—
Learning How to Negotiate is a Mind Game
Before you can understand how to negotiate, you need to let go of the mindset that there is a winner and a loser in negotiation. Negotiation is a mind game that is all about compromise, integrity, and influence.
With that being said, if your goal is to master the art of negotiation, setting yourself up with the necessary tools in your arsenal will be the only way to achieve that goal. Negotiation is a part of life, and it is an overlooked skill that can save you from a bad deal or even help you further your career. Whether you are negotiating your salary, a new contract, or even a better deal on a car at the dealership, understanding how to negotiate will set you up for success.
Preparation is Key
Preparation is the only way you will effectively influence another individual and compromise. Unfortunately, very few people can effectively “wing” deals and contracts because it is easy to look unprepared and more challenging to be prepared. Let’s say that you’re heading to the dealership to buy a new car. Before you go, research the MSRP and other facts about the car, such as the upgrades and features it may have. Without this information on hand, it will be much more difficult to swing a few thousand off the price when negotiating because you won’t know if you are getting the worse end of the deal.
In addition to knowing all the facts, you should be aware of your end goal. Do you want $5,000 knocked off the price of the car? Maybe you are hoping to get another $10,000 added to your salary each year with a raise. Whatever your goal is, set your standard before negotiating with another party to ensure you are dedicated and heading towards it.
Identify the Weak Points
While you may not be able to do this in every situation you are faced with, finding the weakest point in your opponent’s position can be an effective tool in negotiating. Let’s say that you are meeting with your boss in a few days to negotiate a raise. Before you head into that meeting, you should have a list of your accomplishments and other tools in your toolbox to make your case. This includes identifying any weak points in your supervisor’s negotiation tactics and using those points against them. Let’s say you are a registered nurse that makes $25 an hour. When researching the average hourly wage for RNs in your area, you may have come across information that indicates $30 an hour is more common. Depending on your skill set and years of experience, this comparison can be a weak point in their negotiation if they cannot justify paying you less than the average RN. You can use this information to negotiate a higher salary or, in some cases, a better benefits package. Additionally, you should be prepared to ask for additional perks, such as flexible scheduling or additional vacation days.
Read Between the Lines
The language that your opponent is using matters, especially if the language is ambiguous. Additionally, make sure you are reading into their body language. Crossed arms and leaning back in their chair indicate they are not open to your ideas. However, using words like “potentially” and leaning forward with an open-arm posture indicates they are more receptive to your proposal.
Seal the Deal
Once you have the right body language and language on your side, the last step in negotiating is to seal the deal. Lead the conversation towards the close, and you’ve negotiated successfully!
Don’t Give Up
Even if one negotiation doesn’t go the way you expected it to, that doesn’t mean you need to throw in the towel. Life is very unpredictable, and so are negotiations! As long as you did everything in your power to be prepared and advocate for yourself, it wasn’t a loss- it was just a lesson. If you didn’t get the job you wanted or are struggling financially, all hope is not lost. Give LoanMart a call and learn more about vehicle-secured title loans today.
—