Crucial Information to Gather

Consider the following inquiries about the salesperson’s or dealership’s needs:

• Is the salesperson compensated through salary, commission, or a mix of both?
• What is the current stock situation of the model?
• Is it a popular item, backordered, or a slow-moving model the dealership wishes to offload?
• Is the dealership profiting from this model? If so, by how much?

Be cautious; sharing too much information can tilt the balance in the salesperson's favor. When facing a challenging negotiation issue, it is wise to defer discussions until later in the process—after the other party has invested significant time and effort.

What if a sensitive topic arises at the beginning? Acknowledge it, discuss it briefly, but postpone deeper conversations until after you've established a rapport. You may find that the other party becomes more accommodating as the negotiation progresses.

The Power of Perception

Your belief in my ability to influence the outcome gives me leverage in our interaction. The objective truth of the situation may be irrelevant; if you think I hold power over you, that perception shapes our negotiation dynamics.

In adversarial situations, it’s vital not to diminish your perceived power without receiving something in return. Avoid hastily eliminating options unless you gain a concession that benefits you. Allow room for uncertainty until you achieve your desired outcome.

Persistence is Key

Many negotiators falter due to a lack of persistence. When their proposals are rejected, they often abandon the conversation. Cultivating tenacity is essential for successful negotiation.

Interestingly, negotiating for someone else often yields better results than negotiating for oneself. Why? When you represent others, the pressure diminishes, allowing for a more relaxed and objective approach. Treat every negotiation as a game—adopt a light-hearted perspective.

By shifting your mindset, you can reduce the stress associated with negotiations. Learn to adopt phrases like, "It's not a big deal," and "So what?" This attitude can project confidence and control, enhancing your negotiation outcomes.

The Process of Gathering Information

Often, we fail to collect sufficient information because we view negotiation as a high-pressure event. In reality, negotiation is a process that begins long before the formal meeting.

Savvy negotiators conceal their true interests, as revealing them may drive prices up. Discovering what the other side genuinely desires, their constraints, and their deadlines is vital. Start gathering this information early; the sooner you begin, the easier it will be to acquire it.

If you wait until the last moment, the other party may respond with reluctance to share information. Instead, engage in consistent, subtle probing.

The more vulnerable and unsure you appear, the more likely the other party will offer help and guidance. Even if you believe you know the answers, asking questions can verify the other side's credibility.

Understanding their financial circumstances, priorities, deadlines, and organizational pressures will empower you in negotiations. Remember, sharing information can facilitate reciprocal exchanges.