Reading Time: 4 Minutes
Folks, it's critically important to know when to stop grinding. You can push a negotiation too far and its dangerous to do so. If you push the other side too hard and too far, you risk not only losing the deal, but also isolating and distancing potential future business. Relationships are critical in the world of negotiating and knowing when to stop grinding is critical to maintaining and strengthening those relationships.
Reading Time: 4 Minutes
Folks, it sounds obvious that time is money. We all hear this saying all the time. But in negotiation, time can be used to extract large amounts of concessions out of the other party. Please don't use this tool I am about to teach you, unethically. Just because I'm teaching it to you, doesn't mean you should impose this tool on all of your negotiations. It's powerful, but it needs to be used sparingly. And at the same token, it's so important to be able to recognize this ahead of time if another negotiator is laying a trap for you. You do need to be aware of it so that you can recognize the trap early and get ahead of it. Because if you don't see it coming, you could unwillingly set yourself up for major losses.
Reading Time: 3 Minutes
Want more money? Ask for more.
"But Mark, it's not that easy,.....you don't understand,......you've never worked in my industry,.....i really want this job,....blah blah blah."
Nonsense!!! Granted, people get intimidated by the idea of negotiating salaries when they get a new job, but it's so critically important!!! Remember that last post on perceived value? When you negotiate for a higher salary when starting your job, you're raising your perceived value in the eyes of the person making the decision to hire you. Not only that, but you're getting more money. And I don't just mean more money up front, I mean more money over your entire lifetime.
Reading Time: 4 Minutes
This is the golden rule of negotiating!
“Always ask for more than you expect to get.” should be tattooed on the inside of your hands so you never forget. These types of simple golden rules are so basic that sometimes we forget about them and take them for granted and often we don’t even think about why it is they are so important.
So why should you always ask for more than you expect to get?
Reading Time: 4 minutes
So what happens once you’ve gotten past the lunch meeting and actually secured your first sales meeting? Well, if you’ve gotten the opportunity to present your product/service/company to me, try to line it up for the next time they’re at the production facility and get them to invite some of the business users who could be using your products or services. THIS IS SO IMPORTANT! Ultimately, procurement people have no decision making power whatsoever. The people that actually make the decisions are the business users that actually use what you’re trying to sell. Procurement people influence that decision, sometimes very greatly, but they do not make the final call.
Reading Time: 7 minutes
Folks, let’s be honest with each other,....PERCEPTION IS EVERYTHING! Especially in negotiation. And, raising your perceived value is critical to negotiating good deals. What do I mean by perceived value? How you value your service or product and how a buyer values your service or product may be two completely different things. You may think that your product is the best thing since sliced bread and that people would be fools not to buy it, but a buyer may perceive it as a bad product, second tier, lower grade, or worse ...not necessary. This is a key stumbling block that life insurance and financial sales folk have. Try to convince someone that something that they’ve never even thought of before is critical and worth paying for. Tough to do. Even if someone is willing to buy your product, are they willing to buy it at the price you want to sell it for? Can you raise the perceived value of what you are selling so that the buyer is willing to fork over hard earned cash to buy your product? Or, if you’re buying something, can you reduce how valuable the seller perceives their product to be so you can get it for cheaper?
Reading Time: 9 minutes
Cold calls don’t work. Not because they can’t work, but because most people have no idea how to actually cold call. The quality of cold calls that procurement people get on a daily basis are terrible. Sales people fumbling over their opening lines, talking about how golly gee wonderful their products are and ultimately plummeting into the abyss technical specifications and features that lose me in about thirty seconds. Sure, maybe once upon a time you could pick up the phone and dial Steve, the buyer down at the lumber mart and Steve would be happy to chat to you for hours without having met you before about your fancy new product. But it's likely that the salespeople of Steve’s day had less competition, less salespeople calling on him, and Steve likely didn’t have the internet, Linkedin, and Email.
Reading Time: 2 minutes
Seriously, I believe you should be actively negotiating everything. Or at least thinking about how you can actively getting more out of your daily interactions.
"Why?" you may ask.
Because you already do, so you may as well get good at it. Think about it. Your life as one negotiation after another. From the time you wake up to the time you go to sleep, you are negotiating. Roger Fischer (co-author of "Getting to Yes") starts his book by saying "Like it or not, you are a negotiator. ...Everyone negotiates something very day."
FREE UPDATES BY EMAIL