How To Negotiate Better Deals With the Vendors : 9 Negotiation Skills for Beginners

ads2020.Marketing
January 21, 2021
Entrepreneurship development, Tips for beginners

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Negotiation Skills are a must for every Business Person or Sales Person: Learn to Grab Best Deals

Be it big or small, all kinds of agencies, businesses get into the negotiation process. Vendors negotiating with customers, business negotiating with other business, partners negotiating with clients and so on.

Every party wants to get the deal done in its own favor. But only a few master the art of negotiating.

Following are some of the traits of a good negotiator:

1. A Good Listener


2. Sensible communication


3. Right reaction Timings


4. Patience


5. Confident


6. Friendly yet diplomatic


7. Witty

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Negotiation Skills

Not that negotiation is difficult but it needs practice and being a little diplomat here is not bad.

➤ What are the 7 Psychological Strategy every Negotiator must Know?

One needs to identify the needs of the concerned party and present to them a solution which is beneficial for both the parties. The negotiator should be smart enough to be talking and bringing out the best for the other party while dealings and still be able to get benefited from the deal.

They should be highlighting the benefits of the other party and not much of their own.

Learn these worst negotiation mistakes, and never do them again.

In this article we will highlight a few tips negotiating tips which could help you deal in a better way with vendors. Here they are:

1. Always Start Friendly

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A Friendly Start

In the beginning of the negotiation always try to make a connection and establish a good rapport with the other party. Try to find some similarities if you can. The initial few minutes of negotiation will give you the idea of what the outcome will be. Although, it would be difficult to maintain the softness for long yet you can try to stay calm & polite in your tone rather than heating up the negotiation too early.

2. Be Clear With Your Facts & Figures

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When getting into negotiation make sure you have done your homework well. With the homework it is meant that you need to do a detailed background research to get your facts and figures right on the topic of negotiation.

Let not the other party beat you down because you are lacking in logical & relevant points to put before. Show them that you know your thing.

Take best advantage of the data and lead!

3. Know What’s Driving Them

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Know their Interests

Negotiation is not a policy. It’s a technique. It’s something you use when it’s to your advantage, and something that you don’t use when it’s not to your advantage. ~ John Bolton.

Unless & until you know what’s pushing them into this negotiation, you cannot convince a vendor.

Are they price sensitive? Or Is it that make sale is important to them?

Reason could be anything.

They might have to meet some sales target. So, in order to take negotiation in the right direction, you must know what’s driving them.

5 Killer Marketing rules to Generate Sales Leads

4. Get Understanding Of Their Acquisition Cost

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Acquisition Cost

Do not hesitate to work the deal in your favor. Do you have any idea that what does it costs for the vendors and technology companies to acquire a customer?

To your knowledge here, to get you to the point of the negotiation is one large expense for the aforesaid both. Therefore, you have to be very smart here.

Know that if you already are a customer of them, then it won’t cost the vendor too much as compared to if he goes on to gain a new customer/account. Take full advantage of being the old customer.

5. Don’t Hesitate To Mention Alternatives

The best move you can make in negotiation is to think of an incentive the other person hasn’t even thought of – and then meet it. ~ Eli Broad

Let the other party know that there are other options available too if not them. Get them aware of their better alternatives and do not hesitate to mention it by thinking it would sour the negotiation process.

Know that you are just putting your point & they must be told what other decent options do you have which can be considered competitive.

Do not let them mistaken that you are the only player in the market. Infact, if you think the alternative is cheaper and more suitable to the needs of your clients or customers then mention that too. It will boost your credibility.

➤  A Sales Person should never do these 11 things

6. Don’t Be Afraid To Step Away

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Step-back

When agreement or disagreement doesn’t affects you then you are under no pressure to surrender to the other party (or say vendor here in this context) in negotiation.

If you have no issues in walking away from the deal if it doesn’t go in your favor then you have power over the other party.

This is why it is important to have alternative available.

You must not be afraid of moving away. In fact do it often to show that you have other options too and it’s ok to you if the deal doesn’t happen.

7. Let Conversation Get Stretched, Take Your Time

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Take your Time

Forbearance goes long way. Do not be in a hurry to finalize the deal. Also, if there is no deadline given to you then it is obvious that you are under no obligation to meet the deadline as the decision has to be your own and you have right to take your time.

Get the conversation going through emails or other medium. Make sure they know you have not yet chosen some other but reflect that you are considering to do so.

Get them alarmed & agitated. Now watch them requesting you to think again and renegotiate. That’s a good sign though.

Tips to Building long term relationships with the customer

8. Blame Game Is Advantageous Here

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Blame it

What is negotiation but the accumulation of small lies leading to advantage? ~ Felix Dennis.

Make the other party understand that it’s not only you whose benefit is lying in this deal rather there are other people too in the organization whose interest will be affected and it’s they who are influencing the decision.

Show them that you are under pressure from the multiple stakeholders say your boss, your coworkers, etc.

Put the blame on these sources so that the vendor can empathizes with you and a better bond is created between you which can turn the deal in your favor.

Everything is negotiable. Whether or not the negotiation is easy is another thing. ~ Carrie Fisher

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