Setting the stage in a negotiation

Doing your homework and learning the basic facts are half the battle in a successful negotiation. Negotiation requires preparing and anticipating.

Find out what your prospect wants, values and fears before you begin the negotiation, then prioritize your own goals.

If you're going to compromise, you need to know what you must have, as opposed to what would be nice to have. The nice-to-haves may be given up for the must-haves. If you don't know exactly what you want, you can't get precise results in a negotiation.

Try to understand the prospect's real interests to be able to negotiate effectively. Ask questions to find the information you need to create possible trade-offs.