7 Tips for better haggling

 Death of the wheeler dealer?        Is haggling a dying art in our internet age ?

Fans of TV shows like Flog it and Bargain Hunt see examples of contestants or the ‘experts’ asking for the bric-a-brac and antique dealers for the best deal. It is a genteel form of haggling. American Pickers shows more of the skills of haggling and the two and fro of sealing the deal. Mike Wolfe and Frank Fritz travel around the United States to buy or "pick" various items for resale, for clients, or for their own personal collections. *

 

In our Internet age of comparison sites, some are arguing that haggling has been made a thing of the past.

 Auto trader magazine for example, in recent research discovered that 56% of used car  buyers paid the asking price in the last 6 months – an increase of 12% from last year.

Yet sites like Topcashback.co.uk say you can save hundreds of pounds a year.

The London Times in their Money column of their Saturday edition had an article by Iona Bain offering 7 tips for better haggling. Even though these were written for consumers in a retail environment  the principles are useful for any negotiator ( haggler).

  

Saturday's money section
in the London Times

Be Polite:  You need to get a conversation going so try a question in such a way as “ How can we get a better deal on this? “ . Keep flexible and consider proposing to pay cash or to bulk buy.

 Don’t be shy of haggling:  Autotrader’s survey of 5000 drivers showed that only 32% of Millennials were happy to haggle compared with 58% of 45-65 year olds. Interestingly 34% of the survey said they would prefer to negotiate a pay rise than haggle for a discount.

  

  Get that Freebie:  Salespeople are usually given discretion to give something away. However don’t accept something you don’t want. The example Iona suggest that storage on the cloud is something you will have to pay later in time and may not be as such value for you.

   

Take your time : Listen first and don’t haggle too soon. Stall with ‘ too busy at the moment’, or ‘need time to think. Shop at a quieter and less busy time.  Ben Yearsley of Wealth  Club suggests when buying a car go to the dealerships at month / quarter end as salespeople target periods are usually set for such time windows.

  Be Firm:  Try to haggle with existing suppliers but also take a look at the competition. Quite often the existing supplier will come back with a better offer.  Face to face haggling also allows you to communicate through body language and leaves an impression.

  Choose the right time and place to haggle:  Challenge any surprise hikes in prices. Which magazine in one of their surveys showed of members who challenged and got a discount were as follows:-

70% who haggled were successful with LV

Over 2/3rds with Saga, Direct Line, and Arriva

Fewer than half were successful with John Lewis, L and G, Churchill and More than.


Go online  sites like:-

Ratedpoeple.com for Trades people

Carwow.co.uk for Cars

Bigdeal.com for energy bills.

By encouraging customers to register en masse, it can use the collective buying power to save consumer hundreds of pounds on utilities.

To be a successful haggler you need to set a spending target for how much you are prepared to spend and research the market.  Good luck hagglers ( whether buyers or sellers)

Related Links
* http://dave.uktv.co.uk/shows/american-pickers/

Ottoman Negotiation Tips


Culture sensitive negotiations

12 Steps to successful negotiation

Culture sensitive selling negotiation

The UK is set to have a referendum vote by the end of  2017 on whether or not to remain as a member of the EU. 

The UK Prime Minister's requests focus on four key objectives:

1. Protection of the single market for Britain and other non-euro countries
2. Boosting competitiveness by setting a target for the reduction of the "burden" of red tape
3. Exempting Britain from "ever-closer union" and bolstering national parliaments
4. Restricting EU migrants' access to in-work benefits such as tax credits for four years 

 David Cameron has gone off today to negotiate a better deal for the UK in the EU. I guess he needs to be aware of the different cultures of the 27 countries he needs to persuade.

"I want to see real progress in all of the four areas that I've mentioned. We're not pushing for a deal tonight (17th December 2015), but we're pushing for real momentum so that we can get this deal done."

He said he would be "battling hard for Britain, right through the night".

