Effective Negotiation: Process, Elements, and Closing Techniques

Negotiation Process

Basic Elements in a Negotiation:

• Communication Process: It's the means through which negotiation results are constructed.
• Persuasion: Involves using words, silences (active listening), and gestures.
• Resolving Differences: Different needs enable value creation through idea generation.
• Result-Oriented: Focused on achieving win-win, win-lose, or lose-lose outcomes.
• Formal Process: Each phase contributes to the final result.
• Impacts Relationships: Cooperation positively affects negotiation outcomes.
• Cooperative Attitude: Parties work together for mutually beneficial solutions.

Closing Techniques:

• Summary Close: Summarize key points leading to a logical conclusion.
• Alternative Close: Offer two choices to move the deal forward.
• Artisan Close: Highlight the work, skill, and time invested.
• Sharp Angle Close: Address a final objection that is preventing the purchase.
• Needs Close: Review and confirm how the product meets the prospect's needs.
• Empathy Close: Use emotion to connect with the prospect's situation.
• Ownership Close: Firmly place the idea of the buyer owning the product.
• Best Time to Close: Use a trigger event related to the prospect.
• Thermometer Close: Ask prospects to rate their likelihood of purchase on a scale.
• Calendar Close: Suggest a date to finalize the deal.
• Ben Franklin Close: List pros and cons to visualize product value.