Are you trying? To reach a price agreement with an important client or try to reach an agreement with a potential business partner, negotiation plays a vital role in business. However, this skill is not something that comes naturally to everyone, and some people may struggle to find a balance between getting what they want and making sure the other party gets it too.
Mastering the art of negotiation takes practice, but keeping these tips in mind can help you improve your skills faster and achieve better results. Below, Rolling Stone Culture Council business leaders draw on their years of experience closing deals to share their best advice on how to become a master negotiator, no matter your industry.
Start with Common Ground
Rooting the conversation in shared goals and where agreement already exists is the single best way to create more agreement. From there, as Ted Lasso says, “Be curious, not judgmental.” Seek to educate the other party where you differ, and seek to understand them. Understanding is key to reconciling differing approaches, and it creates more common ground. – Scott Curran, Beyond Advisers
Do Your Due Diligence Beforehand
It’s critical to have a deep understanding of what you’re selling and the value you’re offering. Do your due diligence first so you know what a fair starting point is and what your absolute limitations are. That allows you to approach the situation with confidence and with a fair solution in mind. Too many don’t do the initial work and just want to “win” — you may end up sacrificing too much for an unsustainable outcome. – Dustin Eide, CanPay
Find a Way for Both Parties to Win
I come into negotiations with a simple premise: I want both of us to win. Otherwise, we’re starting from a fundamentally adversarial place. While that may work for some industries, I believe it doesn’t work for creatives, nonprofits, and the arts. In most cases, a deal can be found that benefits both parties. If that’s not possible, the deal needs to be reworked. – Jed Brewer, Good Loud Media
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Show That You Are Interested and Paying Attention
Listen. Watch their body language. Show that you are genuinely interested in what they are saying. Write down their points if you can. Often, both parties are asking for the same thing but using different words to mean the same thing. I would ask if they would agree to this, this and this, and what if we did x on this point. You both win. – Susan Johnston, New Media Film Festival®
Leading with Education
I start with education. By educating potential clients during the introductory meeting, I can show them the full value of our services and pricing. Being a good negotiator requires understanding the needs of potential clients. Putting yourself in the other person’s shoes helps you find a solution that works for everyone. Plus, knowing what you want and having a backup plan gives you confidence in negotiating. – Jason Hennessey, Hennessey Digital
Describe What You Want to Achieve
Take the time to thoroughly outline what you want to achieve and what you will give up in the process. Remember that, in most situations, both parties are looking for common ground. Therefore, it is important to be specific and thorough in your approach and be prepared to fully accept and adapt to the outcome, whatever it may be. – Michael Klein, Sunset Amusements
Practice Empathy, Patience and Listening
You need empathy, patience, and the ability to listen. Empathy allows you to put aside your prejudices and put yourself in each other’s shoes. Patience makes you realize that Rome wasn’t built in a day; sometimes you need to wait a while. Listening ensures that you truly understand what is not being said or what is implied behind the words spoken by one party. – Zain Jaffer, Zain Jaffer Foundation