Perhaps he could make use of Erin Meyer's 'The Culture Map' but even if he does not we in selling most certainly can !

Often we concentrate on negotiation technique- what Meyer's points out is we should also adapt our negotiating tactics depending on the culture we are dealing with.

Strong negotiating skills in one culture can actually be a disadvantage in another, according to Erin Meyer, author of The Culture Map.

Source: Erin Meyer  HBR December 2015  photo of WEF forum site

Some cultures are emotionally expressive, even in the meeting room. 

Laughing, raising your voice or physical contact beyond a handshake can be considered normal in countries such as Italy and Spain.

 Whereas in the United States there’s a level of friendliness with limits. 

Meanwhile, business cultures in countries like Germany and Japan can find such behaviour inappropriate or unprofessional.

How antagonistic a person is, or how much they express their disagreement in a negotiation, can differ from culture to culture. To some, confrontation is necessary for clear communication, while others only feel comfortable arguing in more subtle ways.

Handling the stereotypes:

Not all emotionally expressive cultures are also confrontational, and vice versa.

 German people have a reputation for being blunt in a calm and rational way, which can be useful in negotiations. In France or Italy, on the other hand, one might expect to see a more passionate exchange. Meanwhile, the cultural stereotype for Saudi Arabian and Filipino cultures is to be emotionally expressive while at the same time avoiding confrontation.

But what about those sales people who do business negotiations internationally? Meyer suggests five matters we need to consider for this sort of discussion.

1. Get a feel for the way you express disagreement

The difference can range from a stance of “I completely disagree” to “I am not sure I understand your point” . Such flexibility could make or break a negotiation. Which one is appropriate in the culture where you are doing business?

2. Know when to hold your peace or let it all hang out

Assess whether the time to assert your opinion, or should you adopt a soft and gentle tone?

3. Ascertain how the other culture builds trust in negotiation Erin Meyer describes two types of trust in negotiation

a. Cognitive trust is based on how much faith you put in someone’s accomplishments or skills; how reliable they are.

b. Affective trust stems from an emotional closeness, where partnerships are more like friendships. You need to figure out which type is most valued by the culture you’re working in.

4. Avoid  Closed Questions and their yes or no responses 

Did they really mean “no” or are they telling you that the subject needs further discussion? Different cultures view the words yes and no with varying levels of complexity.

5. Be careful about putting it in writing

In some cultures, an email to sum up your conversation could be perfectly normal, while in others it is a clear sign you don’t trust people to remember what you discussed.

Thought to myself !

 I think it might be worthwhile asking Santa this Christmas 2015 for Erin’s book The Culture Map* -breaking through the invisible boundaries of global business. Perhaps Samantha Cameron has got the PM a copy !

Related Links:

Making your negotiation appealing

12 steps to effective negotiation

More speed less haste and walkaway in your negotiations

* Erin Meyer's site http://erinmeyer.com/

We don’t ask U 4 free I-phones Taylor Swift’s lesson in Sales Persuasion

The Apple versus Taylor Swift battle was less David versus Goliath and more the Emperor Napoleon versus the Duke of  Wellington ( plus dutiful thanks to Field Marshall Blucher).

Leveraging power is part of a Buyer’s armoury yet such power can meet its match even its "Waterloo" from a supplier.  

Buyer power seems high when it has many alternatives. 

So Apple Music may consider they have many alternatives in the form of artists, writers and producers. The bargaining power of buyers to put the suppliers under pressure is well known.

Yet  strong established suppliers like Taylor Swift can take measures to reduce such buyer power, through  implementing a loyalty program – e.g. her fan following.  She can sell to Apple’s competition namely live venues and the concert circuit and festivals.

Apple Music can exploit their power if suppliers are dependent upon existing channels of distribution such as a streaming service

Buyers are in a strong if not unassailable position if the availability of existing substitute artist, writers and producers

Comedian David Sneider tweeted over the Taylor vs Apple Music free streaming period business over a photo of Mrs. Merton the question

“So Apple, what first attracted you to multi-million selling Taylor Swift’s argument?”

