THE OTHER DAY, I covered 5 Mistakes that you need to avoid. Below, you’ll now find 7 Winning Tactics you should look to employ.
Tactic #1: Treat Negotiating as a Process
Most people look upon it as an Event — something you should finish in one sitting. But what you need to do, is have people make an Investment (of time or money) — because quick deals seldom stick.
Tactic #2: Welcome Objections
In most cases, they are simply saying: “You haven’t yet given me enough information to make a decision”. When you’re not getting any objections … chances are, you won’t be doing a deal.
Tactic #3: Use the Power of the Printed Word
Simply confine your discussion to the agreed commercial terms; and allow them to pretend to “study” the fine print, if they wish. You’ll find very few people actually challenge the standard wording on a printed Contract.
Tactic #4: Confirm … OK … Approve
People have been told never to sign anything before talking with their Solicitors. However, the funny thing is … they’ll move straight ahead, if you simply ask them to confirm, OK or approve it.
Tactic #5: Float “Trial Balloons”
In a sticky spot, simply say: “If I were to _______, would you be prepared to _________?”
Tactic #6: The Power of Competition
Whenever you can create the illusion of having options … your proposition suddenly appears a lot more attractive.
Tactic #7: Time is Your Friend
Remember … 80% of the concessions occur in the least 20% of the Negotiation. So, find out the other side’s deadline.
Bonus Tactic: Silence!
Whenever you ask a “closing question”, simply pause. Yes, it may seem like an eternity. But when the other side finally speaks … invariably, you’ll find they will actually commit themselves.
As mentioned the other day, I am in the process of putting together a Master Class on Negotiating Secrets — and if you’re interested in, you can take a look now.
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