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Industry Collapse: How To Use Your Negotiation Skills To Negotiate For Stability
One can see an air of insecurity in the world financial markets wherever you go - for the first time - regardless of where you find yourself in the world.
Warren Buffet stated that it is only when the tide goes out that one can see who is naked. In other words, it is easy to be thriving when the economy is doing well; it is only when tough financial times arrive that we can easily discern quality & commitment.
How can you use your negotiation skills, negotiation training or purchasing training to avoid losses in the present economic climate?
Use 'Loss Framing'
People are more motivated by evading loss than by attaining the very same gain. Kahneman & Tversky's Prospect Theory work describes how people will become risk seeking when trying to avoid a loss whilst they are more likely to be risk averse when seeking gains. In the way that we negotiate, we can make our counterparties aware of the items that they stand to lose if they don't move in our direction and otherwise gain if they do.
Create Alternatives
In times of uncertainty it is vital to create alternatives so as to support our negotiation position. Creating options are key in the context of negotiation and the power of options to concluding a transaction is the primary driver of our negotiation power.
We normally wait until we know that we are not going to be able to do a transaction before we start thinking about other options. We risk entering into a less than ideal deal and if we have not explored all the options. Similarly, thinking about the alternatives available to the other side in the negotiation will give you a clear understanding of their relative position of strength in the negotiation. If they have good alternatives available then they will be more competitive and if they don't, they will tend to be more agreeable.
Use Reciprocation
Reciprocation is a key principle of powerful persuasion skills, because we are most likely to return to others the form of behaviour that they display towards us. In times of economic uncertainty it is key that we act in the interests of our counterparties if we would like them to perform in our best interests. Use this principle to your advantage by acting first and invoking the rule of reciprocation. One note of caution and ensure that you register the indebtedness with your counterparty.
Move from price to value
Remove the focus off price and concentrate 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 focus on the price, the best that we will do is to barter and it is only once we start to explore the total lifecycle of the service, product or solution that we trade, that we start to uncover opportunities for negotiation. Before you mention price in negotiation, examine your counterparty's long term strategic fit, expertise, switching costs should they wish to change a business partner, financial stability and possible risks or negative consequences that may happen when the other side doesn't reach an agreement with you.
Remember that the magic in negotiation is found in the quality of your preparation. In times of economic uncertainty it is vital to commit enough time to planning your negotiations.
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