. Both the Apple Corporation and Taylor Swift are both powerful commercial entities.

Taylor Swift’s open letter to Apple is of someone speaking up for the’ little’ guys yet she astutely avoids demon-ising Apple as ‘Bully Boys’ and has strengthened her own brand image considerably.

From a selling skills point of view it is worth studying Taylor Swift's letter as a powerfully persuasive example of how to use both eloquence and rationality with a powerful buyer.

Not all Supplier  have public media presence to write an open letter to Buyers  as Taylor Swift has as a supplier of saleable music but her skill in appreciating the Buyer's point of view yet defending the cause of fellow suppliers / even her own competitors is most skillful. I have highlighted how she use the appreciation technique - empathising with Apple's point of view.

To Apple, Love Taylor

I write this to explain why I’ll be holding back my album, 1989, from the new streaming service, Apple Music. 

 I feel this deserves an explanation because Apple has been and will continue to be one of my best partners in selling music and creating ways for me to connect with my fans. I respect the company and the truly ingenious minds that have created a legacy based on innovation and pushing the right boundaries.

I’m sure you are aware that Apple Music will be offering a free 3 month trial to anyone who signs up for the service. I’m not sure you know that Apple Music will not be paying writers, producers, or artists for those three months.

I find it to be shocking, disappointing, and completely unlike this historically progressive and generous company.  

This is not about me. Thankfully I am on my fifth album and can support myself, my band, crew, and entire management team by playing live shows.

( Taylor now  reminds Apple of the competition – namely live music)

 ( Note also the skillful use of the pattern and power of threes that Taylor uses to paint the narrative of her argument for artists, songwriters and producers I have highlight the rhetoric of this is about in green )

This is about the new artist or band that has just released their first single and will not be paid for its success. This is about the young songwriter who just got his or her first cut and thought that the royalties from that would get them out of debt. This is about the producer who works tirelessly to innovate and create, just like the innovators and creators at Apple are pioneering in their field…but will not get paid for a quarter of a year’s worth of plays on his or her songs.

These are not the complaints of a spoiled, petulant child. These are the echoed sentiments of every artist, writer and producer in my social circles who are afraid to speak up publicly because we admire and respect Apple so much. We simply do not respect this particular call.

I realize that Apple is working towards a goal of paid streaming. I think that is beautiful progress. We know how astronomically successful Apple has been and we know that this incredible company has the money to pay artists, writers and producers for the 3 month trial period… even if it is free for the fans trying it out.

Three months is a long time to go unpaid, and it is unfair to ask anyone to work for nothing. I say this with love, reverence, and admiration for everything else Apple has done. I hope that soon I can join them in the progression towards a streaming model that seems fair to those who create this music. I think this could be the platform that gets it right.

But I say to Apple with all due respect, it’s not too late to change this policy and change the minds of those in the music industry who will be deeply and gravely affected by this. We don’t ask you for free iPhones. Please don’t ask us to provide you with our music for no compensation.

Taylor

This has not been Apple's Waterloo . Suing for peace is usually initiated by the losing party in an attempt to stave off an unconditional surrender may be costly.

Pressing for peace  sometimes, however, be started by the winning faction as a means to end the war for several reasons, such as where additional conflict would not be in the perceived best interest of the winning party.

 I wonder if this is how we should consider Taylor Swift’s appeal and Apple's Climb down -   a "white peace," or Status quo ante bellum ?

Still the idea of Taylor Swift as an Iron Duchess somehow appeals. Good selling Taylor !

Ottoman Selling and Negotiation Etiquette Calling to prayer - calling to business 2015

The fading echoes of Bargaining, Ottoman Style

Gateway entrance/exit from the Topkapi
 Palace with the Blue Mosque
in the distance

The intricate etiquette of the Ottoman Empire lingers in many day-to-day rituals still observed in its greatest creation Istanbul.

