Master The 5 Key Principles in Strategic Negotiation

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1. Position Your Case, Product, Perspective or Service in an Advantageous Way

This is important so that you claim a high value early in the negotiation process. For example, if you are selling your house, you might say that in the past 10 years no one has sold a property in the neighbourhood ( scarcity ) or a new metro station is coming up in the next couple of years. If you are on the buy side of a pre-owned car purchase, you might highlight the scratches or the high mileage. And if you are on the sell side of this purchase, then you might talk about its regular maintenance record with the car distributor.

2. Aim Higher

There is a ZOPA in any negotiation situation. Stretch it and test it to get the best outcome for yourself. Research has indicated that people who push the boundaries within the accepted ZOPA tend to get better results for themselves.

3. Leverage information strategically

Seasoned negotiators ask 2 -3 times more questions than the average negotiators. A cardinal rule is to get information before you give information. Information is power to you - know when to push for more information, when to concede information and when to protect information.

4. Know the other party's needs - really know them!

There is a difference between a need and a want. A need underlies a want just as an interest underlies a position. For example, a customer might demand a 10% discount ( Position ) Why does he want a 10% discount? He probably wants more profit margin or a lower cost ( Interest ) So if you cannot give away a 10% discount for whatever reason, you can certainly address his interests of better profit margins or a lower cost with other creative options.

5. Have a concession plan

Know the ZOPA of your negotiation and develop a concession strategy for it. A concession plan provides discipline and gives you confidence and control over the negotiation process. Ad hoc responses tend to weaken your negotiation power. Being clear-headed puts you in a strong position you to concede within your ZOPA.

You can improve your negotiation skills by taking negotiation skills training in Singapore or New York. We run negotiation courses and negotiation seminars in these cities every month.

Source: http://business-negotiation.blogspot.com/2012/07/master-5-key-principles-in-strategic.html

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