Master Your Negotiation Skills
Avoid These 5 Common Mistakes!
Five errors you might be making during a negotiation
A productive negotiation is a discussion that fosters relationships and leaves all parties feeling fulfilled—provided you approach it correctly.
Five errors you might be making during a negotiation
For the last twenty years, I have graced stages worldwide as an auctioneer at premier fundraising events and galas. I spend countless evenings negotiating with attendees to secure higher bids than they anticipated when entering the venue—this is how I generate record-setting funds for charities around the world.
Currently, as the Founder and CEO of the Lydia Fenet Agency, I instruct auctioneers in the nuances of negotiation—my extensive onstage experience has enabled me to identify five essential guidelines for avoiding the prevalent mistakes most individuals make, ensuring that you leave every negotiation confident that you achieved everything you sought, and perhaps even more.
Error #1: Approaching with the incorrect mindset
Numerous individuals sabotage a negotiation before they even enter the room by adopting an unsuitable mindset. To excel in negotiation, understand that it is a dialogue, not a conflict. You will consistently keep control of the dialogue by maintaining a calm demeanor and viewing each discussion point as part of a broader conversation. Eliminate emotions from the negotiation process. It’s not personal; it’s about business.
Error #2: Failing to define your high-medium-low
Establishing parameters before entering a negotiation is crucial, as this will prevent you from losing focus if the opponent is a more seasoned negotiator. Document your high-medium-low strategy prior to the negotiation. High represents your ideal outcome; achieving this would mean treating yourself to something celebratory afterward. Medium signifies a satisfactory result, while low is your minimum acceptable offer. Regardless of the negotiations, you should exit before settling for anything below this threshold.
Error #3: Neglecting to prepare the negotiation beforehand
Do you wish to fail in a negotiation? Enter with the belief that everything will unfold precisely as you envisioned. To succeed, consider various scenarios ahead of time so you can be ready for any situation. Assemble your friends, colleagues, and that one individual who would excel as a lawyer. Articulate the details of your negotiation, and have them pose challenging questions. The more diverse scenarios you plan for, the higher the likelihood of achieving your desired outcome.
Error #4: Failing to listen or inquire
Attentively listening to your counterpart’s remarks in the initial minutes of the negotiation can reveal everything you need to know about them. Pose open-ended questions that help clarify what they seek, then utilize that insight to construct a narrative illustrating how your product or service aligns with their objectives. The more you position yourself as someone invested in their success, the more fruitful the negotiation will be.
Error #5: Focusing solely on your needs
If you commence a negotiation with the intention of not only fulfilling your own desires but also ensuring the other party feels positive about the discussion, you may find yourself fostering a partner for future endeavors. You may need to think outside the box regarding what you can contribute to achieve this. Arrive with a brief list of additional elements that you could introduce to the negotiation that may not have been previously mentioned or that the other party might not consider unless you propose them. Broadening the discussion allows everyone to feel a sense of achievement after the deal.
Consider leveraging social media platforms like LinkedIn to enhance your career prospects further and stay updated on job opportunities. Networking on LinkedIn can connect you with industry professionals, showcase your skills, and help you discover valuable resources tailored to your career goals. Engaging with posts, participating in discussions, and following relevant companies can all contribute to your professional growth and visibility in your chosen field.
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