I have just returned from Istanbul after conducting a couple of Sales Skills courses for Grads from across the world.

View from a Topkapi Palace balcony
of the Bosporus and Asia !

There was some free time to tourist and I joined the group in a visit to the Topkapi Palace. Spring sunlight and the fresh green leaves of the trees made a lovely time of year to visit this, the busiest of modern cities.

Visiting the souvenir shops you can still pick up the courteous approach of selling Turkish style. 

They honour a guest visiting their country. They make you feel at home, accommodate and help you and show off their famous hospitality.

If you keep the following etiquette and customs rules in mind, you will not only show a token of appreciation, Turks will respect you even more.

Until recently, the art of bargaining was one of these but the days the non-negotiable price-tag reigns supreme in most of the city’s retail outlets.

Here as in many stops along the Silk route, the days of camel caravans have long gone, supplanted by multinational retailers, lean ( LEAN) supply-chain management and in an increasingly homogeneous shopping experience. 

Much  changed in the foundation of Modern Turkey with Mustafa Kemal Attaturk, first President of Turkey whose birthday I discover, I share today!

Certain aspects of  the enclosed life of the Sultans is preserved in the museum of Topkapi with its spectacular Treasury of jewels - well worth a visit- an age away and lovely buildings. Yet you are aware you in a special place. None more obviously than when you hear the muezzin calling the faithful to prayer- a little of which I was able to record in the video above.

The calls from the Blue Mosque are then picked up minaret to minaret across the city. 

Perhaps the last echoes of Ottoman style bargaining can be found in the city’s carpet shops particularly those in the Grand Bazaar calling prospects to try before you buy.
 Many of these still take pride in their ancient art of bargaining.

Aleksandr Meerkat keeps watch over
 Mr. Hugh's Turkish black tea
in its traditional tulip shaped glass

Some tips from a tourist guide suggests:-

•          The official prices here have always been artificially inflated to allow for a bargaining margin 20% -30% is the rule of thumb.    

Shopping here involve many aspects of Ottoman etiquette – you will drink tea, exchange polite greetings and sign up how trustworthy the shop keeper is. He in turn will drink tea and exchange polite greetings and size up how gullible you are.

•          Never feel pressurised to buy something. Tea and polite conversation are gratis- if you accept them- you don’t need to buy anything in exchange.( Western social economic rules of reciprocity are not overtly expected) It is important to do your research. Always shop around compare quality or pricing.

•          Before starting to haggle, decide how much you like a carpet or rug and how much you are prepared to pay for it It i important you stick to this ! – the shopkeepers here are professional bargainers and have loads of practise in talking customers into purchases against their better judgement.

•          Your first offer should be around 60% of the initial asking price. The shopkeeper may laugh, feign offence or profess to be puzzled.- this is all part of the ritual.

•          He will then make a counter offer 80-90% - You should look disappointed, explain your have done your research and say you are not prepared to pay that amount. Then you should offer around 70%.

•          By this stage you and the shopkeeper should have eyed each other up. He will cite the price at which he is prepared to sell- if it corresponds with what you were initially happy to pay- you can agree the deal.

 If not you smile shake hands and walk away. 

Let me sign off with the great mystic and poet Rumi ( who died in Konya, Turkey)  on generating the fruits of success

“Water the fruit trees and don’t water the thorns.” 

Related Links

Courting Clients Business Etiquette Handshakes Business Cards

The Yes Book by Clive Rich a review #Negotiation

Title of Book:            The Yes Book

Sub-title:     The art of better negotiation

Author : Clive Rich

Publisher : Virgin Books (2013)

ISBN:  978-0-75-354109-8

Genre:    Negotiating skills 

Style:  A structured guide to negotiating written by a practitioner

Contents page: Clear Introduction. Core of Book is in three parts 1 Attitude, 2 Process and 3 Behaviour -  23 chapters with page numbers

Index:  13 pages  . Excellent for those of us who like to dip in and out and go back for the golden nuggets. Comprehensive Bibliography of 4 pages from "WL Adar to JM Zubeck" !!!

