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Negotiating is entertaining to me. I often think it's a game—one I genuinely enjoy playing. I always negotiate with people, and my kids always thought it was exhausting when I was with them and tried to get lower prices for things when we were shopping at a market. Seeing how far I can push people in almost any business transaction can be amusing. Each time I do this, whether haggling over items at a flea market or hashing out terms for a freelance project, it is an opportunity to refine this intricate skill set. It's like a mental gym, keeping me sharp and agile in business and interpersonal relations.
When it comes to professional negotiations, especially in creative and service-oriented fields, there's usually an implicit acknowledgment that you have something unique to offer. Whether you're a musician or a graphic designer, if someone has sought you out, you have something valuable they need. This alone gives you leverage, an ability to influence the terms of the deal. You might not have complete control, but you certainly are not powerless.
To leverage your unique value effectively, here are things to consider.
You should enter each negotiation with a clear understanding of what sets you apart. This could be your technical skill, creative vision, or a particular niche in which you excel. By recognizing your unique value, you can better articulate why you're worth the terms you're asking for.
Being well-versed in market rates is also equally important. Ignorance of the financial landscape can lead to undercharging and ultimately undervaluing your services. Before any negotiation, do your homework; read industry reports, consult peers, and evaluate how much competitors charge for similar services. This knowledge prevents you from selling yourself short and provides a solid foundation to build your case.
But having leverage and knowing your worth won't be much use if you're unwilling to walk away from a bad deal. Your willingness to say 'no' and your preparedness to pursue other options often compel the other party to reevaluate their stance. It puts you in a position to reject unfavorable terms without jeopardizing your integrity or undervaluing your services. Over the years, I've found that one of the most potent assets in any negotiation is the simple willingness to walk away. This simple act of detachment shifts the dynamic in my favor.
Yet negotiation is not a tug of war where one must lose for the other to win. The goal is a mutually beneficial agreement where both parties feel they've gained something of value. Whether it's more flexible hours, creative control, or financial compensation, the terms should be equitable and reflect the interests of all involved. This balance positively helps the negotiation process and could pave the way for future collaborations.
Of course, not every negotiation will swing in your favor, and that's perfectly acceptable. Consider each unsuccessful negotiation as a learning experience. The art of negotiation is perfected through a blend of successes and failures, each one contributing to your evolving expertise.
Separating your emotional investment in your work from the business negotiation is also important. Emotions can cloud your judgment, leading to impulsive decisions you might regret later. Your passion for your work should not interfere with your ability to negotiate fair and reasonable terms.
Finally, don't be deceived by the preconceived budgets or financial constraints the other party claims to have. More often than not, there's room for flexibility. Like you, they are aiming to maximize their gains while minimizing costs. This isn't a sign of greed or exploitation; it's just how business works. Read my column Why 'Go Get It From Where It Is Now' Should Be Your New Mantra for more about this topic.
Consider this: Do you haggle over the price when you buy an Apple product? No, you pay for quality and reputation. It's the same with your services; if you value what you offer, so will others.
Negotiation is a skill that requires boldness and strategy. Please don't sell yourself short; this is as much about business as it is about music. So, the next time you find yourself negotiating, remember that you're not just haggling over terms or prices. You're engaging in an intricate art form that requires a deep understanding of human psychology, a clear recognition of your worth, and an arsenal of well-honed strategies.
With these tools at your disposal, you'll be better equipped to navigate and master the challenging yet rewarding realm of negotiation. And with mastery comes the freedom to focus on what truly matters—your creative or professional passion.
Thinking about negotiation like a game is a nice perspective. It implies having fun and I believe when we are having fun the turn out is better. Great read, thanks Clayton!