Negotiating has been the most ignored but powerful tool of business transactions world over, Professionals who have an edge in negotiation has always won a lead slot in company's marketing and project pitch team. From the military to labour unions, negotiators determine to a high extent whether a deal would be sealed to the company's favour or not.
Wikipedia defines negotiation on the surface as a dialogue between two or more people or parties intended to reach a beneficial outcome over one or more issues where a conflict exists with respect to at least one of these issues. This definition is broad and cuts across all fields where the tool of negotiation is adopted.
Going deeper, we can see negotiation as an art of getting what you want, when you want it, at the price you want. Experts berate that communication, persuasion, planning, strategizing and cooperating are the soft skills which are required of a good negotiator. Where those skills are lacking, many people would easily get caught up in the emotion of the moment and ignore their basic instincts thinking negotiating skills are common sense. Understanding the skills are crucial to becoming a stronger negotiator.
Luxury brand is a prestige-minded brand. Luxury brand names are affiliated with high price, high quality and luxury. According to Michael Solomon, consumers patronize luxury products for reasons ranging from desire for quality or to own a “work of art,”. One thing stands out that a patron to a luxury brand would seek to let others know they can afford that work of art.
Luxury brand marketing is different, because luxury brands are different. many negotiators for luxury brands loose out of their bid often times not because their prices cannot be afforded, but that their negotiators failed to master the art of their job.
For any negotiation to be successful, a sense of timing, creativity, keen awareness and the ability to anticipate the other party's next move must be mastered. Just like Chess play, moves must be progressively smaller, while anticipating the same from the other party.
Everyone knows that everything about luxury brands are costly, yet, most of the brands are not ready to spend the "huge" cost of winning all their negotiations. below are a few tips that will help.
1. The Congruency Rule
As luxury band negotiator, never be intimated at the threats of the client to drawback. Let it not be identified with you that you have twisted words. Be simply Congruent and stick to your value. People want to patronize your confidence that is in tandem with your luxurious price and claimed quality.
2. Capacity Representation
Be ready to pay the best negotiator and motivate him to unravel his best skills and strategies to win the bid. never try to cut cost. Be ready to make a perfect representation of your professional luxury, success stories and other top client. this will help to build trust in the prospective patron. Remember, humans have ergo naturally, be ready to feed them...
I am hopeful that taking cognizance of the above tips would help you take to your greatest advantage, your next business financial negotiation stride.