Flick through eye appeal: Great cartoons by Kathryn Lamb . Good  sized type face Shaded blocks for the stories.

Time for a breather Stops : None but each chapter is bite sized with well written. Keep a pencil  / highlighter pen in hand. Take time out to pause and reflect

Golden Nuggets: His description of negotiating variables as coinage and currency in a negotiation I found very helpful. ; " from a battle of wills into a quest for mutual advancement  "; "walkaway,"; "WATNA"; and " BATNA "; the Christopher Wren  St Paul's Cathedral Pillars tale, the sisters and the Orange  story and Aladdin and the Genie fable. 

Topic Summary:   1 Attitude, 2 Process and 3 Behaviour -

The 6 key components for a negotiation, the 4 negotiating attitudes 11 sources of bargaining power, 7 stages of negotiation, a dozen bargaining choices, 16 Negotiating behaviours ,22 different ways to deal with 'tough guys', negotiating with different cultures

War Stories: aplenty but have no fear. Some are from Clive Rich's considerable experience both also others' stories are told. All stories used are relevant , not too long and illustrate the learning points of the text.

Illustration: Some presentation 'PowerPoint' type slides in black and white -print small and too detailed and I found difficult to read.Should there be a second edition ( in my opinion there should) the printers could clean up / re-do the presentation slides used. The Cartoons by Kathryn Lamb  are fun. I wished there were a few more - but I like the visual.

Quotes:  "..If you miss out on preparation, you miss out  " , "Pigs get fat, hogs get slaughtered ",  "Small hinges can open big doors " , "

Short Review:

I doubt master negotiator Clive Rich ever leaves much to chance in negotiation.  His negotiation guide book is structured for what a bride of negotiation needs to wear for her wedding . (Grooms, best men, proud fathers , mothers-in-law and friends could learn from this book also.) We learn what skills to wed in all kinds of negotiation environments from "The Yes Book".

Something old

something new,

something borrowed,

something blue,

and a silver sixpence in her shoe.

Something old:  Clive Rich draws on basics like NLP,  Maslow, and  Psychometric  approaches like Myers Briggs / DISC 'style'. But his approach is nicely simplified and reworked into practical negotiation dialogue you can use. Those familiar with such systems may need to take time to adjust to the labels and orientation from previous learning to the sixteen types Mr Rich employs but I like his approach. Body language in terms of Word, Music and Dance and KAV approaches are also drawn upon by the author.

Something new:  Mr Rich commissioned research from YouGov and CEBR. The data from this is eye opening. He emphasises the move from confrontational negotiation to future partnership collaborative negotiation. I find his writing fresh and contemporary for toady's commercial scene.

Something borrowed:   refers/defers to Robert Cialdini book Influence (another excellent book by the way) Kahneman's Thinking Fast and Slow. Goldman and  Shapiro's ~The Psychology of Negotiations in the 21st Century

Something blue: Neil Diamond's new song is called 'Something Blue'. Much of Clive Rich's work comes from negotiating in the music and entertainment rights arena. I have no idea whether he has dealt with Neil Diamond but he has for Simon Cowell's  SYCOtv as well as Apple, SanDisk, Sony, Vodafone and Yahoo. His experience of 'team negotiation' in particular, will be of particular interest to those in Key Account Development work.

and a silver sixpence in her shoe:  the author regularly reminds the reader to go to his website, but unlike an irritating stone in your shoe,  it is  really a  silver sixpence of a  treasure trove of information on his negotiation blog posts. So don't get huffy - do as Clive asks you !

