Pressure can sometimes be crippling and lead you to accept a deal which you do not fully agree with. In this article, we will show you how to overcome this pressure and use it to your advantage.
Get ready
Sure, it's not easy to prepare for a conversation if you only have a moment to close the deal. But think about it this way: just 15 minutes of preparation can save you hours of negotiation. You can definitely afford to delay the conversation a bit and enter the business meeting in a better position.
Ideally, create a checklist to help you organize your work under pressure. Here is an example:
• Precedent: Are there past agreements that could affect trade for both parties? Use this information.
• Alternatives: What options do you have? Think about the gold standard and what you would be happy to leave with.
• Interests: What does each party really want and need?
• Deadlines: When should an agreement be reached to satisfy each party? Are there milestones or goals, or is it comprehensive?
Ask yourself questions
A common problem in practice is finding out what the other side really wants (see "Interests" above). The prerequisite is often a price or a deadline, but in reality something else completely different may matter more. Focus on exploring information that you can use as leverage for your side.
Here are some common questions you can use:
• Precedent: How did you get to this price? What do you base this value on?
• Alternatives: What other options are you considering?
• Interests: What is important to you? What else?
• Prioritization of interests: What is on the top of your list of priorities? Why is it important?
• Deadlines: What is your deadline? What exactly is this deadline for? Why is it important?
Should you make the first offer?
When you feel pressured, it is common to "accept the best offer" versus "get the best offer." Rely on the knowledge base you have created up to this point.
The first offer is crucial because it prepares the ground for the entire sales process. If you feel that you both understand the situation, take the first step - anchoring the discussion and enabling strategic forward action. If you feel that your counterpart does not have a good overview, let him come up with an offer first - because at best you have a better offer than you expected, and at worst you know your position.
Once the first offer is on the table, rely on negotiation training to move the conversation to an agreement that is good for you. Avoid simple and lazy agreements to accept the first offer on the table or go 50:50. Don't be pushed into sales time that doesn't meet your goal. Trust your instincts, don't underestimate your preparation, answer questions and close deals like a winner.
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