1 Time: In negotiating, those who control the time usually control the negotiation. Agency buyers do this to us. They want us to rush because they know that in a time crunch we are likely to make mistakes in their favor.
2 Loose Lips Sink Ships: Never spill the deal until all parties have agreed and your program is signed and sealed. Your reputation for confidentiality can add to your value as a negotiating partner. This will save you money and future heartache.
3 Power Domain: Get your client or buyer out from behind their desk. You want a level playing field. If they have a conference room, use it. If you can get them to your offices, do so. If you can't do the above, at least sit next to them on their right-hand side. They trust you more on the right than the left.
4 Silence is Golden: In a tight negotiation, where there is potential for hostility, let the other side air out their concerns. Then, simply and calmly, you take control and address the situation.
5 Find the Hidden Agenda: We have all had prospects lowball us on rate. In many cases we respond without thinking and, therefore, make tragic mistakes that come back to haunt us. Ask for time and then go to work. Check with other parties that might have an influence in the sale and find out what the real agenda could be.Related Categories