For: Manhattan Chamber of Commerce blog
Jack E. Appleman, 845.782.2419 (firstname.lastname@example.org)
Marty Finkle, 973.428.1991 (email@example.com)
(about 305 words, including bio)
Effective negotiations equal higher profits
By Marty Finkle, CEO, Scotwork North America (www.scotworkusa.com)
If you think quivering about price and then splitting the difference means you’re negotiating, think again. Leave price haggling for the auction block, and learn the eight critical steps to successful negotiation.
- Prepare: Clarify your objectives and your wish/concession lists.
- Argue: Perfect your opening statement, ask the right questions, listen to the answers, and exchange information.
- Signal: Help discover the other side’s true needs by paying attention to verbal and non-verbal signals.
- Propose: Trade specific items of greater value for those of lesser value.
- Package: Give them what they want—on your terms—and shape your proposal based on the unmet needs.
- Bargain: Put your conditions before offers and make If you…then I… statements like this: “If you agree to sign a 3-year contract, we’ll cut prices an additional 10%.”
- Close: Know when to bring a negotiation to a conclusion.
- Agree: Confirm that both parties accept the terms of the agreement.
Focus on value, not price
Don’t let price get in the way of a good deal. For example, if your vendor offers products for a 10% higher rate than you had wanted, but you get 18 months of free service, then you’ve gotten tremendous value—which probably outweighs that 10% price differential.
Negotiation can be integrated into so many facets of your business. By mastering these techniques, you can bring more profits, higher value and more meaningful business relationships.
Contact Marty Finkle, author
Learn more by contacting the author, Marty Finkle, CPT, president of Scotwork North America (www.scotworkusa.com), which works with more than 100 companies in various industries. He is a renowned industry expert and sought-after speaker and one of fewer than 1,000 Certified Performance Technologists worldwide. firstname.lastname@example.org (973.428.1991).