What’s your negotiation strategy
Business analysts constantly negotiate with stakeholders to reach a common understanding or an agreement.
Negotiations also called talks are a delicate step in the sales process. You need in-depth knowledge to know how to convince your stakeholders. Negotiation and conflict resolution involves mediating the discussions between participants to help them identify different view on the topic and to reach conclusions that would be agreed upon by all participants. There are several methods of negotiation to convince and satisfy the actors present.
There are two main approaches in negotiation which are cooperation strategy and competition strategy. The completion strategy has a real balance of power which is established between the negotiator and participant, whereas the cooperation strategy employs the open register.
The cooperation strategy:
In the cooperation strategy, the principle is to look for an agreement to satisfy everyone. As a negotiator, you should be flexible and give your prospect the advantages they need to take a stand. During this situation, both parties will think and look for a different option to find a win-win agreement.
The competition strategy:
This is an aggressive strategy as you seek to establish a real balance of power between you and the client. The psychological aspect is very important as you must try to destabilize your client using different tactics as there will be no longer the exchange, active listening, and understanding that take precedence.
- Put people at the center of attention:
Instead of focusing on the financial part, highlight your human qualities and the nature of your relationship. The main goal here is to keep the human aspect at the center of negotiations to influence the stakeholder’s decisions. This method is more effective if you are working with a stakeholder for a long period.
- Present exceptional treatment :
The strategy is to give the stakeholder a privileged partner status. The exceptional treatment is more of a global mindset to personalize your contacts. This is the most effective strategy to stand out.
- Use the win-win strategy:
This negotiation strategy consists of finding an option that satisfies both parties. The principle of this strategy is fair exchange, understanding, and empathy.
- Bundle all the issues and negotiate together:
For effective negotiations bundle all the issues together and make decisions on them together. This strategy is valuable for the negotiator for concluding the huge process altogether.
- Always stay hard on the problem and soft on the people:
In the heat of the moment, negotiators easily get offended, frustrated, angry, and have an ego that is easily threatened. The best strategy is to embrace a cooperative spirit and communicate that to find the best deal both parties must work together.
The strategic negotiation approach provides a hard look at whether the right things are negotiated and how much more value it will unlock as a result of negotiation. Effective negotiation is achieved by understanding that it is often possible to satisfy both parties without either side losing.