According to new research, when negotiators are not confident, they achieve a successful outcome of just one in five negotiations. This is according to an article on the management-issues.com website based on a survey of over 1,300 professionals from 52 countries. Research was conducted by Huthwaite International, a British company that has extensive expertise in the field of sales and negotiation.
Confidence brings success
Negotiators who are successful were able to conclude 75 % of their negotiations with no need to renegotiate or change the original agreed terms. More than 60 % of successful negotiators would describe themselves as very confident. It is important to feel confident when you enter a negotiation, since the research clearly shows that confidence predisposes you to achieve success in your negotiation.
Build your confidence as a negotiator
Assess the strengths and weaknesses of a deal. Also focus on how to use the information you have about the other party. It is also helpful to plan ahead what strategies and tactics you are going to deploy at the table. Thorough preparation boosts your confidence because you will feel that you are well prepared to handle almost any issue mentioned when the negotiations begins. If you know how to persuade effectively, your confidence is again strengthened.
Confidence can be counter-productive, too
Confidence is no good when it is not accompanied by real skill. Only 1 in 3 negotiators who were overconfident was actually successful. The researchers advise us to be confident, but not aggressive. It is about striking the right balance and fostering long-term partnerships. You should also try to understand and predict the outcomes that your counterpart wants to achieve. Ask questions and focus on exploring the underlying interests.
-jk-