Let’s be honest, sometimes, your negotiation efforts can go south. You unintentionally disclose your bottom line, get your analysis wrong, or criticize the other party when all you had to do was stay patient.
Unfortunately, many of such negotiation mistakes aren’t obvious. You think you got yourself a great deal, but if you hadn’t made obvious negotiation mistakes, you would have got yourself the best deal.
By understanding the below-mentioned negotiation mistakes and fixing them, you can prepare yourself for better results.
Not Focusing on the Interests of the Other Party
If you don’t understand the priorities and requirements of the other party, it would be unwise to expect an ideal outcome. Try to ensure that the negotiation ends up being a win-win deal instead of just looking out for yourself.
Taking a Passion-driven Negotiation Approach
When it’s your product or service, you may feel that it is the best in the business. The same beliefs might reflect in your conversation, making you sound either overconfident or ignorant of the other party’s opinions. Negotiation is more about alleviating risk and contingency rather than sheer marketing. So, make sure your negotiation strategies are logic-driven instead of influenced by passion.
Not Finding a Common Ground
You should understand that it is okay to not have a deal rather than having a less-profitable agreement. To reach a profitable conclusion, you need to ensure that you and the other party are on the same page. You can achieve this by listening to the other party’s concerns, accommodating them in your solutions-pitch and then coming up with a conclusion. Remember, try not to look desperate to close the deal, and feel free to walk away if you think it would do more harm than good for your business.
Settling With a Quick Compromise to Close the Deal
Again, the desperation to close the deal often leads to decisions you might end up regretting later. One of those decisions is settling quickly without weighing in all the parameters. You may not be good at conflicting the opposing party’s points or prepared to close the deal by agreeing to a compromise that might not be in your best interests. Don’t ever compromise with your principles or integrity.
Only Concentrating on the Price
Understand that closing the deal isn’t only about discussing the price. In fact, you need to make sure your business objectives are met and that the other party doesn’t walk away at a loss. That said, do not let the other person strongarm you into making a deal you’ll regret later. Focus on neutral outcomes that benefit both parties.
Intuition Versus Prepared Proof
Yes, it’s okay to improvise during a negotiation. However, you cannot discount the importance of preparation to present the ideal case, agreed compromises and walk-away triggers. It would be unwise to blame the other party when the negotiation doesn’t go as planned because you cannot trust your gut instincts and prepared proof.
Letting Your Emotions Get the Better Of You
At some point during the negotiation, you may feel things aren’t going your way. The very fact that you aren’t in control of things can make you upset, which might reflect how you communicate. By controlling your emotions, empathizing with the other party’s position, and utilizing logical arguments, you will increase the chances of the positive outcome of the negotiation.
The Bottom Line
The first step in evading the above-mentioned mistakes is admitting that negotiating is an art, not a formality. By understanding that you need a plan for it, you can better yourself and boost your confidence.
Also, try not to be too assertive or demanding during the negotiation process. You need to be professional and keep your emotions in check to expect the best outcomes. Moreover, do not think twice to take help from external experts.
Got any questions regarding the mistakes mentioned above? Ask us in the comments!
Eada Hudes is an Arts student whose experiences in life make her really tougher than anyone else. She can lend you expert tips on diverse topics ranging from relationship to fashion,technology, making money, health and so on. Her write-ups are a window into her thoughts and knowledge.