Negotiation is a process that involves many actions to achieve the outcomes that you would like to see. There are many negotiation strategies that can help you achieve what you want, whether you’re trying to sell or purchase something, or are in the situation of having an offer for compensation that is less than you expected. The first step in understanding negotiation is to grasp the basics, such as how to prepare as well as concepts such as BATNA (best alternatives to a negotiated agreement) and ZOPA (zero-option plan of action).
Leverage is an essential element in any negotiation. It is important to know what you are able to leave with and the other person’s limit. The best method to gain leverage is by being able to empathize with the other’s perspective and sharing your own perspective of the situation. Anchoring is a strategy you can employ to establish a reference early in the process. This can force the other side to focus on the lower price and increases the likelihood that they will agree to a deal.
Negotiation is about creating value for both parties. This is accomplished by demonstrating how the needs of the other will be satisfied. In most situations, both parties will feel that they have achieved something positive after the negotiation and that their views were taken into account. Knowing the basics of negotiations can help you feel confident to negotiate in any situation.
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