Sales Success Secrets: Don't Make These Seven Negotiating Mistakes

Here are seven common mistakes people make when negotiating.

1. Failing to prepare

Fail to prepare – prepare to fail.

One of the most significant mistakes people make when negotiating is failing to prepare adequately. Negotiation requires research and planning to ensure you have all the facts you need to make an informed decision. 

You should research the other party, their goals, their preferences, and their bottom line to develop a strategy that maximizes your chances of success.

It is said that average negotiators might spend 10 minutes preparing. Professional negotiators spend up to 20 times more in preparation.

Remember – the 6 Ps.

Proper, Preparation, Prevents, Pretty, Poor Performance

2. Starting with extreme offers

Starting with extreme offers is another common mistake that people make when negotiating. 

Extreme offers can be seen as an insult or a sign of bad faith, which can make it difficult to build a positive rapport with the other party. Instead, start with reasonable offers that are based on research and data.

3. Not listening

Another mistake that people make when negotiating is not listening.

Listening is critical to understanding the other party's position, goals, and priorities.

By actively listening, you can identify areas of common ground and opportunities for compromise.

Active disciplined listening means listening with your ears, your eyes and all your senses

4. Focusing too much on winning

Many people approach negotiations as a win-lose situation, where one party must come out on top.

However, negotiations should be a collaborative effort that focuses on finding a mutually beneficial solution.

Focusing too much on winning can make it difficult to build a positive rapport with the other party and may lead to a breakdown in negotiations.

5. Being too rigid

Negotiations require flexibility and adaptability to succeed.

Being too rigid and sticking to a single position can make it difficult to find common ground and reach an agreement.

Instead, be willing to compromise on certain issues to move negotiations forward.

Win Win is a win for both parties. Win Win by Derek Arden

6. Losing control of emotions

Negotiations can be stressful, and it's easy to lose control of your emotions.

However, losing control can hurt your credibility and make it difficult to build a positive rapport with the other party.

Stay calm and composed, even in difficult situations, to maintain your credibility and focus on finding a mutually beneficial solution.

Act in anger BUT never react in anger

7. Not knowing when to walk away

Finally, one of the biggest mistakes people make when negotiating is not knowing when to walk away.

Sometimes negotiations reach an impasse, and it's better to cut your losses and move on.

Knowing when to walk away can save you time, money, and emotional energy and help you focus on more productive negotiations.

If you never walk away you will be seen as an easy touch and people will take advantage of you

In conclusion, negotiation is a critical skill that requires preparation, flexibility, active listening, and emotional control.

By avoiding these seven common mistakes, you can increase your chances of success and build positive relationships with the other party. 

Remember, negotiation is not about winning or losing, but finding a mutually beneficial solution that benefits everyone involved.