One of the key things I decided to be more intentional about this year is negotiation. I am actually good at it but I decided to step it up a notch and help you step yours up too.
I learned that with negotiation, it is about knowing what you want, going after it while respecting the other person/party in the process.
With negotiation, you always win when you have the right mindset. How?
The best negotiation ends in a win-win situation where both parties get value. So the big question is How can you negotiate for best results and end in a win-win situation?
5 ways to Negotiate:
Bonus: Offer a little bit more value. Leverage on the concept of underpromising and over-delivering: If you were required to do 3 things and you can do 6, throw in one more and tell them you can do 4 and when you are hired, do 5. Do it when you know how you can get back value from your investment of time and resources.
Let me explain, Beyoncé was paid between $3 million to $4 million for headlining Coachella according to Business Insider, but she spent a large chunk of her money on the stage, costumes, and rehearsed for up to 11 hours on some days with an insanely strict diet. She promised a performance but she delivered beyond everyone’s expectations and focused on the higher goal of making the performance into a whole production. She went on to sign a $60 million naira deal with Netflix for that production – Homecoming. Be value-minded, think big, think of what you can offer, think of other ways you can gain and if this deal might just be a stepping stone, think deep. It’s not always about the money you get now.
Remember Jason Weaver, the singing voice for Young Simba character in Disney’s The Lion King. He turned down a $2 million deal from Disney when he was 19, and opted for $100,000 and lifetime royalties instead. He receives cheques every year and considering the iconic movie is still a cult favorite more than two decades later, he’s still raking in the royalties.
Another Bonus: Don’t say yes to the first offer, except it’s what you want. Even if it is what you want, push a little for more.
Most importantly, be Daring. As a matter of fact, dare to ask for what you want, dare to negotiate. Finally, if you do not intend to compromise, you should not even bother negotiating (Negotiation is a back and forth, not an express decision between two parties)
If you have any questions, ask me in the comment section