Preparation has been hammered into salespeople’s brains since the beginning of time. Some even put rhyme to it involving 3 Ps equalling 3 Ps. Google it if you wish, it’s quite amusing. The problem is that the vast majority of salespeople don’t put in the miles when it comes to preparation and many get away with it when selling.
However, you won’t get away with it when negotiating; this skill requires plenty. Let me give you ten reminders, in no particular order.
- Figure out what’s low cost to you but high cost to them and list all the variables that you can bring into the negotiation
- Do a SWOT on yourself and the other party and determine your strengths and weaknesses and remember to do theirs, or what you perceive.
- Work out your priorities, your positions. Your target, your best position and what situation will you walk away.
- Put your negotiation team together, experts and others that make the ideal dream team. Work out roles before you start.
- Know the numbers, the maths, the figures. Practise them and take a large quality calculator, don’t use your phone.
- Agree when you’ll recess and time out
- Use a personality type instrument to figure out the negotiations team opposite you.
- Role-play it beforehand. Practise, practise, practise.
- Get the full story first before you start negotiating. This will avoid the inevitable “nibbling”
- Research and remind yourself of classic body language and read it when you start. Body language reading is one of the most valuable skills for a negotiator
PPP = PPP