Negotiating. It is one of life’s most valuable skills. Not just in buying a house or a car, or getting a better paying job, but in little things that we do week in and week out.
The trouble is, as Eldonna Lewis-Fernandez, the author of Think Like a Negotiator, “You have to go out and learn to negotiate–it’s not a natural skill. It’s like playing baseball; you have to do it to get good at it.”
So don’t be scared – go practise! But while you do, bear in mind the 5 biggest mistakes you can make.
1) Talking too much: You may think that you can convince the other person to do exactly what you want by talking them into it. But in reality, talking too much is one of the quickest ways to kill a deal. Don’t underestimate the power of silence. As Lewis-Fernandez says, “There’s an old adage: ‘He or she who speaks next loses.’ When discussing a deal, if you simply stop talking and get comfortable with the awkwardness of silence, your ability to win your argument, sell the product, or a get concession in the negotiation increases significantly.”
Example of what not to do: ‘Can’t you see this is a new IP phone? Look at the packaging! See how there is still plastic around it and no finger prints? What do you think a new IP phone looks like anyway?’
2) Trying to “Win” the Negotiation: Unless both parties win, your negotiation will amount to nil as a deal won’t be done. Find creative solutions to sticking points, reminding yourself and the other party that you are both working toward the same thing. If you try to “win” you will fail to bring transactions together on a regular basis because no one wants to lose.
Example of what not to do: ‘I don’t care if you are the world’s best IP phone seller or VoIP provider… you haven’t made any good points at all.’
3) Focusing On Price: Focusing solely on the price puts your negotiation in a box, with not a lot of places it can go. Remember you can negotiate on two things: price and terms. Get creative with your offer. Maybe you can trade a service or a product to sweeten the deal for both of you. Perhaps you can give the other party a better transaction date. Think outside the box in terms of what else they might want that you can give easily.
Example of what not to do: ‘Come down 1% otherwise the deal is off—no golden-plated emerald IP phone for you.’
4) Giving Ultimatums: You may see ultimatums work on TV, but in real life they rarely work like you want them to. Giving someone two options, i.e. take it or leave it, makes them feel pressurised and is a total gamble for you. Plus ifyou aren’t prepared to walk at that stage then you re-enter the negotiation in a far weaker position.
Example of what not to do: ‘Acknowledge I am the best VoIP provider in the world or I walk.’
5) Getting Emotional: If you really need a deal to come together and the other party can see that, you will be at a severe disadvantage. Appear to care about the outcome, but not hugely. You have to truly be willing to walk away to be a good negotiator. To help you with this, think of at least 3 other alternatives to getting what you need other than that particular negotiation. There will be alternatives.
Example of what not to do: ‘YOU HAVE TO SELL ME THE SPECIAL IP PHONE!!!’
Go get ‘em tiger. For more information on IP phones and VoIP providers in London and around the UK, contact VTSL on 020 7078 3200 or at info@vtsl.net.