If you’re looking for a fast way to put more money in your pocket, have you thought about negotiating?
Here’s a primer on how to do it effectively:
Prepare, Prepare, Prepare
Preparation is a huge part of being able to ask for what you want with confidence. That means not just arming yourself with hard data, but also having a firm understanding as to how the other side might respond.
For example, if you’re looking to buy a new car, know what other dealers are charging for the specific make, model, and year. And know the Kelly Blue Book prices.
Demonstrate your value
If you’re trying to get something from somebody else, you need to give them a good reason (or two or three) to give you want you want. Specifically, you need to show them how giving you what you want will benefit them.
For example, if you’re trying to get a raise, you’ll need to show your boss how you’re either saving or earning the company money.
Embrace the power of the pause
Oftentimes, as soon as we’ve asked for something for a certain price, we begin justifying that price rather than letting the value of the proposition speak for itself.
Being quiet after you “make the ask” conveys confidence - both in yourself and the value you bring to the deal. It also limits emotionality, which often destroys negotiations.
As they say, silence is golden.