Negotiation: Getting What You Want While Keeping Your Clients/Vendors Happy Too

I interviewed Eric David of TEAM David, about negotiation. The good news: everyone can do this – negotiations are not just for lawyers. We learned a few do’s and don’t’s:
Don’t Do This:
1.  Have a Fixed Pie. Think outside the box. What you want, the other side may not value, which makes it a good item to give up.
2. Underestimate Your Power. Remember, you have something that the other person wants – that’s why you’re working it out. Don’t think that they have more power than you do in a negotiation.
3. Get Hung Up On Other People’s Problems. “I’m having cash flow issues right now” is not your problem, it’s the other person’s. Don’t let it cloud your judgement or negotiation.
Do This:
1. Ask Questions. This is the most important part of negotiating. Find out what’s important to the other side and what’s not. You may be able to “give” on an item that doesn’t matter to you, and likewise they may be willing to give you items that you really want. For example, you may not want to buy the 2nd part of a training package (which you don’t really need). In turn, they are now willing to drop the price, because there’s less work involved for the seller. If this makes both parties happy, we have a win-win.
2. Use the “Platinum Rule.” Based on the book by Dr. Tony Allesandra, treat others the way they want to be treated. The only way to find out what they want – is to ask them – a sure-fire way to make sure that they’re happy.
To hear this segment in its entirety, click here: Marketing Chat with Nancy Sipera, 10/23/12
Source: Eric David, TEAM David