Try out these suggestions to improve your negotiation skills.

No matter what industry you work in, negotiating is an important skill to have.  However, many people are not confident in their ability to hold their own in a serious business discussion.  If you want to be a more effective negotiator, then here are some of the strategies you should employ.

  • Conduct Research

In a negotiation, the person with the most information usually wins.  For instance, if you are trying to convince a client to purchase additional services from your business, then you should carefully review their sales history with your company.  This research will uncover past issues or successes that you can address when speaking to the client.  By reminding the client of their history with the company and how it has helped them in the past, you are more likely to sway their opinion.  Before your sales call, you should also look into what your competitors are doing.  This preparation will allow you to defeat price objections and will prevent the client from leveraging your competitor as leverage.

  • Learn the “Flinch” Tactic

The flinch is one of the oldest negotiation strategies in the book.  A finch is a visible reaction to an offer during in-person negotiations.  The goal of this tactic is to make other people feel uneasy about the offer they just presented.  For instance, if a supplier quoted you for a specific service, then you can flinch by exclaiming, “You want how much!?”  By appearing shocked by the proposed price, you will make the supplier feel uncomfortable.  Oftentimes, they will attempt to alleviate the tense situation by offering you a lower price or try to rationalize the price by offering you additional service perks.

  • Be Ready to Walk Away

When negotiating, it’s better to walk away than to make too big of a concession.  This is because giving in shows the other party that they have power over you, and they will leverage this knowledge to win negotiations in the future.  When you show that you will stand by your guns and walk away if necessary, the other party will take you and your offers much more seriously.

These are some of the tactics that you should use to negotiate more effectively.  Want another way to help your business?  Then make sure it is protected by the right commercial insurance.  For assistance with your business insurance, contact the experts at Scautub Agency in Scotia, New York, today.