Three Surefire Ways To More Profitable Client Negotiations
The plain facts of the matter are – the quality and profitability of the business deals that you do with your clients will be directly related to your ability to negotiate effectively.
As negotiation expert Chester Karras has said; “In business you don’t get what you deserve – you get what you negotiate”. Here are three ways to make your client negotiations more profitable:
Number One: Make sure you know what you want.
As simple as this may seem, far too many people enter into a negotiation with a very poor idea of what they want to get!
Extensive research has shown that negotiators with a very clear and specific objective typically end up with a superior result to negotiators who start a negotiation with a poorly considered objective. How can you hit a target if you can’t see it?
Number Two: Give to get
Negotiation is about trading.
It is about you giving me some of what I want in return for you getting some of what you want. People often make the mistake of thinking that making concessions is a sign of weakness.
The wise negotiator knows that you have to give to get.
The secret is to only give when you are getting something in return.
Always make sure you get something of equal or greater value for every concession you make.
This is good negotiating practice and leads to incredibly profitable outcomes for everyone involved.
Number Three: Trade low cost for high value.
When you are trading it is good practice to identify concessions that cost you little to give, but are valued highly by the other party.
In the same way look for concessions that you will return great value to you but that cost the other person little.
For example, it costs someone next to nothing to email details of my books to their customer database.
This is low cost to them, but the returns for me in terms of additional book sales can be tremendous.
I frequently negotiate profitable joint venture agreements where the cost to my joint venture partners is low and the returns they get from me are high.
This makes for a highly profitable deal for everyone involved. There are many opportunities to trade low cost concessions for high value returns if you keep your eyes and ears open.
Good Luck and Good Negotiating!
Simon Hazeldine is a bestselling author, international speaker, performance consultant and corporate trainer in the areas of sales, negotiation, performance leadership and applied neuroscience.
His fifth book Neuro-Sell: How Neuroscience Can Power Your Sales Success which exposes his cutting edge “Brain Friendly Selling” process in explicit detail is now available.
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