15 Negotiation Tactics To Get The Best Deal

If you have ever negotiated a price or your salary, you already know the importance of effective negotiation.

Negotiation is a dialogue between two parties to reach an agreement. You can use negotiation to get a better price, salary, benefits, faster promotion, etc.

You must employ good negotiation tactics to win or achieve a win-win situation. Let's explore the top 15 negotiation tactics.

1. Make the first offer.

You are more likely to get a good deal when you make the first offer. Negotiations revolve around the anchor set in the beginning. Make sure you set it and not the other party.

2. Know your target price and walk-away price.

The target price is the price you are hoping for, and the walk-away price is unacceptable. You will be disadvantaged if you have an unclear idea of your target and walkway price.

3. Build rapport.

Building rapport facilitates communication, credibility and collaboration. You can build rapport by listening, finding common ground, showing empathy, mirroring words and body language, etc.

4. Use silence.

Use silence strategically to encourage the other party to speak first and make concessions. Silence is a great tool to create discomfort and pressure on the other party to get more information. You can also use silence after making an offer.

5. Know your BATNA.

BATNA stands for 'best alternative to a negotiated agreement.' Know what you will do if the negotiations fail—hint at having a better offer to build pressure. A strong BATNA can give you leverage and confidence in negotiations.

6. Nibbling.

The other party is sometimes off-guard after reaching an overall agreement. Ask for small additional concessions after reaching an agreement. It will give you some more concessions without altering the overall agreement.

7. Limited authority.

You can claim to have limited decision-making authority to justify concessions or delay commitments. You can also use it to consult with higher authorities if necessary.

8. Walk away.

Be willing to walk away if favourable terms cannot be reached. It pressures the other party to make concessions and improve their offer.

9. Limited choices or options.

Give them limited choices that will help you get a favourable negotiation outcome. Present them with limited options after creating rapport and trust. You can get a better deal by utilizing the other party's knowledge.

10. Package deals.

Bundle multiple concessions or items to create value and facilitate trade-offs. It allows you to address various issues simultaneously and reach a mutually beneficial agreement.

11. Create an illusion of control.

Ask 'how' and 'what' questions for the other party's stance. You make them spend mental energy answering your queries and shift their focus. It can also help you understand their motives better and reach a favourable outcome.

12. Non-monetary compensation.

Offer non-monetary benefits or compensation like perks, privileges, etc. You can use these to add value to the agreement without directly impacting the financial terms.

13. Trade-offs.

Offer concessions in one area in exchange for gain in another area. You can use this to prioritize interests and make strategic compromises.

14. Time pressure.

Impose deadlines and time constraints to create urgency and pressure. It makes the other party make quicker decisions or compromises to reach an agreement before time runs out.

15. Use compliments and praise.

Praise them for fostering a positive atmosphere during negotiations. Compliments and praise soften the other party's stance and make them receptive to your proposals.

You can clearly see that you have an edge over others by learning negotiation. You can secure better deals, salaries, offers, and benefits while having the same skills.

Social skills are cheat codes in the game of life. Learn them to get the most out of your life.

- The Social Code