We often hear about those with the knack for negotiations, or the art of negotiation itself. But, after my 25 years’ experience in the business and corporate world, and having negotiated numerous transactions, I can confidently say negotiating is not just an art, there’s a lot of science to it too. Which means it can be learnt.
Whilst art is subjective, unpredictable, and the results vary depending on skill, environment, culture, and behaviour – Science is objective. It’s predictable and has definitive results that we can map the cause and effect.
So, how can we improve ourselves in the art, and science, of negotiation? Here are six key attributes from my first-hand experience, that make for an effective negotiation.
Research accurate information
The devil is in the details. It’s important to have as much information about the person or company you are about to negotiate with, and they are likely to be researching you too. You should look into things like the company background, strengths, weaknesses, and key decision-makers.
Remember key points or have a few simple notes jotted down for anything you don’t want to forget. Just make sure not to swamp yourself with so much information that you struggle to remember, or you have to start flicking through notes, because it comes across as unprepared and it can also put you off.
Know what’s important to the other party
In words of John F. Kennedy, “You cannot negotiate with people who say what’s mine is mine, and what’s yours is negotiable”.
A successful negotiation is one that is a win-win for both parties; and during a stalemate, parties will often become obstinate and not want to explore or understand the other side of argument.
So always make sure you understand what their key concerns are, so that if things start to get difficult you have a clear understanding on what is most important to the other party.
Decide team strategy in advance
It’s not unusual to negotiate as a team, but make sure everyone is on the same page in terms of strategy and key information, so your overall message isn’t lost against the crowd.
You should always delegate the main speaker from your side, and decide this beforehand, because when many people speak at once, conversations can go off on a tangent and it weakens negotiating power without a united front.
Avoid the ‘Good guy, bad guy’ approach
Whilst this tried and tested tactic has been successful in the past in certain circumstances, if the opposite party is smart they will spot this a mile away. And this can undermine you as a team.
Avoid using a strategy where one person in the team is going gung-ho and the other tries to be the peacemaker. Instead choose a leader who has the mettle to be strong and assertive, or a peacemaker when necessary in the negotiation.
Calculated assertiveness is okay
Most of the time people will tell you not to lose your temper whilst negotiating. And I agree nine times out of 10.
However, there’s a fine line between being ‘aggressive’ and being ‘assertive’ and sometimes a calculated display of assertiveness is necessary as a tipping point. This does not mean raising your voice, or over the top, or anything that could be interpreted as unprofessional, but instead is confident and direct.
There’s nothing wrong with walking away if you can’t get to an acceptable negotiating point with the other party
Have the power to walk away
Whilst you shouldn’t use it as a threat, the ability to walk away from a negotiation is a powerful one. It can show the other side that they need to give their best offer, and you will do the same.
Just remember, there’s nothing wrong with walking away if you can’t get to an acceptable negotiating point with the other party. I appreciate this might not be available to everyone, but if you have the option, you should make sure this comes across without being threatening.
Overall, negotiation is part science which means it can be learnt. And with these proven attributes that have seen success in negotiations over the years, you should be able to further hone your negotiation skills.