As we break into summer, a lot is concentrating our minds at GBN.
The Skill of Negotiation
Contrary to popular opinion, negotiation is not the art of compromising by making concessions to one party allowing the other party to further reciprocate.
This simply results in a half win or loss for each party – depending on one’s viewpoint.
Negotiation is an art form that needs preparation and training.
In order to succeed there are three key elements you need to keep in mind:
Take control of your intuitions
Intuition is good to have but in a negotiation, it is useless. Intuition is subjective and, while negotiating, you need to be objective and know exactly what the opposite side wants and, most importantly, what your exact needs are. Intuition could more often mislead you. Intuition can be likened to a broken watch; it gives the right time twice a day. In negotiations, you cannot rely on such low odds.
Move from a will to convince, to a will of understanding the other party
It is wrong to think that to be a good negotiator you need to a have an ability to convince the other party that you are right and they are wrong. In these situations, the counterparty will not try to understand you but simply formulate counter arguments. The probability of reaching an agreement is close to zero
Instead of convincing the other party, you should concentrate on understanding their needs, resulting in the proposal of a mutually beneficial solution
Elevate the other
This is not about complimenting the other party. It is about finding a solution that would meet your needs while providing a satisfactory alternative solution to the opposite party.. In other words, satisfy the opposite side by finding benefits in accepting your offer. This part is only possible if you succeed in the previous step, which is to understand the other side by preparing yourself and listening to their needs.
Negotiation is not based on natural skills. It is an art that requires training, and the most important step for successful negotiation is controlling your intuition. Additionally, understand the opponent; provide satisfaction by showing them the benefits if they accept your offer.
Knowing how to negotiate can help you in everyday life, both professionally or privately, since most of our decision-making is based on your interactions with others.