Negotiation 101: How to Negotiate Like a Pro | Ep. 249

Intro/Outro: You know what it is. That’s right. It’s time to talk money with your money nerd and financial coach. Now tighten those purse strings and open those ears. It’s the money talk with Tiff podcast.

Tiffany Grant: Hey everyone. And welcome to another episode of Tiffany’s take, where I answer your many questions right here on the podcast.

If you want your question answered on the podcast, feel free to go to moneytalkwitht. com forward slash. Ask Tiffany, and I’ll be more than happy to answer for you. So for today’s episode, I wanted to discuss a question that came up when I was actually speaking at an event over the weekend. And when they asked this question, I was like, Oh, I have an article on that, but then I realized I didn’t have a podcast episode on it.

And this is a very common question that comes along, um, in. you know, doing what I do. And that is how do I negotiate? Like, how do I be a better negotiator? How do I get a raise? Um, how do I get more money in my business? You know, that type of thing. So I was like, let me do a podcast episode for those that prefer this medium.

Um, in order to just explain. high level overview of some of the points that I make in the article that can potentially help you get that new job, um, better pay, better title, uh, more clients, whatever the case is. So let’s just hop right into it. So in the article, I talk about 15 tips for negotiation. Now, they’re broken down into three different segments.

Um, so one is doing your research, two is developing your confidence, uh, three is what to do at the negotiation table. So those are the three things you need to keep in mind. So let’s start with research. First and foremost, be sure to educate yourself. If you’re trying to negotiate a bill, research what other people in the area are currently paying.

If you’re trying to negotiate your salary or a new job offer, research salaries in the area by using sites like Glassdoor or salary. com. Um, if you’re trying to negotiate a New car research. What’s your ideal vehicle is currently selling for. So before you even think about having these conversations, make sure you’ve done ample research into what it is you’re trying to accomplish right now.

Once you do that, make sure you know your audience, know who you need to talk to and when, for instance, if I’m trying to negotiate a bill, I may ask for the cancel or retention department. They have more incentive to, you know, give me what I need or what I want in the negotiation than a customer service representative, because their whole point of existence is to make sure that I stay a customer.

So they want to make me happy. So just think about who You will be talking to, is it going to be one person, is it going to be two or more people do some preliminary research to see who they are and what is important to them. Now, number three, as part of research is know which you are trying to accomplish.

Like. People go to the table not really knowing what they want. So, if you don’t, you’ll end up, A, not getting where you really want to go, or B, getting the bare minimum, or, you know, just getting something that’s not enough to reach your needs. So, Know what you are trying to accomplish before you even walk to the table.

Have, make sure that is defined. Make sure that going into point four, make sure you have a plan B or a plan C. And so to give you an example of how a plan B or C would work, for instance, in negotiating a raise. Let’s say for instance, I’m like, Ooh, I really need more money. I go to. My manager and I’m like, Hey, you know, I really want to make more money and not saying it exactly like this, but you get the gist taking my research saying, look, this is what’s going on in the market.

This is what I have contributed to the company. blah, blah, blah, blah, blah. Now, if they say, you know, Tiffany, you know, we would love to do that, but right now is not a good time because that does exist and businesses, there are ebbs and flows. So that’s why it’s always important to make sure you’re asking, um, you know, at the right time, if you know that they just cut a bunch of people, then maybe that’s not a good time to ask for a raise, you know?

Um, so anyway, if. It’s not fiscally feasible for a monetary raise, then maybe you ask for a title change that has worked for me in the past. Um, when I was in HR, they couldn’t give me a raise. So I said, Hey, I would love to have. Uh, one of these titles from this list and I had a list of titles that would benefit me going further in my career and also to get a certification that I really wanted at the time.

And so they were happy to give me the title change and I was happy to take it and that opened future doors. So make sure that you have a plan B or plan C ready. Um, number five, know your limits, but don’t communicate them. Have in your head what you’re willing to walk away with. Whether it’s a certain number, whether it’s a certain title, whether it’s a certain, um, you know, whatever it is you’re trying to accomplish, have it in your head, but don’t let them know what it is.

Just know this is, this would be good enough for me to walk away if I need to go that low or if this is what I need to, to take. Now that the research is out the way, let’s get into developing your confidence. Okay. Because a lot of times that’s what holds us back from making these moves. It’s not really that it’s not possible.

It’s just that we don’t feel comfortable doing it. Right. So My first tip in that section is get out of your head, you know, um, we often tell ourselves that we can’t do something before we even try to do it. So subconsciously, this now creates a barrier to success. So just get out of your head next. Try confidence poses.

If you’ve never heard of confidence poses in the article, I have a, um, link to a TED talk where she talks about confidence poses and they are super helpful. And I use them even to this day. When it’s time for me to go into an important meeting or it’s time for me to stand up in front of a big crowd or whatever the case may be, there are certain poses that you can do to increase your confidence.

Hands on the hip, having a wide stance, having a, you know, starfish where you’re putting both your hands up and your legs wide. All of those are confidence poses. Why? Because you’re taking up space. Okay. Um, and it allows you to just get that confidence up before you do something big. Right? So just check it out if you’re not familiar.

Um, I have a couple of resources in the article where you can learn more, more about that. Next tip, breathe. And I know you’re like, Tiffany, duh, if we don’t breathe, we die. But when I say breathe, I mean, have intentional breathing that calms your heart rate, that gets rid of sweatiness, that gets rid of nervousness, you know?

