|
|
Industry Collapse: Using Your Negotiation Skills To Safeguard Your Survival
One can sense an air 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 stated that it is only when the tide goes out that one can see who is naked. In other words, it is easy to be prosperous when the markets are booming; it is only when tough financial times arrive that we can clearly distinguish quality & commitment.
How can you use your negotiation skills, negotiation training or purchasing training to avoid losses in the present economic climate?
Use 'Loss Framing'
People are more interested by avoiding loss than by achieving the very same gain. Kahneman & Tversky's Prospect Theory work describes how people will become risk seeking in an attempt to avoid a loss whilst they are likely to be risk averse when seeking advantages. In the way that we negotiate, we can make our counterparties aware of the items that they stand to lose if they don't agree to our requests and otherwise acquire if they do.
Create Alternatives
In times of difficulty it is vital to look at other options so as to strengthen our negotiation position. Creating options are key in the context of negotiation and the power of options to securing a deal is the key driver of our negotiation power.
We normally wait until we realise that we are not going to make a deal before we start thinking about other options. We risk entering into a less than ideal deal and if we have not studied all the alternatives. Similarly, thinking about the options available to the other side 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 competitive and if they don't, they will tend to be more agreeable.
Use Reciprocation
Reciprocation is a key principle of powerful influencing skills, because we are prone to return to others the sort of behaviour that they exhibit towards us. In times of difficulty it is important that we act in the interests of our counterparties if we would like them to perform in our best interests. You can use this principle to your benefit by acting first and using the rule of reciprocation. Be careful and make sure that you register the indebtedness with your counterparty.
Move from price to value
Remove the focus off price and home in on the Total Cost of Ownership. For all services, products and solutions that we buy or sell, there is always a trade off between value & price. If we only focus on the price, the best that we will do is to haggle and it is only when we investigate the total lifecycle of the service, product or solution that we trade, that we start to discover options for negotiation. Before you even mention price in negotiation, analyse your counterparty's long term strategic fit, capabilities, switching costs should they wish to change a business partner, financial stability and possible risks or negative consequences that may happen when the other side doesn't manage to reach agreement with you.
Don't forget that the magic in negotiation is found in the quality of your planning. In times of economic uncertainty it is more important than ever to dedicate sufficient time to planning your negotiations.
Sales Training Advice: Getting What You Need From Your Sales Related Calls Through Efficient Negotiation Techniques
Sales training tip explaining how you can readily increase the likeliness of getting what you want from sales and business negotiations.
Your Underdeveloped Business Negotiation Skills Capability Could Cause Critical Negotiations To Fail Due To Poor Preparation
The main reason to a profitable business negotiation result is the quality of your planning. If you don't plan, prepare to fail and expect to not reach your goals.
Enhance Your Negotiation Skills By Discovering The One Element That Divides The Novice From The Professional Negotiator In The Negotiation Game
Understanding your counterparts interest in your negotiations is one of the most imporant elements to attain and ensure profitable, gratifying and long term business relationships.
Applying Negotiation Skills During The Five Step Process To Ensuring Lucrative Transactions In China
In order to achieve success in your business negotiations in China, you will have to understand that as an outsider, doing business is completely different than what most people are familiar with.
Secret Method Of Moneymaking Advertising
There are three factors that can influence a person. These three things are imagination, language, and perception systems. Combine these three factors and you will win the competition.
Apply Your Negotiation Skills To Help Manage Very Difficult Discussions
Difficult conversations present themselves from time to time. Perhaps you need to tell someone that their services are no longer required or perhaps you have done something for which you need to apologise.
Key Factors To Consider When Applying Your Negotiation Skills In Cross Cultural Negotiations
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.
Just What Are The Benefits Of Looking At Hunting Land For Sale On The Net?
When you go looking at hunting properties for sale your best move is to start by checking out online first of all if you want to make the best possible choice.
|
More Articles
Blogroll
|
