A critical negotiation skill in your sales negotiations is how you go about planning your objectives.
I would like to offer you 3 key points that we cover in our negotiation skills training workshops to think about when you are preparing for your negotiations.
1. What is the absolutely ideal outcome for you in this negotiation?
What would a great transaction (one that you would be extremely happy to agree to) look like?
We call this your aspiration base - in other words, the level at which you will aspire to close the agreement.
You should remember that it is important in your negotiation to always ask for a little more than you expect to receive. This means that you should always have an aspiration base that is higher than your planned objective. By asking for a little more than you would like to achieve you allow yourself to make a concession to your counterpart in exchange for a counter concession.
On the upside, you may just get what you regard to be ideal if you ask for it! Don't make the mistake of making decisions on behalf of your counterpart by saying to yourself they will never go for that .Take note that I am not proposing that you make extreme demands - extreme requests are very risky and dependent on the cultural environment within which you find yourself.
2. What is the absolutely minimum acceptable outcome for you in this negotiation?
At what point will you decide to end or postpone your negotiation?
If you do not decide on a specific point at which it will no longer be feasible or attractive for you to conclude a deal, then you may become susceptible to closing a deal that you will not be able to live with. This is critical to do as you could easily become emotionally committed to reaching agreement at all cost because you may think that your personal credibility is at stake.
3. What do you think are the aspirations and minimum acceptable agreement levels for your counterpart?
It is also vital that you consider the aspirations and minimum acceptable deal levels from your counterparts point of view. This will never be an exact science but through proper preparation and investigation of supporting information you may be able to get a good view of what kind of deal is the norm in your industry or kind of negotiation.
By considering the aspirations and minimum acceptable agreement levels from your counterparts point of view, you will be able to identify the agreement range. Knowing the bargaining range or zone of possible agreement (ZOPA) will help you to see if a deal is possible or not.
Most negotiation training programmes will teach you that the agreement range is defined as the area of overlap between your minimum acceptable deal level and the minimum acceptable deal levels of your counterpart.
Remember that most of your success in negotiation is dependent on the quality of your planning. You should spend at least as much time planning for negotiations as you expect to be busy negotiating. If you expect to be in negotiations for a day, then you should spend at least the same time in preparations.
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