WIN WIN NEGOTIATIONSometimes you can focus too much on the financial side of negotiating, and ignore the other potential benefits which can be gained from dealing with each other. These other things are known as 'elegant currency' because they deliver value at no or low cost.
What this means is that both parties can come away from a negotiation feeling that they have 'won', which is great for the ongoing relationship.
Examples of 'elegant currency' which we have encountered include:
- Acting as a reference when the supplier is pursuing new trade.
- Agreeing to let the supplier quote you in their sales literature.
- Agreeing to accept goods when it's cheaper to transport them.
- Agreeing to take a bigger delivery before their financial year end.
- Agreeing to pay in advance in return for a bigger discount.
So don't feel shy about asking what you can do to get a better price, you might be suprised by the response.
You could share your thoughts on 'win win negotiation' with other business people.
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WIN WIN NEGOTIATION
