Ways you Can Save through a Good Negotiation Strategy

Negotiation plays a big role not just in business dealings but also in your everyday life.  During your average day, you negotiate with people around you, in your job, when doing your chores or even with your pet.  It is a common and regular activity you do daily yet you pay very little attention to it thinking that the world “negotiation” only belongs to corporate offices and business sectors.

Negotiation is not only limited to businesses.  You can use it every day to influence people or things around you.  Let’s take what you spend daily for example.  Whether you notice it or not, there a lot of ways to save through negotiation if you just know your way around to actually asking for or attempting a negotiation. When was the last time you asked for a discount at a store that doesn’t normally promise you “less for cash”. You can actually work well under your forecast budget if you negotiate with people and businesses you deal with.  Here are some common scenarios where negotiating is useful:

• Shopping for goods – When you buy from local vendors, you can use the art of negotiation to save most of the time.  You can get better deals if you negotiate nicely and even buy something below your budget.
• Paying fines – Did you experience being caught violating a minor traffic rule?  Aside from it being stressful, it will cost you a lot of time and money.  You can however negotiate your way out of it with the right attitude, reasons and a friendly approach.
• Hiring help or services – When you need someone to do something for you, you can always find someone who will do it at a lower rate than the ones they first declared. And do you remember to ASK for a lower offer?
• Bills (phone, internet, credit card) – You can save on annual fees or get additional services without paying for more.
• Transportation Services – When you are planning to take a cab, you can discuss with the driver to charge you a fix price instead of using the meter. I know their not often supposed to be but this can be a win win for both parties!
• Legal Settlements – Divorce, contracts and business dealings can turn in your favor or change it into a win-win situation with the right negotiation strategy.

The success of negotiation depends more on how you convince the people you’re dealing with.  You must have a strategy in place to do it successfully because negotiating without a plan can you make lose a lot in the potential value of a transaction.

Below are some helpful tips that will help you polish your negotiation strategy:

Listen and listen well. – Let the other person finish talking.  Interrupting will only make them think you only care about for yourself.  Also when you listen to them they will feel respected and you can easily gain their trust.

Ask for what you want…nicely – Emotions play an important part in the negotiation strategy and process. You need to show and make people feel you are worthy of what you are asking from them and that your a worthy of a good deal just as much as them.

Be knowledgeable – a little homework can go a long way.  You must understand and learn as much as you can so you can create more accurate decisions and use it when negotiating.

Be open to other possibilities – You don’t negotiate with just a single outcome.  You must accept that along the process other possibilities might arise that will also benefit you.

Use the win-win approach – You must always take into account the needs of the other party to negotiate successfully.  This is one strategy that has the most success because when you make the other party sees that you are doing it for them as well, then they will give you their yes willingly.

Use a friend – Sure you may not be good at negotiating at first but take a friend along with you who is. Learn from them how they go about it. Adopt their strategies and add your own flavor to them.

Negotiating your way is a powerful tool you can use in getting what you want or tip the scales your way.  Not only will it help you save financially having your own negotiation strategy will result to a more prosperous and satisfying lifestyle.

Negotiated your way to a good deal? Know another keen haggler? Leave us a comment and dont forget sharing is caring.

***Photos thanks to Wikimedia and Steven Depolo of Flickr***