In negotiations, you’ll want to achieve an outcome that is mutually beneficial. It’s important, however, to recognize and understand some of the most frequently used tactics used by buyers, so you can take them off effectively. They include framing, anchoring and the trick of the bogeyman.
Anchoring is a method of negotiation in which the buyer states an initial number or price to establish their bargaining limits. This is often used by buyers to entice sellers to accept a lower price. Buyers can also employ an espionage strategy, where they bring up an issue which isn’t important to them, but they expect you to give in on it to make an agreement.
One effective way to influence your counterpart during negotiations is by using an emotional appeal. This is done by telling an account of your life, or a personal request. If you’re negotiating a salary, you may find it effective to tell a story about your hard work and why you deserve the best pay. This is especially useful in dealing with someone in authority such as a manager or supervisor.
One of the most popular tactics used in negotiations is the positional bargaining, where negotiators take and give up positions repeatedly. This can backfire as negotiators may become too committed to their stances and feel that giving up a certain aspect of the negotiation would be like losing the face. Be prepared in advance to avoid this by defining your minimum needs and acknowledging that you may need to compromise in order to achieve an acceptable agreement.