There are several types of negotiation and familiarising with each type will increase your skillset an leverage to stay afloat in this highly competitive market.

1. Distributive negotiation, also known as “win-lose” consultation is the most prevalent among these types. It aims to achieve balance between the maximisation of one’s benefit while also considering the benefits gained by the other party. A specific example demonstrates this relationship which is haggling over car prices. You maximise your benefit by saving as much as possible while also considering that the dealer also makes his share of profit.

2. Meanwhile, Integrative bargaining (aka “win-win” negotiation) aims to seek amicable partnerships between parties that maximises the benefit for the both of them. Cooperation and compromise is key in succeeding in this type of negotiation.

3. Negotiations with a competitor are most of the times challenging, however, taking a proactive position in these deals secures the best possible outcome. Sharpen your negotiation skills in order to thrive in this environment.

4. Collaboration during negotiations to achieve mutual success and progress can be observed most especially in Cooperative negotiations

5. Concessionary negotiations on the other hand, requires both parties to be willing to compromise and come together in an effort towards mutual understanding. Finding a satisfactory solution for both sides is the objective of these negotiations.

6. Claiming negotiations involves both parties having opportunities in building their case to make a mutually beneficial agreement and ensuring that one party’s interest are vigorously defended.

7. Conversely, Interest-based negotiations focuses on the union of the desires and needs of both sides to succeed. It offers a unique opportunity of creating a long-term solution for parties involved.

8. Lastly, Multi-party negotiations depends on effective communication being used throughout. It aims to recognise and acknowledge key points in order to craft a favourable outcome for everyone.

Becoming an Expert at Selling: Techniques and Strategies

Sales bargaining is one of the keystones in a successful business venture. It requires on-point negotiations skills in order to stay competitive. Growing your skillset in this area specifically communication skills. persuasive tactics, and an understanding to buyer needs will prove useful in the long run. Provided are some techniques for you to implement in order to match your skillset to the requirements:

• Understanding of your customer’s needs is important to be developed as it is used in creating a successful business relationship with them. 
• Preparation skills should also be sharpened as it also dictates if your negotiation is bound to be successful. Research your customer as well as the industry to gain an understanding about them as well as prepping you for possible counterarguments that may arise
• Effective communication is, without a doubt, paramount in this environment. Ensuring that your message comes across clearly will provide numerous benefits
• Improving your mindset to be more open and flexible will also allow you to easily reach beneficial agreements faster and more sensible
• Build your rapport to be more trusted by your customers. Connect with them through common interests and exuding friendliness during meetings to show that you actually care about their needs
• Remaining calm is also a skill that should be developed. It prevents your emotions in clouding your judgement and makes you stay objective in making business decisions

Successful negotiations are characterized by having a mutual success stories for all involved. Practice the tips we have provided in order to give yourself an edge towards future engagements.