Question

Which of these should you do (if possible) before negotiating with a potential client?

1) Research the potential client's background and needs
2) Prepare a negotiation strategy
3) Set clear objectives and goals
4) All of the above

Answer 1

Prior to negotiation with a potential client, it's best to research the client's background, prepare a negotiation strategy, and set clear objectives. These steps collectively enhance the effectiveness and outcome of negotiations.

Step-by-step explanation:

Before negotiating with a potential client, all of the above steps should be taken, if possible. This includes:

1. Researching the potential client's background and needs to understand their position and anticipate their requirements. This preparation allows for a tailored approach that addresses the client's specific concerns and interests.
2. Preparing a negotiation strategy involves considering the different aspects of the negotiation, such as the bargaining approach and setting fallback positions. A well-thought-out strategy helps remain focused during the negotiation process and react appropriately to various scenarios.
3. Setting clear objectives and goals ensures that there is a vision of what a successful outcome looks like and can guide the negotiation toward that end. It is essential to know what is negotiable and what is not to avoid making concessions that could compromise important objectives.
4. By taking these steps, you will foster a more directed and effective negotiation and increase the likelihood of achieving a favourable outcome.