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Negotiation Skills - 10 Must Know Rules

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A brief rundown of the 10 most essential skills for negotiations.

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Negotiation Skills - 10 Must Know Rules

  1. 1. 06/06/09 NEGOTIATION SKILLS FOR MAXIMIZING RETURNS Learn - Energize - Inspire
  2. 2. 06/06/09 Learn - Energize - Inspire
  3. 3. Rule No ZERO Know the Basic Info Must Know Rules
  4. 4. <ul><li>Rule No 1 </li></ul><ul><li>No Free Gifts – Seek a Trade-off </li></ul><ul><li>Make sure you highlight your compromises and make them against a compromise by the other party </li></ul>Must Know Rules
  5. 5. <ul><li>Rule No 2 </li></ul><ul><li>Start Higher Than What You Desire </li></ul><ul><li>Write down what you want and always start higher than what you desire </li></ul><ul><li>The recent CNG price hike story </li></ul>Must Know Rules
  6. 6. <ul><li>Rule No 3 </li></ul><ul><li>Identify Your Envelope of Negotiation </li></ul><ul><li>Ranges </li></ul><ul><ul><li>Opening </li></ul></ul><ul><ul><li>Target </li></ul></ul><ul><ul><li>Bottom Line </li></ul></ul><ul><li>The car-buying experience </li></ul>Must Know Rules
  7. 7. <ul><li>Rule No 4 </li></ul><ul><li>Know Your BATNA </li></ul><ul><li>The Power to Walk Away </li></ul>Must Know Rules
  8. 8. Rule No 5 Never Settle Issues Individually – Always Settle them as a Package Must Know Rules
  9. 9. <ul><li>Rule No 6 </li></ul><ul><li>Conclude With a ‘Nibble’ </li></ul><ul><li>What’s a ‘Nibble’ </li></ul><ul><ul><li>Little snack or a bite </li></ul></ul><ul><li>Add the ‘free shipping’ or ‘two days warranty’ at the end </li></ul>Must Know Rules
  10. 10. <ul><li>Rule No 7 </li></ul><ul><li>Keep Looking for Creative Concessions to Trade </li></ul><ul><li>‘ Free Complementary Session’ Concession </li></ul><ul><ul><li>Think of your most common negotiation situations and think of high-value, low-cost concessions you can offer </li></ul></ul>Must Know Rules
  11. 11. Rule No 8 Focus on Interests not Positions The Rules that Maximize Returns
  12. 12. <ul><li>Rule No 9 </li></ul><ul><li>Always Communicate Benefits of Your Offer not Features </li></ul><ul><li>Difference between ‘Feature’ and ‘Benefits’ </li></ul>The Rules that Maximize Returns

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