3 Crucial Negotiating Skills

Negotiation expert Peter Wink, author of the best-selling book Negotiate Your Way to Riches, talks about 3 crucial negotiating skills used by success salespeople:

1. Negotiate on non-cash deal components. For instance, you may offer a far superior credit policy or better payment terms than your competitors. You may also carry a far better guarantee. Your prospect may not know this. Do you assemble merchandise where your prospects are located? Do you offer same-day delivery? Does your company have superior expertise that your prospect can benefit from? If so...let your prospect know!

2. Never take the first offer or counteroffer. When a prospect gives you their first offer or counteroffer for your product or service...ALWAYS reject it. Chances are they'll make a higher offer the second time around.

3. Walk away from a bad deal. If a deal isn't right—walk away from it. Never get emotionally involved in completing any deal. Some deals just aren't worth the time and effort. Another prospect will always come along.

   My father said, 'You must never try to make all the money that is in a deal. Let the other fellow make some money, too, because if you have a reputation for always making all the money, you won't have many deals.'

   —J. Paul Getty,
   founder of Getty Oil