There are countless ways to approach negotiations when looking to close a deal. Some people take a blind approach while others rely on strategy. The most consistently successful negotiators who have the highest closing ratios use a strategic approach, which prioritizes intentional communication and avenues for reaching an audience.
The blind approach speaks for itself —it is communicating an argument or proposal without consideration of the other party’s potential concerns or interests. Approaching a negotiation without a strategy can result in a lower success rate of closing a deal, as the initiator may not be able to adequately answer questions from the other party, offer well-constructed ideas or address potential concerns. For anyone who has worked in the in-home sales vertical, this tends to be the reason for average, at best, outcomes.
Another scenario demonstrating the blind approach to negotiation is a person asking for a meeting to either discuss their product or service offering or, worse yet, immediately requesting contact information from those in a potential business partner, investor or client’s network. In this situation, the negotiator is not considering what factors may be of interest to the other party. All too often, this blind approach is solely focused on selling and not building a relationship based on offering a service, product or opportunity of equal value in return. It is a self-centered approach, which is frowned upon by true professionals.
Many people consider themselves skilled conversationalists with high emotional intelligence and believe that charisma alone is enough to close business negotiations. However, true professionals understand the art of negotiation will always consistently close the most deals. They use a strategic approach, which first identifies a goal, then works in reverse to build the path for attaining it. It takes a dedicated focus, built on learning what is of true value to all parties and stakeholders involved.
The almost perfect balance for a strategic approach is having a minimum of six touchpoints before trying to close the deal. Through these touchpoints, one can strategically learn what is important to the other party in the negotiation, adjust one’s strategy to be mutually beneficial and, ultimately, achieve one’s goal. The best negotiators understand it is always about adding value and creating a win-win outcome.
Using the philosophy of the late Chinese military general Sun Tzu, who was truly a genius when it came to strategy, one should treat the other person in the negotiation as one would oneself. When one ensures one is meeting the others’ needs and understanding their limitations, success will follow.
Jason Monczka is co-founder of Keymakers Organization.
