The art of Negotiation | TATS PODCAST | S2E129
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Why & How to negotiate?
Whether you're the buyer or the seller, you're going to be challenged when it comes to business negotiations. It's not that different from entering a ring with an opponent. As a negotiator, you need to know how to play your cards right. These techniques will help the odds to be in your favour.
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Preparation
Preparation is key. Familiarize yourself with the product/service and the people first, before you go on to "enter the ring", so to speak. You have to be fully equipped.
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The decision maker should be present
In every meeting, the decision maker should be present. There are meetings where they are not, and this just annoys the ones who are present because it usually presages that a deal won't be made anytime soon.
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First offer should be bold and aggressive.
There will be bargaining as it's a huge part of a negotiation. So, be prepared for the buyer/ seller to steer everything in their. Which is why you should start assertively (even with nor promise of success).
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Don't be intimated by jargon
Corporate snobs (yes, we're not afraid to call them that) in particular like to throw around jargons and words that they know you don't understand. The purpose of this is probably to intimidate you. Ask them to clarify whatever you don't understand.
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Go for a win-win deal.
A successful negotiation is where both parties can walk out happy. Not only will you and the other party benefit, but you'll also have a strong business relationship that will be advantageous in the future.
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When the final result is expected to be a compromise, it is often prudent to start from an extreme position.
JOHN MAYNARD KEYNES
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