So make sure that you’re doing breathing. And I do have a technique mentioned in the article called box breathing. That’s when you inhale for four counts, hold for four counts. exhale for four counts and then hold for four counts again before you inhale. Now that is just one technique. There are many out there as far as getting your breathing under control, but definitely keep that in mind.

Um, especially right before you walk in. Number nine, develop emotional intelligence. So EQ or emotional intelligence is super important to master because emotional intelligence refers to the ability to identify and manage one’s own emotions and the feelings of others. So it helps you to better pick up on what cues the other person is giving you, okay?

Because If you say something, you might see like a slight flinch, or you might see a slight smile, or, you know, something along those lines, or you might pay attention to how a voice raises or lowers depending on, you know, what they’re talking about, you know, if it’s high, you know, they’re excited, like, I probably sound really high on the podcast all the time, because I’m excited to talk to you.

So, Once you develop emotional intelligence, you can pick up on those subtle cues and use those to your advantage in having these conversations. So, highly, highly recommend researching and educating yourself on that and then studying the tips and tricks on how to improve that. Number 10. Also know the different types of listening.

Okay, there are a few different types. I know everybody’s like what you listen and you just listen, right? But no, there’s active listening, there’s critical listening, there’s informational listening, there’s empathetic listening and there’s appreciative listening. These are all types of listening. Now, when it comes to negotiation, I want to focus your attention on the active listening.

Active listening is when you give the person you’re, you’re talking to your full undivided attention. Um, so what does that mean? Cause you might be like, well, duh, Tiffany, that’s what everybody wants. But active listening means. You’re not formulating any responses in your head. You’re not giving anything else priority over the conversation.

You’re truly just listening to that person. You will be surprised how much you glean from what people say and how they say it, right? So make sure that you’re practicing active listening. Now, once you’ve done your research, you’ve increased your confidence. You have the toolkits in place to step to the negotiation table.

Now it’s time you’ve made it. It’s, it’s time to go there, right? So when you are stepping into that and you’re sitting at the table, I wanted you to have a few things in mind. So for my tip number 11, aim for a win win, okay? You never want to be in a situation that. You are getting the upper hand and that person is getting shorted or, you know, so on and so forth, right?

You want to make sure that whatever it is you’re proposing, it’s a win win for both parties. Why? Because if one person feels like they were maltreated during the negotiation, then it can sour the entire relationship and prevent any further talks. So you don’t want to do that. You want to make sure that.

What you’re proposing is not only a win for them, but it’s also a win for you. I have definitely learned in my career and my business that you never know who you might run into later on down the road, and you may run into them indirectly. So to give you an example, I remember I was at an entry level role, and someone there treated me very poorly, right?

Well, a few years later, now I’m in a role at a different company in a decision making capacity. Their resume came across my desk. And I’m like, what do you know? And did they get the job? Absolutely not. Because I know how they treat people. I know how they treated me. And I saw how they treated others around them.

So that wasn’t someone that I wanted at my current company, right? So always treat people with kindness and respect. And I’m pretty sure she has no idea that I was even included in that process, that I even saw her resume, that I was even asked about it. And now that prevented an opportunity for her. So don’t let that be you.

Make sure that you are treating people with the utmost respect and fairness when it comes to negotiating. Number 12, let them offer first, if possible. I have learned, and I learned this from one of my career coaches, that the first person to talk loses. Period. Um, so for me, I try to let the other party offer first.

Um, that way I know where they stand and I can tweak my messaging around that. Number 13, be okay with silence. Silence is golden sometimes, you know, A lot of times people will get to the negotiating table and then start talking because it’s awkward and they start negotiating with themselves. So they say, you know, Oh yes, I would like this.

And then instead of waiting for the other person to counter with an offer, you just make another low, lower offer first to fill the silence. That is negotiating with yourself. Do not do that at the negotiation table. Be okay with the awkward silence. And that does take practice, I must admit, but once you master that, you’ll be surprised how much can come out of that dead space.

You know, that person that’s At the table with you. Now they will feel more pressure to talk, to fill that space because they don’t know the technique. Right? So be okay with that silence. Number 14, if you have to give your first offer, then anchor it. Anchoring means that you put out a higher number of value than your bare minimum.

So you put something outrageous out there. Okay. Not outrageous because you’ve done your research, but maybe at the high end of your research. Okay. Now. If you anchor now, they can come back with something maybe a little lower, but still more than your bare minimum. So keep that in mind. And this is a strategy that car dealerships usually do.

Um, if you negotiate with them long enough and keep the other tips in mind, you’ll find that they have quite a bit of wiggle room in their pricing when it comes to these cars. So last but not least, be sure to offer options. Give them options. You know, um, remember in research phase when we created plan B and plan C, this is where it comes in handy.

If your negotiation for plan A didn’t work out, offer alternatives before the conversation ends or in your follow up. So options may could look like a concession on your end or something you are okay with in place of your first choice. Always have options available and give those options to the person that’s listening, whether it’s a client, a vendor, um, you know, potential partner, whoever it is, uh, your boss, make sure you have options available.

Negotiation is a give and take dance between two parties. It’s not one person wins and one person loses. It’s more like we both win, you know? So just keep those things in mind as you sit down at the negotiation table. And if you would like your questions answered on the podcast, Be sure to go to moneytalkwithtea.

com forward slash X Tiffany. I’ll be sure to include a link to this full article where I go more in depth with these tips and then also have some resources in there. Um, and then I’ll also have a link to X Tiffany. If you want your question answered. Thank you so much for listening to today’s episode and I hope you have a wonderful rest of your week.

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