Beautifully succinct final chapter which summarises the key points of the book. If only more business authors did this

From our negotiating  equivalent in commercial courting of clients to the corresponding submission of industrial 'marriage' proposals, to  our business partnership 'marriage vows'  made , renewed and celebrated, the one word that can change a life and the only one you want to hear in any negotiation ( as Clive Rich's book explains) 

is YES.

Related sites and links

www.cliverich.com

Making your negotiations ap peeling

MAKING YOUR NEGOTIATING AP-PEELING :)

In the classic 1949 play ‘Death of a Salesman’ by Arthur Miller the hero Willie Loman’s cry of desperate despair in being made redundant after a long selling life of hard graft is

“You can’t eat the orange and throw the peel away – a man is not a piece of fruit.”

Negotiation specialist Clive Rich uses the analogy of an orange in a more creative way.

Remember to negotiate the whole package
Peel and all !

He tells a story of an orange on a kitchen table. Opposite each other across the table are two elderly sisters. Both desire the orange. The orange is cut in half and shared. 

Clive Rich’s clever twist on the story is to explain this was not the best result for either sister, since one wanted to eat the orange segments and the other the peel for a cake.

The moral being, if they had been better negotiators they would have been better satisfied.

here are some tips to be a better negotiator:-

·         Prepare and do your home work.  Setting Objectives and Preparation

·         Will the atmosphere be warm, cool, hostile or even playful? How will you adapt your negotiating style.

·         Are you dealing with the decision maker?

·         Are they relaxed or nervous?   Reading Body language

·         Are they trustworthy?      Selling ? Buying ? TRUST

·         Do you really know the strength of your position?

·         What is your  contingency plan  if the negotiations drag on or fail?

·       

Think of the peel as your negotiating variables
 - little cost to you great value to them

  It’s not always about Price. You may want the orange –they may want the peel.  Peels could be flexibility on timing, level of guarantees etc

·         Don’t bluff or lie. In the long rung being deceptive usually back fires

·         Be the first to make an offer. If you go first get to set the agenda, tone and your stake in the ground.

·         Use more assertive words like “I want” or “I require” rather than “I prefer” but make your first offer reasonable.

There are a number of skills in Negotiation that Selling shares but they are not necessarily the same process.

Better negotiating skills means “your future is Orange” . ( Other mobile network providers are available ! J )

Related Links

Negotiating in a VUCA world

Skills , Knowledge and Qualities of a Negotiator

Retaining high potential talent

 12 Step Negotiation Process

 Speed in Negotiation

Idea for post prompted by Richard Farleigh's column in City AM Monday 25th November

http://www.cityam.com/profile/richard-farleigh

12 steps to successful negotiating

( Buy sheep sell deer) Buy cheap - sell dear

1. Put yourself in the buyer’s place.

“If you can see through Joe Bloggs’ eyes

then you can sell what Joe Bloggs buys”

What sort of personality is your buyer? Click for post on client personality types
What sort of pressure are they under within their company?
What are their personal or political objectives?
What will they consider to be a satisfactory deal?
What strategy and tactics will they be likely to adopt?
What are all the possible negotiating variables.


2. Prepare and practice

Time invested in preparation will always pay off for you. Think of all the possible negotiating variables. Ensure you have to hand all the information you are certain to need and as much as possible of the information you are likely (or even unlikely) to need. Consider your own strategy and tactics, keeping in mind the power sources that both parties have. Role-play and rehearsal can be used to prepare you for the real thing.
3. Pinpoint your “key levels” on your “main variables” + walkaway option


Before you get involved in the actual negotiation you must determine what your “Walk Away” is on price and any other critical variables - the levels at which you would literally prefer not to have the business. You will then need to determine your “Target” - the level at which you will be satisfied to deal. Finally you need to identify your “Opening Offer” - how you will start negotiating in order to achieve your target.


4. Formulate your Opening Stance very carefully
You must start the right way in order to end with the right results.

You must take a strong opening offer but you must also be prepared to justify it in order to retain the credibility of your opening stance.

