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Market Crunch: How To Use Your Negotiation Skills To Safeguard Your Stability
One can see a great deal of uncertainty in the world financial markets wherever you go - for the first time - irrespective of geographical location.
Warren Buffet said that it is only when the tide goes out that you can see who is naked. In other words, it is easy to be successful when the economy is doing well; it is only in tough times that we can clearly distinguish quality & commitment.
How can you use your negotiation skills, negotiation training or purchasing training to sidestep losses in the current economic situation?
Use 'Loss Framing'
People are more interested by evading loss than by attaining the very same gain. Kahneman & Tversky's Prospect Theory work describes how individuals will become risk seeking in an attempt to avoid a loss whilst they are likely to be risk averse when pursuing rewards. In the way that we negotiate, we can make the other side aware of the items that they stand to lose if they don't agree to our requests and otherwise gain if they do.
Create Alternatives
In times of uncertainty it is very important to look at other options so as to strengthen our negotiation position. The ability to create options is vital in the context of negotiation and the strength of options to securing a transaction is the primary driver of our negotiation power.
Usually we wait until we realise that we are not going to make a deal before we begin to think about alternatives. We risk entering into unfavourable deal and if we have not investigated all the options. Similarly, thinking about the alternatives available to your counterparty in the negotiation will give you a clear view of their relative position of strength in the negotiation. If they have strong options available then they will be more aggressive and if they don't, they will tend to be more accommodating.
Use Reciprocation
Reciprocation is a key principle of powerful influencing skills, because we are most likely to return to others the form of behaviour that they demonstrate towards us. In times of difficulty it is important that we perform in the interests of the other side if we would like them to act in our best interests. You can use this principle to your advantage by acting first and invoking the principle of reciprocation. Be careful and make sure that you record the obligation with the other side.
Move from price to value
Remove the focus off price and home in on the Total Cost of Ownership. For any service, product or solution that we buy or sell, there is always an exchange between value & price. If we only engage on the price, the best that we will do is to haggle and it is only when we study the entire lifecycle of the service, product or solution that we buy or sell, that we start to discover opportunities for negotiation. Before you state price in negotiation, analyse your counterparty's long term strategic fit, capabilities, switching costs should they wish to change a business partner, financial steadiness and potential risks or negative consequences that may occur when the other side doesn't manage to reach agreement with you.
Remember that the magic in negotiation is found in the quality of your preparation. In times of economic uncertainty it is key to dedicate sufficient time to preparing for your negotiations.
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