Negotiation Skills - 10 Must Know Rules
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This document outlines nine rules for negotiation skills to maximize returns. The rules advise knowing basic information, seeking trades rather than free gifts, starting higher than the desired outcome, identifying acceptable ranges, knowing your alternatives, settling all issues as a package, concluding with small additional concessions, finding creative concessions to trade, focusing on interests not just positions, and communicating the benefits rather than just features of offers.
Negotiation Skills - 10 Must Know Rules
- 1. 06/06/09 NEGOTIATION SKILLS FOR MAXIMIZING RETURNS Learn - Energize - Inspire
- 2. 06/06/09 Learn - Energize - Inspire
- 3. Rule No ZERO Know the Basic Info Must Know Rules
- 4. Rule No 1 No Free Gifts – Seek a Trade-off Make sure you highlight your compromises and make them against a compromise by the other party Must Know Rules
- 5. Rule No 2 Start Higher Than What You Desire Write down what you want and always start higher than what you desire The recent CNG price hike story Must Know Rules
- 6. Rule No 3 Identify Your Envelope of Negotiation Ranges Opening Target Bottom Line The car-buying experience Must Know Rules
- 7. Rule No 4 Know Your BATNA The Power to Walk Away Must Know Rules
- 8. Rule No 5 Never Settle Issues Individually – Always Settle them as a Package Must Know Rules
- 9. Rule No 6 Conclude With a ‘Nibble’ What’s a ‘Nibble’ Little snack or a bite Add the ‘free shipping’ or ‘two days warranty’ at the end Must Know Rules
- 10. Rule No 7 Keep Looking for Creative Concessions to Trade ‘ Free Complementary Session’ Concession Think of your most common negotiation situations and think of high-value, low-cost concessions you can offer Must Know Rules
- 11. Rule No 8 Focus on Interests not Positions The Rules that Maximize Returns
- 12. Rule No 9 Always Communicate Benefits of Your Offer not Features Difference between ‘Feature’ and ‘Benefits’ The Rules that Maximize Returns