Les Gold: Three Simple Steps to Successful Negotiation
To announce the launch of my New York Times Bestselling Book, For What it’s Worth: Business Wisdom from a Pawnbroker (Penguin, June 2013) , I recently appeared on several national media programs. Everywhere I went, people asked me about negotiation. One example was during my appearance on Good Morning America, where I helped one fan get the best price for his vinyl album collection.
Here are my three steps to successful negotiation:
- Manage the emotion: When you are selling an item, it is important to engage the potential buyer on an emotional level. Help them visualize the emotional payoff of the buy. By contrast, when you’re buying, it is important that you separate the emotional pull from your decision-making.
- Know your bottom line: All too often, people enter a negotiation without having done their homework. Do some investigation on your own beforehand so that you have an idea of the value of the item for which you’ll be negotiating.
- Be willing to walk away: Too often, people enter into negotiations with only two outcomes in their mind–winning or losing. But often, the most desirable outcome is to actually walk away altogether. Sometimes, the best deals come after a re-approach. So it’s important to be willing to walk away.
More of my advice for negotiation is available in my book, For What it’s Worth: Business Wisdom from a Pawnbroker.
©2013 Les Gold