“Build in” some concessions so that you can afford to make them if necessary? What sort of “personal approach” will you adopt, bearing in mind the sort of personality you are dealing with? Use your strengths especially if you have performed well in the past to pave the way for your opening offer. The position you take with your opening offer can affect the other person’s opening position and target.


5. Aim high and show confidence in yourself and your offer


The higher your target the better, the deal you are likely to achieve. But you have to believe that your target is reasonable, and you have to communicate self-belief and confidence that you are offering good value. Know every aspect of your company and your products/services thoroughly; understand what they mean to your customer; (and their customers) remember that your buyer needs your offer (or something similar) or they would not be meeting with you.


6. Get your buyer to divulge their opening offer and their full “shopping list” as early as possible in the negotiation

The onus is normally on the seller to make their offer early on in the negotiation, but sometimes you can get the buyer to reveal their opening offer (i.e. what they are prepared to pay) before you reveal yours (e.g. by asking “What is your budget this year?”) Also you should identify all the points in the contract which the buyer wants to “discuss” before you start negotiating on any of them - otherwise you can be persuaded to make a lot of small concessions which together add up to more than you intended!

7. Trade concessions (preferably at a profit) but justify each one you give or ask for
Never give a concession - and when you trade one make it seem like it hurts! Try to trade small concessions for large ones - look for concessions which are low cost to you and high value to the other person. When you make concessions you must be able to justify them or you will lose credibility (e.g. it may seem like you were “just trying it on” to start with). When you ask for concessions make it easy for the buyer to agree without losing face (i.e. give them a justification with phrases like”.... and so that is why I must ask you to agree to this; I am sure you will feel that is fair and reasonable won’t you....?”)

8. Move steadily and progressively towards your objective

Make sure you are always moving in the right direction (or at least not moving backwards!) Unless there is great time pressure then it is more important to consolidate and guarantee progress than to move fast. Check agreement constantly in a complex negotiation. Clarify understanding. Make notes to avoid later queries. Keep your objective in mind the whole time.

9. Keep the whole package in mind the whole time - stay flexible and keep searching for variables



There are not many “constants” that cannot be made into variables. Learn how to test out how fixed an apparent constant really is. Try to think of more variables than the other person because this gives you the initiative.



10. Summarise clearly at the conclusion stage

At the end of the discussion you must double check the agreement and understanding. Always summarise verbally (and maybe even in a handwritten note) before you separate and offer to be the one who produces the formal written agreement. You and the other person may remember things differently (or pretend to!), and if you summarise and confirm it prevents them from “adjusting” things in their favour.

11. Leave the other person feeling that they have done the better deal despite the fact that you are a good negotiator

This way they will want to do business with you again, but they still regard you as a professional. If it seems too easy then you will make them greedy next time. If it seems like you have extracted too many concessions then there may never be a next time!

12. Follow up and confirm quickly and thoroughly

Any delay provides opportunity for something to go wrong or someone somewhere to change their mind. Even though you must summarise verbally when you have finished your discussion it is absolutely vital to confirm officially in writing as quickly as possible making sure that your confirmation is accurate (any query at all could lead to re-opening the negotiation!). Make sure that the agreement is implemented as soon as possible.

N.B. Never close the door completely - even if the negotiation appears to have failed
It is important to maintain some sort of thread that either party can use as a lifeline if circumstances change or opinions alter e.g.:“I’m sorry I cannot improve on this offer but if circumstances do change I will, of course, let you know...”;

“I am sorry that we cannot do business now but if your requirements change please do not hesitate to come back to me ....”;

“I am sorry that this is not acceptable but if I do think of any way in which I can meet your terms I will contact you again....”.


Negotiation is all about a. retaining credibility and b. "saving face” and you should always ensure that both people have the opportunity to do both!

Related Links

Speed in negotiation and the walk-away option

making your negotiation appealing