Successful negotiators are prepared negotiators. Most of us are not born as great negotiators. We learn at an early age how to get what we want. By age two, a toddler knows how mommy and daddy tick and what it takes to get a cookie.
As we grow the stakes get bigger. We need to refine our old motto “I want what I want.” What we are really saying is “I want to be HEARD. Please listen to me. Respect my opinions.”
Five tips for a successful negotiation are contained in the acronym H.E.A.R.D.
This article is the first in a five-part series sharing essential steps to become a more successful negotiator in leasing as well as in life.
Step 1 – Homework
Before every negotiation you should learn as much as possible about your customer. Homework occurs before the initial prospect appointment. Jump to the proposal stage before doing your homework and you leave money on the table.
Savvy negotiators check out their prospect’s website, the CEO’s bio, the company’s marketing philosophy, press releases, industry magazines, blogs, podcasts, webinars and other research. Social networking tools help uncover information gold before negotiations begin. It’s possible to learn where the organization is going and how management plans to reach its goals.
During this phase, you determine your company’s bottom line or your walk away point. Share it with your manager or a colleague, whose role is to hold you accountable.
In 1978 singer Kenny Rogers advised us to “know when to hold them, know when to fold them and know when to walk away.” This is fabulous negotiations counsel!
Homework aids in understanding your customer’s challenges and opportunities. Then you determine how your product or service helps them achieve their plan.
Stay tuned for Part 2 after Thanksgiving!
Mary Redmond is a top-rated female professional speaker, author, consultant and business coach. She is a negotiation and body language expert that instills confidence, inspiration and expert knowledge that sets up her audiences for success!