Step-by-step-guide-through-successfull-negotiations

Closing a deal is hardly an easy task, as long as the seller and the customer observe deal from different perspectives and want to gain maximum profit out of it. The only way to make the expectations of both parties meet is to negotiate for the win-win solution. The infographics below suggests the must-use strategies for preparation and conduction of targeted talks as seen by Itransition.

Step-by-step Guide through Successfull Negotiations

1 Use your connections

Common acquaintances can give you priceless clues on the typical behavior of the client, human characteristics, personal and professional interests of executives and peculiarities of their negotiation strategies.

2 Investigate

Prior to your negotiation, get a clear vision of the client. What is the specifics of their business? What pitfalls do they face? What are they interested in? Based on vast experience of day-to-day clients’ research, Itransition recommends using analytical web tools, such as Google alerts, Mention and Addictomatic that monitor social media for any mentions of your client. You can also study the case studies and reports of your competitors who have experience of collaboration with the client. Business research sites such as CrunchBase, Hoovers and professional social networks like LinkedIn are also instrumental in research.

3 Watch the time to address

You definitely know what to say to the customer, but when to start the talks may be extremely critical for the favorable outcome. Mind the client’s financial standing, load, holidays and weekends, and readiness to negotiate. Thus, on Wednesday and Thursday you are 49,7% more likely to get a fast response from the client, than on Friday which is proved the worst day for business communication; the early morning and late afternoon is the best time for calls, as compared to the rest daytime, when people are usually busy. These findings are published by InsideSales.com – a succeeding provider of response management tools and services.

4 Prepared means prearmed

Concentrate on thorough preparation for the talks. Find several alternatives to offer, because people feel uneasy when they are given no choice. Use as much facts, figures and statistics as you can, illustrating them in a nice presentation. Think over every step of the meeting, mince pertinent wording and rehearse if you are not sure about your speaking skills.

5 Negotiations’ success depends a lot on whom you talk to

Try to reach the decision-maker, so that you could sell to him directly and clarify all aspects of the deal immediately. For this purpose, the Internet provides an enormous number of services searching for titles, names and contact information. Considering the national background of your client may also be helpful, see the Itransition’s vision of national differences between UK and USA projects.

6 Listen more than talk

The best negotiators are patient listeners who let their interlocutors take the floor and never interrupt. Encourage the other side to talk as much as they want.

7 Ask a little more than you actually expect

Negotiations are always a bilateral concession aimed to find a mutually acceptable solution. Consider this when planning the ballpark. Read more on strategic planning of negotiations in our article Dos and Don`ts of Partner Negotiations – Part 1.

8 Want the client to be open and positive?

Stay in good mood, keep the atmosphere relaxed and never cease to smile.

9 70% of communication is non-verbial

Watch your interlocutor’s gestures, posture, intonation, mimic, and beware of the signs your body sends e.g. seating on the edge of the chair means involvement and interest, while touching the face presupposes lack of confidence and nervousness.

10 Don’t be too much a seller

Information overload and high speed of talks may produce negative, annoying effect on the other side.

11 Irrespective of the outcome, your hard work is subject to evaluation

Analyze your behavior at every stage of negotiations to figure out what went wrong and well. In fact, in-depth investigation and self-reflection is a must on every project phase and the only way to improve your services and avoid repeating mistakes. Read our article explaining how to learn from challenging projects.

Though illustrating the basic how-tos of effective talks, the suggested guide does not provide one-size-fits-all negotiation strategy.  Negotiations are like a theatre, the acting of which is determined by the goals of actors and peculiarities of every particular situation.