Applying Powerful Negotiation Skills To Bargain A Lower Rate
The Purchasing Manager for a big international company significantly improved his negotiation skills and results by asking a simple question the majority within the industry now faces. Exactly what can all of us do right now to immediately reduce our purchasing spend within one particular area of the business?
It was vital for him to attain a significant reduction on their existing spend without compromising the quality or quantity of the goods, services and solutions being supplied. Anyone who may have had some negotiation training, will instantly recognise some of these principles.
1. Thoroughly explore all choices available to both you and your counterpart.
You ought to have a good awareness of what will happen if you don't achieve the improvement in cost that is needed. Can you order from a different provider? Can you sell more of your product or service to other clients? Might your client purchase from a different vendor?
What proportion of your supplier's business is represented by the volume of purchases between your respective organisations etcetera. Understanding what both you and your counterpart will do if negotiations fail will help you to appreciate the balance of power. You may even uncover a more suitable alternative to renegotiating the price!
2. Slightly overstate your needs
You need to ask for more than you want to get. If you need to realize a 5% growth on your price, then you should be asking for a 7% increase. Demanding more than you need to get allows you to render a concession to your counterparts. Nobody likes to negotiate with someone who is rigid and uncompromising and if you are not ready to render any kind of concessions, then it is highly unlikely that your counterpart would make any allowances.
3. Emphasise things in common
As people we are more prone to be influenced by those who are perceived to be similar to us; effective sales training endorses this. Regardless of whether you need to obtain a cost reduction from your provider or a price rise from your clients, emphasise the similarities between yourselves and between your organisation & theirs. For example, much like you and your colleagues at DEF Corporation, we at XYZ Company also have significant pressure on our input costs and expenses. This has made it essential that we adjust the price of the merchandise.
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