Negotiation Strategies
Negotiation is a fundamental dimensional of all types of decision-making both in professional and personal life. Negotiators negotiate to reach an agreement but to be successful they must have the right strategies. Negotiators use various methods such as persuasion, bargaining or problem solving. Here are some of the most important negotiation strategies.
1. Setting priorities
The most important thing in any negotiation is to identify your non-negotiable points and then work to protect and build upon them throughout the negotiation process. This may include setting a minimum acceptable outcome or deciding in advance on a maximum acceptable concession.
2. Identifying your BATNA
Before you enter any negotiation, it is important to understand your Best Alternative to a Negotiated Agreement (BATNA). This will help you identify what the best outcome for you is if you can’t reach an agreement and you don’t go ahead with the negotiation. Knowing your BATNA allows you to assess the value of the talks and better understand your position during negotiations.
3. Listening
Listening is essential in any negotiation. Listening well requires more than just hearing what is said; it includes understanding the underlying interests and needs of the other side. It is important to listen carefully and be able to repeat back parties’ statements so that there is no mistaken understanding. Doing this will show that you are engaged and paying attention to the conversations.
4. Research
No negotiation is ever conducted in a vacuum. It is important to do your research and obtain a thorough understanding of the situation, interests, and any relevant data. Taking the time to do your research will pay off and make you better prepared for the negotiation.
5. Empathy
The best negotiations are based on understanding the other side’s interests and needs. A successful negotiator must be able to put themselves in the other party’s shoes, anticipate their demands and negotiate in a way that respects the views of both sides. This can be achieved by developing an understanding of the other side’s needs, interests, and values.
6. Planning
It is important to plan ahead and anticipate possible issues and outcomes. This should include identifying the various outcomes that are acceptable or unacceptable to each side and planning strategies to bring the negotiations to a successful conclusion.
7. Focus on interests, not positions
During the negotiation, it is important to focus on the underlying interests and not get stuck on the bargaining position taken by each side. By understanding the interests of the two parties, it may be possible to find solutions that satisfy the needs of both sides.
8. Build consensus
It is important to try to build consensus and come to a mutual agreement. This means being able to discuss the issues openly and consider concessions from both sides. Getting to an agreement that both sides are comfortable with requires dialogue and an understanding of each others varying positions.
9. Avoid extreme positions
A successful negotiation requires each party to take a balanced approach. Taking an extreme position and refusing to compromise can actually make it difficult to reach an agreement. This will lead to tension and strain the negotiation process.
10. Have a strategy
Having a clear strategy is crucial to a successful negotiation. Before the negotiation starts, establish what it is you hope to get out of the negotiation and develop a plan of attack. This should include a clearly identified goal, as well as measures of success.
These negotiation strategies, if applied correctly, should help you reach a successful agreement without compromising too much of your own interests. Negotiations are an essential part of all facets of life, understanding the various issues, interests, and strategies will make you a more effective negotiator.
