One successful negotiation skill to be practiced and used today is that of ‘elaboration’. When a client or prospect is in negotiation with you, any hurdle or challenge should be explored by ‘elaboration’. Ask more questions of the client and get deeper into their issue or problem. Get them to talk.
Ask or drill down on 3 or 4 levels of questions on any negotiation problem. Seek to know more about the client before you want them to consider your points of negotiation or the transaction. It’s a strategy that is well worth practice and refinement.
From this approach there is a special result that is quite common known as the ‘Freudian Slip’. By asking questions you are encouraging the client to talk about their perspective; soon you will see them open up on the potential for agreement and the ultimate outcome that they seek in final satisfaction. You then know what you can negotiate on and the way to do it. You have something to work with.
So what can you do in this process of ‘elaboration’? Try some of these:
- Get more facts about the client as they see the potential transaction, sale, or deal. Facts can be explored further. Ask the client to tell you more.
- Ask the client for opinions about the situation of the deal and how it could match their situation.
- Get the client to talk about their targets and help them compare those targets to the market conditions and the supply of goods or services from their perspective.
- Questions can be directed towards ‘minor closes’. In that way you take the client closer to the main negotiation result. Any major negotiation is a series of small agreements in a logical order. Structure your pitch or presentation accordingly.
- Some clients get lost in the complexity of a transaction, sale, or negotiation; perhaps the market conditions are new to them. Make things simple. Identify if there is any lack of understanding on the clients part that could have an impact on your ultimate outcome. You will soon know if they really do not understand the reality of your produce and service supply.
Simple skills like this can help you with the negotiation techniques and strategies that directly suit the product or service that you are offering. I go back to the main point here. Get the facts from the client and then drill down deeper.