5 Top Negotiation Strategies for Buyers and Sellers

Many negotiations involve buying and selling. Each side has different goals, and thus different strategies. Following are the top five strategies for sellers and buyers when entering a sales negotiation.

5 Strategies for Sellers

Proposals are not static—always read the proposal after submitting and make any changes that are warranted.
Monitor your proposal and get all the information you can from the buyer.
Note all signs from the buyer, including unspoken signs like attitudes, glances and gestures.
Invest time, money and effort in: estimating systems, cost-accounting systems and pricing analysis.
Your source of power is the amount of knowledge you have about your product/service and its cost structure. You should always know more about this than the buyer.

5 Strategies for Buyers

Remember you are in a powerful position and you should preserve and enhance it throughout the buying process.
Whether or not you are looking at competitive bids, the seller should think you are.
Know as much as you can about what you are buying.
Learn all you can about the seller—his/her goals, values, organization, etc.
Identify and assess any risks involved with the product or service.

In the end, both buyers and sellers should aim to get the best possible agreement for both but each party has different goals and roles in the negotiation process.

Are there any strategies that you think are crucial for either side? Please share in the comments.

THE PROGRAM WAS GREAT! MY SEMINAR LEADER AND THE STRUCTURE OF THE COURSE KEPT ME CONSTANTLY STIMULATED. I NOW AM BETTER PREPARED TO GO INTO AN IMPORTANT NEGOTIATION MEETING AND STAY IN CONTROL, WHILE FINISHING THE MEETING SATISFIED.

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CASE MANAGER at THE JACKSON LABORATORY

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BUSINESS DEVELOPMENT MANAGER at THE M.K. MORSE COMPANY

EXCELLENT COURSE, BRINGS MORE CONFIDENCE IN MY ABILITY TO NEGOTIATE. I THINK THIS COURSE IS A MUST FOR ALL EMPLOYEES WHO DEAL WITH CUSTOMERS.

John S.

CHIEF ENGINEERING MANAGER at EXXONMOBIL

THIS WAS VERY EFFECTIVE WITH A STRONG FOCUS ON BOTH-WIN NEGOTIATING.

Kathleen L.

SENIOR ANALYST at BLUE CROSS/BLUE SHIELD OF MICHIGAN

THE KARRASS CLASS WAS THE SINGLE BEST TRAINING CLASS/SEMINAR I HAVE EVER ATTENDED. EVERY TIME WE DID AN EXERCISE IT TAUGHT YOU WHAT TO DO DIFFERENTLY NEXT TIME. THANKS.

Kim C.

PROCUREMENT at AMERICAN EXPRESS

THIS PROGRAM HAS GREATLY INCREASED MY CONFIDENCE AND ABILITY TO NEGOTIATE FOR MYSELF AS WELL AS MY COMPANY.

LaDonna E.

SENIOR STRATEGIC BUYER at HALLMARK

THE NEGOTIATING CLASS WAS VERY INFORMATIVE. THE INSTRUCTOR PROVIDED AN INSPIRATIONAL MESSAGE THAT CAN BE APPLIED TO EVERYDAY LIFE.

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INTERNATIONAL SOURCING at FMC TECHNOLOGIES

WE NEGOTIATE EVERY DAY OF OUR LIVES, BOTH PERSONALLY AND PROFESSIONALLY. THIS COURSE DEFINES THE PROCESS AND PROVIDES TECHNIQUES TO ACHIEVE SUCCESSFUL RESULTS.

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VICE PRESIDENT at GE

PRIOR TO THIS CLASS I FELT AS THOUGH I WAS GETTING EATEN ALIVE BY INTERNAL NEGOTIATIONS WITH SALES REPS. NOW I FEEL PREPARED TO CHALLENGE WHAT THEY ARE SAYING AND BET TO THEIR REAL NEEDS.

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PLANNER at HONEYWELL

MANY PEOPLE FAIL TO ACHIEVE THEIR POTENTIAL BECAUSE THEY DON’T SEE THE OPPORTUNITIES TO NEGOTIATE A WIN/WIN AGREEMENT WITH THEIR COLLEAGUES. THIS CLASS IS AN EYE OPENER TO THIS DYNAMIC..

Stuart B.

CONTRACTS MANAGER at HEWLETT-PACKARD

General Negotiation February 28, 20115 Top Negotiation Strategies for Buyers and Sellers

General Negotiation February 28, 2011
5 Top Negotiation Strategies for Buyers and Sellers