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Negotiation is a process that involves many steps to achieve the results you desire. Whether you are trying to buy or sell something, or in an employment situation where the initial compensation offer is less than you are seeking, there are numerous strategies to help you to create value and get what you want from the situation. The first step to understanding negotiation is to learn the basics, including how to prepare as well as concepts like BATNA (best alternatives to a negotiated agreement) and ZOPA (zero-option plan of action).
Leverage is key in any negotiation. You must know how much you are able to truly leave the table and also know the other person’s limits. Understanding the other’s perspective and sharing your personal views is the best method to influence. Anchoring is a different strategy that you can employ to establish a basis early in the process. This causes the other party to focus on the lower portion of your price range and makes them more likely to accept a deal.
The goal of negotiations is to create value for both parties in the situation. You can do this by showing the other party how their needs will be satisfied. In most cases, both parties will feel they have made a difference from the negotiation, and that their opinions were taken account. Knowing the fundamentals of negotiation will allow you to confidently negotiate in any circumstance.
