strategy for getting the most out of a negotiation.

  • Conduct Research

In a negotiation, the person with the most information usually wins.  For instance, if you are trying to convince a client to purchase additional services from your business, then you should carefully review their sales history with your company.  This research will uncover past issues or successes that you can address when speaking to the client.  By reminding the client of their history with the company and how it has helped them in the past, you are more likely to sway their opinion.  Before your sales call, you should also look into what your competitors are doing.  This preparation will allow you to defeat price objections and will prevent the client from using a competitor as leverage.

These are some of the tactics that you should use to negotiate more effectively.  Want another way to help your business?  Then make sure it is protected by the right commercial insurance.  For assistance with your business insurance, contact the experts at ISU-Wissink Insurance in Culver City, California, today.