Tag Archive for Deals

Power sources that you can use in expected/unexpected situations in negotiations

Power sources in negotiations are perceived as genuine authority traits with the sole purpose of influencing the final outcome of a deal. One-sided power is extremely rare, and to make sure that the power balance stays consistent throughout the meeting, business people are used to switching from one side to another in the hopes of altering the result. Understanding how power sources in negotiations work is vital, if you want the meeting to end in your favor. The tricky part is that one can use these power sources in expected/unexpected situations in order to win, and there are various factors that influence them.

Negotiation

Control your behavior

Behavior is the number one attribute that you can use to your benefit in negotiations. The way you behave will directly influence an opponent’s perceptions about you. Power in negotiations can only be achieved when you are in control. Ergo, the way you act and interact with others is critical. Someone who’s aggressive and who wants to control a business negotiation can easily lose that power if the other party calls their bluff.

Most negotiators are more powerful than they think. There’s a connection between someone’s power source and their self-esteem; apparently, confidence gives you viable alternatives. In business marketing for example, the way you communicate influences an opponent’s opinion about you. Advertising your products by negotiating a deal can be extremely challenging if you don’t know the ins and outs of your business.

Don’t let emotions ruin negotiations

We are emotional creatures. Whether we like it or not, we have emotions and sometimes there’s no way to control them. However, one of main power sources in negotiations is known as emotional intelligence. It’s the ability to control our feelings in situations where we want to appear professional. The business field is one of those situations. As long as you can understand and manage your emotions, there’s a high chance to spot your opponent’s feelings and use them in your favor.

The marketing and advertising domain is one tough and competitive business field. Only the strongest and most courageous people can make it. Success can only be achieved if you can manage your destructive emotions. While it’s difficult to think when you’re anxious or envy, marketers are often put in unexpected situations they just have to deal with.

Analytical skills are vital in business

Marketing professionals must have excellent analytical skills. They will be reviewing all kinds of reports based on statistical analyses such as market share, market size, competitive activity, and consumer demographics. It’s paramount that you learn to interpret and understand the data in order to come up with a sensible strategy and negotiate the best deal.

 

The importance of negotiation in Deals

Another source of power in marketing is creativity. You have to find a way to do things differently. Competition is fierce in this domain, and to really appeal to the senses of a negotiator and convince them to invest in your business, you must think outside the box.

Status – use your position wisely

Your formal position in a company can help you close a good deal. A marketing manager for example, is at liberty to call the shots, make decisions, agree to a certain business plan or not. As a power source, you have to use your position the smart way. Don’t abuse your status – that’s the golden rule here. Influence decisions, offer alternatives, negotiate better outcomes by offering alternatives, but give up the bossy attitude.

Every company executive with an important position can negotiate using power sources. The more you know about your business (and their business) and higher chance you have to reach a good deal. Knowledge is power in any business domain. It’s all about using that knowledge wisely.

A business negotiation is based on two main factors: the quality of the business relationship between all parties involved and the predisposition to bargain. When the parties involved are good communicators, it means that the power sources used are meant to satisfy their requirements equally. Are you ready to use power in negotiation wisely? As long as you’re not abusive of your status, chances are you’ll end up with a lot more than just a deal; sometimes, building connections can be more valuable than winning a 90% share of a negotiation.

By Steve Brown and TheGapPartnership!