By Peter Wink
You can read every book, listen to all the CDs, and take any number of classes on how to be a better dealmaker and negotiator and none of it will do you any good unless you know how to build trust between you and the 'other side'.
No matter what kind of negotiation you enter into, the 'other side' is more than likely going to go into the negotiation with a defensive/guarded attitude, especially when they first meet you.
And for good reason – people aren't stupid. They know that first and foremost you're negotiating on you or your organisation's behalf and not theirs. Or better put – you'll be looking out for number one. And in the end, there's nothing wrong with that, but you have to do it in a way that will open the door for you to do more business together in the future.
Just remember one thing – the other side will also look out for themselves!
Most of the time, the other side will automatically judge you as untrustworthy and remain wisely paranoid throughout the initial deal-making process. This creates a number of challenges for you. You need to be able to prove what you're offering is what they need, the price is fair and that you and your organisation will stand by your product after the sale.
So the wall gets built between you and the other side. Just realise the wall between you two may be tall – but with a little common sense, you can easily get over it.
So how do you build trust with the other side? That's what we'll discuss here using my Secrets to Gaining & Fostering Trust with excerpts from my new book Buying Secrets Retailers DON'T Want You To Know About.
So let's get started!
Here are the secrets for gaining the other sides trust you MUST learn…
1. Be trusting of others – By showing you trust the other side, they're more than likely going to try to not only earn your trust, but also keep it. Most people have good intentions during negotiations.
At the same time, always be cautiously optimistic during your first negotiation with anyone. There are many people out to rip you off and rob you blind. If you have a gut feeling that you're making a bad decision, or you have some information showing that someone is not trustworthy, run the other way and don't look back. Take your business elsewhere. And always remember, no matter what negativity comes from a situation never be insulting to anyone. Show your class!
2. Have a 'can do' attitude – Only take on tasks that you're positive you can handle. People will always want to negotiate and do business with others who believe they can get the job done without reservation. If you take on a task that you're not sure about, more than likely it will come back to haunt you. Your reputation depends on your ability to get the job done.
3. Be a team player – Approach every negotiation as if you and the other side are on the same team. Keep in mind that the goal of every negotiation is to find a winning solution for everyone. A sense of teamwork builds friendship and camaraderie. When you both win, you both feel better about doing more deals.
4. Be fair with everyone – Being fair means treating people equally. Have a genuine respect for everyone you negotiate with. Never favour one person over another or talk less than respectful of others. You also should not be giving one person better pricing than another unless they are doing something special to earn it. If you are caught playing favorites, you will likely never get the deal signed.
5. Communicate clearly – To build trust at the negotiating table you must be clear, articulate and precise every time you communicate. If you're not clear or seem to be hiding information, the other side will automatically think you have a hidden agenda and start to distrust you and/or your organisation. This can be devastating to the deal and the relationship.
6. Walk your talk – Stand behind what you say, do, buy and sell! If you say something mean it. If you do something, do it with the highest level of integrity. If you buy something, enjoy it. If you sell something, use it. Be genuine about who you are and never misrepresent yourself or your product.
7. Never oversell – Don't try to get the 'other side' to purchase anything that is not right for them just to make a sale. Only sell them what they need/want.
If you're going to try to up-sell them, make sure the up-sell is a logical choice based on what the other side wants. This shows the other side that you truly have their best interests at heart. This is a major step to breaking down any walls between you.
Also, if the 'other side' asks you about a more expensive option that you know is not as good for them as the less expensive option – show them how what you're proposing is the best option and how they'll save money. This is a win/win for both of you.
8. Know your stuff – Understand everything you can about what you're selling. This will make you look credible and will put people at ease. There's nothing more frustrating than walking into a store and asking a salesperson a question they cannot answer.
To build trust with a prospective customer, you need to know the price, features and benefits of whatever you're selling. No exceptions.
9. Go the extra mile – I think Harvey McKay, author of Swim with the Sharks without Being Eaten Alive, says it best – 'Under promise' and 'Over deliver'. This means doing more than what's expected. Unfortunately, it's usually the other way around. By doing more, you add more value. It's more than just delivering quality – it's delivering a level of quality and integrity that goes above and beyond the initial promise. When you go the extra mile and satisfy the other side, you make yourself indispensable to them. This is the ultimate position to be in.
Sometimes you will run across someone who needs help making a choice. Make sure to take the extra time to educate them on what they're purchasing.
10. Admit when you're wrong – If you want to build trust… admit when you've made a mistake and then do everything you can to quickly correct it. By admitting you're wrong, you appear trustworthy. The other side knows that when you admit to being wrong, you're demonstrating a high level of honesty and integrity. After all, nobody is perfect.
11. Show empathy – Most people are not just poor decision makers – they're terrible. Usually it is due to fear. The average businessperson is so afraid of losing their job, they freeze when a major (or even a minor) decision has to be made. Understand this is a weakness and help them. Be willing to assist the other side in making a good decision. Vulnerable people tend to trust people who show them empathy.
12. Keep in touch – After you make a deal with someone, keep in touch. Call or visit them periodically and find out how they like your product or service. Find out if it's performing as promised. This allows you to build a long-term bond with the other side. Usually when someone rips someone off or makes a shady deal, they disappear. By staying in touch, you demonstrate a level of integrity that'll put the other side at ease when they do future deals with you.
13. Follow up – This is similar to keeping in touch. After making a deal, make sure to call the other side within 24 hours and find out if they're happy with your product or service. People will respect you for following up. This shows the other side you care about them.
And if something is wrong – don't hide behind your fears or some silly company policy. Offer to take care of the issue right away. This will boost your credibility and trust in the eyes of the other side instantly.
14. Establish a track record – This is the most effective way to build trust. Each time you do business, or make a promise, make sure you do exactly what you say. Over a period of time, the other side will feel comfortable dealing with you on your word. You can literally get to the point where the other side believes everything you say. If you breach this trust or betray the other side it will cost you deals in the long run. Establishing a track record takes time and will pay off exponentially.
By following these secrets for gaining trust, you can close more deals and develop solid long-term relationships with any customer. Remember, building trust is vital to your success as a negotiator and dealmaker.
