Bargaining involves negotiating the terms and conditions of the deal. Your communication skills are critical for exerting persuasion and influence while bargaining. To find out ways to build strong communication skills, check out our blog Top 10 Soft Skills You Need. Here are some highly effective bargaining techniques you can combine with your interpersonal skills in tactical negotiations:
Question for Information: This is where your preparation research pays off by allowing you to ask informed questions. You will be gathering information while demonstrating to the other parties you are to be taken seriously. Ask direct, thoughtful questions that are relevant to the details and structure of the deal.
Present your key commitments: What are you bringing to the table? It’s important to outline in detail everything you are willing to commit to the deal.
What are their key commitments? What are they bringing to the table? It’s equally as important to have clear and concise commitments from the other parties involved.
Examine and test their commitments: Are their commitments realistic? Are they overpromising to secure the deal? Test their commitments by asking pointed questions and make sure you receive specific answers.
Challenge the other party for justification on their position: You may not agree with the other party’s proposed commitments. If that’s the case, challenge their offer or their reasoning.
Identify and highlight common ground: Each party should work to arrive at a fair agreement. To achieve this, you must find common ground. Look for what you all agree on and build on that.
Watch for signals of movement: Practice your active listening. People often reveal they are ready to move by the tone of their voice or their word choice.
Summarize arguments and seek acceptance: Summarizing throughout the negotiation ensures everyone is clear on the details. What was agreed upon? What wasn’t? Is everyone on the same page and happy to proceed?
Walkaway: Always be prepared to walk away from negotiations if the deal looks bad for you. Be professional and courteous about it, but you need to know when negotiations are failing and be willing to end the transaction. This can also be used as leverage in strategic negotiations.
Closing: Once everyone has agreed on the details and how to proceed, it’s time to close the deal. Be careful about trying to speed this part of the negotiation up. Also, keep in mind pressure tactics and heavy-handed negotiation techniques can backfire.