In the business world, everything is negotiable and self-made millionaires are well-aware of that fact. It’s more like a secret everyone knows but nobody wants to talk about. The following 5 negotiation tactics are borrowed from some of the world’s prime business entrepreneurs and CEOs. With their help – you can build an empire too.
Negotiation Tactics – Top 5 from Self-made Millionaires
1. Knock out the competition
Steve Jobs was a genius, and his negotiation strategy is probably the most unbelievable of them all. His tactic was to come up with offers that no other competitor could render. That’s exactly what happened when he wanted Lala (the future iTunes). Nokia offered $11 million for the startup, so Jobs took a piece of paper, gave it to the CEO, and the deal was closed. The amount was $80 million.
2. Play mind games
When Donald Trump chooses to take someone’s business, he arms himself with a couple of really good tricks prior to entering a negotiation. He knows all about playing mind games, so he spends hours chatting in the friendliest way possible. His counterparts will assume he’s just being a nice guy, but his goal is to find a weak spot and have the upper hand.
3. Leaving investors and lawyers at the door
Facebook CEO and multi-millionaire Mark Zuckerberg likes to acquire a start-up without consulting with his advisors. In 2012, Facebook agreed to a deal with Instagram worth $1 billion. He didn’t want to consult with his lawyers, and he closed the deal while eating ice cream with Kevin Systrom, CEO of Instagram. The deal was signed in a day and nobody knew anything about it.
4. If there’s no cooperation, end the whole thing
The moment Dick Costolo became Twitter’s CEO he had to deal with a dysfunctional board of directors, among numerous other things. Rather than accept unprofessional people on his team, he leveraged his power and fired everyone. He managed to demonstrate that Twitter was his company, and that the people who can’t play by his rules should go home.
5. Don’t forget that you have something they don’t
Jeremy Stoppelman, CEO and founder of Yelp, managed to stay very calm when Yahoo and Google mentioned they want to buy his review business. He told Fast Company that the negotiation didn’t live up to his expectations, and that both Yahoo and Google only wanted to know the worth of his company. So he turned them down.
Negotiations are challenging even for the richest people on the planet. However, they’re done differently as money is not the only incentive a seller wants from a buyer. Their negotiation tactics are all about maintaining their names on the floating line.
Need help with your negotiation strategy? Give us a call on +44 845 2264 247 or email us via mail@marketingfundamentals.com to start the conversation. We are a leading Marketing Agency in London.
We hope you have found this information inspirational.This guest post was written by Jason Philips of The Gap Partnership .
Best regards,
Marketing Fundamentals Team
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