The Most Unusual Place I Learned to Negotiate
Imagine learning negotiation tactics not in a boardroom but at a poker table. Yes, you heard that right. Poker, a game often associated with smoky backrooms and basements, teaches invaluable lessons that apply in business negotiations. These strategies empower teams and individuals to get what they want and what they are worth. Ready to learn the top four things everyone needs to know to negotiate like a pro?
1. Knowing the Right Time to Ask or Negotiate
Timing is everything in both poker and business negotiations. Just as a poker player waits for the right hand before going all in, you need to pick the right time to ask for what you want.
Try this:
- Preparation: Do your homework. Understand the market, know your worth, and be clear on what you want.
- Observation: Pay attention to the dynamics of the conversation and the body language of the other party. Look for signs of openness or hesitation.
- Patience: Sometimes, waiting for the right moment can make all the difference. If the timing feels off, it might be wise to hold back and wait for a better opportunity. However, don’t look for excuses to postpone out of fear. Sometimes the perfect time is right now.
How it plays out: Jane, a marketing director, knew she deserved a raise but waited for her company’s quarterly results. Once the results showed a significant profit increase, she presented her case, aligning her achievements with the company’s success. Her timing was impeccable, leading to a substantial raise.
2. Knowing When to Fold or Walk Away
In poker, folding a bad hand is as important as playing a good one. Similarly, in negotiations, knowing when to walk away can save you from unfavorable deals.
Try this:
- Set Limits: Before entering negotiations, determine your non-negotiables and your walk-away point.
- Read the Room: Recognize when the other party is not willing to meet your terms. It’s better to walk away than to settle for less than you deserve.
- Stay Confident: Walking away doesn’t mean defeat. It shows strength and self-respect and can often be the best strategy.
How it plays out: Sarah, a project manager, was offered a job with a salary below her expectations. Despite her initial excitement, she politely declined. Two weeks later, the company came back with a better offer, respecting her decision to hold out for her worth. It was a win/win.
3. Dealing with Very Aggressive People
Poker can be an intense game, especially when facing aggressive players. The same applies in business. Handling bullies in negotiations requires tact and composure.
Try this:
- Stay Composed: Keep your emotions in check. The aggressive personality thrives on intimidation; don’t give them that power.
- Stand Firm: Assert your position confidently. Use facts and logic to back up your stance. Don’t get thrown off by distractions or their emotion.
- Seek Allies: In team negotiations, ensure you have allies who can support and reinforce your points.
How it plays out: During a contract negotiation, Emily faced an aggressive counterpart who tried to undermine her position. Instead of getting flustered, she calmly presented her data and stood firm on her terms. When they tried to distract her with trash talk, she didn’t let it throw her off her plan. Her unwavering confidence eventually forced the other party to back down and agree to her conditions.
4. Acting Confident Even If You Don’t Feel It
Confidence at the poker table can bluff opponents into folding. In negotiations, projecting confidence, even if you don’t feel it, can significantly influence outcomes. Fake it till you feel it.
Try this:
- Body Language: Maintain eye contact, stand tall, and use purposeful gestures.
- Voice Control: Speak slowly and clearly. Avoid filler words that might undermine your confidence.
- Preparation: The more prepared you are, the more confident you will feel. Practice your pitch and anticipate counter-arguments.
How it plays out: Laura, an up-and-coming attorney, was nervous about negotiating a partnership deal. She practiced her pitch repeatedly, focusing on her body language and voice control. Her polished presentation and apparent confidence impressed the Partners, leading to a promotion.
Conclusion: Empower Your Negotiation Skills
Negotiating in business doesn’t have to be daunting. By adopting these four poker-inspired strategies, you can navigate negotiations with confidence and poise and success! Remember, timing, knowing when to walk away, handling difficult people, and projecting confidence are keys to success.
If these strategies resonate with you and you’re ready to empower your team, set up a call with us today. Let’s discuss how we can help you master the art of negotiation and achieve your win in business. Learn to bet on yourself and play to win.
