We all regularly negotiate in both our personal and professional lives, but many of us still struggle with it.
In a recent post on LinkedIn, Andreas von der Heydt, an executive coach and Amazon BuyVIP manager, laid out the following tips for becoming a better negotiator.
Keep an open mind. The most successful negotiators tend to look at each aspect of the deal from various perspectives, von der Heydt says. That way, you’re far better prepared for any potential outcome.
Prepare for battle. Getting ready for a tough negotiation includes identifying your targets and strategy; determining your opponent’s objectives, potential strategy, and motivations; and being clear about your alternatives and fall-back positions, also known as BATNA (Best Alternative To Negotiated Agreement).
Know what you're willing to give up. Finally, von der Heydt says, in order to be a better negotiator, you must be willing to be the first one to give in a bit. Most people fear that this will set them up for failure— but it’s actually a great opportunity to create an additional layer of trust and to get something better out of the deal later on. This tactic will only work, however, if you give in on something that is more significant to your negotiation counterpart, and is of little cost to you.
Of course, whenever you give in, you should also get something in return. “Every concession you make should involve a trade-off of some kind,” von der Heydt says.
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