As a sales professional I have always loved the thrill of negotiations. And selling airtime is abundantly about negotiations. The ability to negotiate properly is absolutely critical in our day-to-day business activities.

After years of selling and deal making with clients I have learnt that everything is negotiable, every day we are negotiating, and every negotiation has some basic requirements: 

1. Preparation & Research: There is no substitute to thorough preparation and research before you get into a negotiation. Whether you consider yourself a great negotiator or an average one, research on your objectives, best case scenario, and not so good scenarios. Be prepared to handle multiple outcomes of the negotiation. Information is the key here, the more you know about the other party’s objective, weakness, urgency, options etc. the more you can utilise that information to negotiate from a position of strength.

2. Establish a relationship: Before you go further in your negotiations, make an effort to establish a relationship with the other party. It’s your people skills that can make the difference. Take time to understand the person on the opposite side, be receptive and also open to making them understand you better. The responsiveness and receptiveness in your attitude will set the foundation for your discussions. It is important that the other party looks at you as a sincere, approachable and forthright individual who conducts himself with integrity. Once you have established that, the negotiation should go in a productive and favourable direction.

3. You get what you negotiate: Successful negotiators are experts at tactfully setting the bar high and creating a value perception in the mind of the other party. Simply put, sellers should ask for more than they expect and buyers should offer lesser than they are prepared to pay. This will somehow bring the negotiated deal to a middle ground which will be acceptable to both parties. But as a golden rule, don’t bargain yourself down before you get to the table. You don’t get what you ask for, you get what you negotiate.

4. You Win – I Win: Every negotiator wants to win but a smart negotiator always keeps in sight the mutually linked interests of two parties. Keep in mind that seeing things in only black and white (win-lose) creates limited thinking; creativity is essential to good negotiation. It’s vital to understand what both parties need to reach an outcome that leaves everyone satisfied. You will in all likelihood win when you arrive at a win-win solution.  

5. Be Patient:  Negotiating a contract is a lot like baking a cake, you can’t bake it any faster by turning on the heat. Being calm and patient during negotiations will enable you to identify and assess the opportunities more objectively. Pace yourself. Start with a few points of contention that can be addressed quickly and without having to negotiate much. Then transition into bigger issues. Hold on to a few things that you can give up later. Gain some ground in each interaction and don’t be too emotional about winning. It’s a well-known proposition that you know who’s going to win a negotiation; it’s he who pauses the longest.” – Robert Cour

The ability to negotiate successfully is the key to achieving your business goals, like a wise man once said - “During a negotiation, it would be wise not to take anything personally. If you leave personalities out of it, you will be able to see opportunities more objectively.”