When it comes to negotiations, information is power. The more you know, the more prepared you are to negotiate.
You have probably heard this advice before, but how does information actually help you in the course of negotiations? Let’s discuss a few things you can accomplish if you take the time to gather information before negotiating.
The more information you have about your own situation and about the other party’s, the easier it is to plan. You can go into the negotiation knowing what you want, what you’re most likely to get, what your bottom line is, what concessions you plan to ask for, and what concessions you are willing to make.
If you have really done your homework, you will be able to develop an idea of what the other party is planning or likely to do. Not only can you guess what their goals and interests might be, but you may even be able to anticipate their concessions, tactics, and attitude towards the proceedings.
Negotiation can be stressful and nerve-racking. One of the best ways to make it less stressful is to research, plan, and prepare. This reduces the chances of something unexpected occurring and gives you more confidence going to the table. The fewer unknowns there are, the less likely it is that you will be taken by surprise!
Conflict usually arises because of an underlying disconnect between the other party’s perspective and yours, whether this is due to misunderstanding, incompatible goals, or personality differences. Learn as much as possible about your counterpart, both professionally and personally, to better understand his perspective and help prevent conflict from arising.
1. You should learn as much as possible about the other party’s company – their industry, their products and services, their industry, their competition, their clients and customers, their business partners, their current economic situation, and their management structure. Make sure to thoroughly study any information provided to you in the company file.
2. Check the other party’s company website. Note their mission and value statements, and find out whatever you can about their leadership, their strategic goals, current projects and any new developments. Look up their company profile on data sites such as Hoovers. Search for recent press releases or news about the company.
3. Learn where in the organization your negotiating partner stands. What is his title and his relative status? Is he a decision maker or is someone else calling the shots? Who is his boss? What is his reputation? What has he done to make a name for himself? Check Linked-In and follow any leads you find – schools, prior positions, and past achievements.
4. Learn what you can about your negotiating partner personally. Ask around to find out more about your counterpart, and search online for any social media presence, blogs or professional records. Can you tell what makes him tick? Do you have any common interests? Is there any level on which you can develop a good rapport? Is there anything about his apparent beliefs or lifestyle that might conflict with your own ideals and become a potential source of conflict?
Take the time to learn as much as you can prior to negotiations. Remember, to be well informed is to be well-armed.
Baker Communications offers leading edge Negotiation Training solutions that will help you address the goals and achieve the solutions addressed in this article. For more information about how your organization can achieve immediate and lasting behavior change that leads to bigger wins during negotiations in any setting, click here.
Re-Print Permission
This article may be reprinted in it's entirety if the following
conditions are met:
