9 Negotiation Tips and Tricks for Your Next Big Deal

9 Negotiation Tips and Tricks for Your Next Big Deal

Being irritated with so many salespeople, I don't really like negotiating myself. I hate the feeling of being taken advantage off. I mean, they want to milk you off their deals that you don't even want to buy. And they want you to get it now! The pressure, that awkward silence. Ugghhh!

If you're like me, this trauma might be ingrained in your being. But we all know, negotiating is key in almost everything in the world. If you want better pay, you should negotiate. Better loan rates? Negotiate. Strike game-changing deals for your company? You guessed it right. NEGOTIATE!

So what can we do about it? These are 9 tips and tricks to negotiate for your next big deal!

Do Not Hard Sell.

Gone are the days when you should strong-arm your clients into buying something. It's the worst thing you can do to your prospects.

You will definitely lose the sale. Some may buy out of irritation just like a bug you want to shrug off. But I tell you, that will be the last time you will hear from them.

On average, we are all connected roughly by 4 to 6 degrees of people. One person is a gateway to hundreds of possible clients. Most likely, you will lose your new friend and all their friends. You will never know. Your next big break might be one of them.

Be patient and go through the right process. You don't want to be a mosquito everyone wards off.

Think Win-Win.

Think Win-Win

Image Credit: 123rf

First, you should completely forget the "salesman versus client" mentality. This antagonizing trait doesn't work in the modern times. Note that you can also profit without sucking the blood out of your customers.

Please don't be a difficult person to deal with. You should learn to think Win-Win. Yes! This is not a magical outrageous scenario.  You can actually find a common ground where everyone can benefit.

Not only will this give you higher chances of closing the sale, you will also have satisfied client who actually wants to wholeheartedly pay for your product.

Shut up and Listen.

To find out what they want, all you need is to shut up and listen. Many new negotiators just can't stop talking. They explain non-stop about why they are good. Why you should pick them. Yadda yadda yadda.

But did you even care to ask what your client actually wants? Instead of vomiting all the information out, why not probe for answers. Ask open-ended questions. Let them talk. They will most likely tell what they want. Again, you just need to shut up and listen!

Make a Connection.

Make a Connection

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No one buys from people they don't like. I'm not talking about romantic attractions, you perverted human. You must establish a friendly human connection. It is a precedent to closing the deal or not.

Your proposal or product might be good, but if you are this annoying self-consumed show-off salesman, no one will transact with you.

So find something in common and be genuinely interested in the person. If you know where they're coming from, you can customize your presentation to pinpoint the ones that are meaningful to them.

The point is to focus on them. Focus on their needs more than your inside insecurities. The worst case is, if you don't close the deal at this instance, the built relationship can be a doorway to sales in the future.

Talk to the Real Decision-Maker.

As much as we want to be friends with everyone, we are also running a business. We have limited time.

There are instances where the person you’re talking too doesn't have the authority to decide on certain matters. This would be time-consuming and might be an endless dance of "I'll ask first" and "Let me get back to you". As much as possible, negotiate directly with the decision-maker.

Anchor First with a Higher Amount. Don't Accept the First Offer.

Given the relationship foundations above, it's time for the nitty-gritty. Make sure that you give out the first offer. And offer a higher "anchor" than what you expect to be paid for.

The anchor will peg the price at which you will haggle. The amount may be logically preposterous to you, but only you know that. After the negotiations, the worst case is it went down to the amount you wanted or your got even more.

With this, you might feel that you're cheating your client. Let me tell you. You are not! You just want to get paid the right amount with the value you give them. What's wrong with that?

In the first place, you will ensure that they can get the best output possible. I don't think that's cheating.

And besides, it will also benefit them because if you readily accept their high offer, they might feel that they didn't get the best deal possible. Why did you accept instantaneously?  It will bring out unnecessary doubts. Buyer's remorse comes next and they might back out from the transaction.

Adapt With The Situation. Research and Be Ready to Give Out Counter Offers.

In business, you will never know what problems you will face. Adaptability is essential to course through the unpredictable times. And it's not only applicable in running your enterprise but also in negotiating.

You can't expect that all your terms will be met. And it's quite shocking if certain negotiating points are brought up unexpectedly. The solution? Research and be ready with counter offers.

Research about your client's possible needs and their pressures. Afterward, scout for your competitor's pricing. In this way, you can anticipate what sort of reluctance they might give you. And this goes hand in hand with building a relationship above. If you play this well, you will know what right agreement terms to change for both parties.

Not Everything is About Money. Integrate Intangibles as Possible.

Not Everything is About Money. Integrate Intangibles as Possible.

Image Credit: iStock

Not everything is about money. There are certain deals that could be closed because of intangibles attached to it. For example, recently, I was looking for a new pair of glasses with just a budget of $40.

I went inside this store. I told her I bought my last frame in the place. And she was so warm and offered me a discount right off the bat. But I ended up buying a $100 one because she offered me a better quality frame. (And looks aesthetically better too).

She was making the effort without pushing too much. That I was genuinely happy to pay for the glasses. See what happened there?

Think about the intangible things that you can contribute to them. Something like your follower list or promoting with your track record (if you have already). It may not incur you too much effort and cost, but it's certainly a closing consideration for your client.

You Have the Ability to Walk Away.

Lastly, you can't close all the deals. If you think that you should not leave without a sale all the time, you might significantly get coerced against your terms. Always remember, you have the ability to walk away. No deal is better than a bad deal. Walking away allows you to consider other better options for your limited time.

I'm not saying that you should be a schmuck when you do so. When you don't reach an agreement, respectfully decline and give out alternatives. You may even give out the business transaction to your competitors (but not all the time).

This might be crazy but if you’re in the position of contribution, why not just help the person? S/he might not be your client today, but keeping the relationship intact might lead to a client in the future.

With that, I hope you negotiate your way to success. Good luck!

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