Tuesday, August 3, 2021
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5 Tips for Effective Negotiation.

A negotiation process could be termed successful when the buyer and seller reach an agreement or outcome that feels equitable. Though not everyone is born with innate negotiation skills, they can be learned. 

When you are an effective negotiator, be rest assured it would come into play during face-to-face or remote bargaining.

Negotiation skills are not only important in business but in life. Strong negotiation skills are among the valuable assets any person can have. As you engage in your daily activities, the negotiation process may come into play when buying and selling merchandise, overseeing real estate transactions, assessing the market value of a good or service, etc.

If you want to become better at negotiating, you must have a clear understanding of how both you and the other party who is involved in the negotiation views a deal. The best negotiations are ones that are mutually beneficial to the parties involved.

Here are some tips that would help you negotiate better.

  1. Make the first offer 

One of the best negotiating strategies is to be in control of the bargaining table. This can be done by setting the initial terms of a negotiation. If you are the person selling, then set a high value on it and leave the other person to propose a lower price.

Research shows that the final prices most times are higher when the seller sets the opening offer, and the prices may likely be lower when the buyer offers first.

2. When discussing money, use concrete numbers instead of a range 

When selling a product and you tell the buyer that you are looking at getting between $600 to $800 for it, there is a higher chance you would get a lower price.

The reason is that you have just told the other party how low they can go in their final offer. Even if you know you would accept something lower, do not let the other party know from the onset. 

3. Only talk as much as you need to

Silence is a powerful weapon. Try to harness the power of silence during the negotiation process. It can throw people off their game and affect their decision-making.

If you learn to maintain eye contact but don’t speak, your counterpart might start rambling and make concessions that they may not even know. 

4. Ask open-ended questions and listen carefully

When you are trying to get your way, it may not pay you to ask simple questions that would come with a yes or no answer. You need to ask open-ended questions that make the other party divulge valuable information. 

5. The best-negotiated agreement lets both sides win

Negotiation should be a win-win outcome. If you have a win-lose mindset then you may kill the chance for repeat business. Both sides involved should feel they got something out of the negotiation process.

Strive to stay honest and be kind to all involved. When you approach each business deal with a win-win mentality, it would lead to fruitful partnerships presently and in the future.

Bixex is a global community of entrepreneurs that gives you the opportunity to network with business owners all over the world and hopefully transact business with them. The deal and offers section helps you bid on projects you would want to be part of.

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