The bargaining process is the core of any negotiation. A bargain is the actual meaning of a negotiation. Prior to understanding the pressure, targets and necessities affecting your opponents, you might also want to acquire some knowledge about their negotiating approach.
You can gather important information by asking the following questions −
It may take a lot of trials and errors to find out these issues. However, if you have any contacts who have an experience with your opponent, you can ask them for their views about the negotiation.
If an opponent is known for always rushing down the negotiation, you can possibly take advantage of that. If you stand stiff on your position, you will build up some pressure on them to make the deal on your terms.
You should try to identify and break down your opponent’s pressure, targets and necessities, before negotiating with them. If they spill out information in the beginning, you may use it to your advantage.
Then, you can note down that information and use it at a later stage of the negotiation. The more information you acquire, the more you will benefit. No information goes wasted in a negotiation.
The exaggerated First Offer Technique is usually implemented being totally aware that you can’t meet the offer. There is also hope that somewhere between the BANTA and WANTA, the dealer will offer you the highest you can hope for. This makes the competitors to often counterattack by making an equally exaggerated offer. A negotiator may be tricked into making a deal which is profitable for the person using the technique.
Some negotiators may also try to deceive you by saying “Well, I would never usually go this low, but as I am fond of you, I’m going to do this for you”.
There are quite a few techniques that one can apply while having a negotiation, however it is crucial that you apply the most appropriate one. You should know how to encounter difficult situations in a high-pressure negotiation.