Negotiation techniques are a "lost art"
: Firms should acquire information and experience in order to succeed
Firms should acquire relevant information and experience in
order to employ successful negotiation techniques, it has been
claimed.
Stacy Braack, writing for thechicago77.com, claimed negotiations
are a "lost art" as many companies underestimate the importance of
them during the transaction process.
She claimed it is vitally important for negotiators to accrue
relevant data and expertise to ensure potential deals are not lost
through poor negotiation skills.
Negotiators often employ a certain element of guesswork during
the process to pre-empt the other side's move, something Ms Braack
claims is only viable for experienced employees.
She wrote on the website: "Predicting the other side's next
move, target sales/purchase price, and other triggers is at best an
educated guessing game, since each transaction, participant, and
situation is completely unique.
"However, guessing is far more effective when it based on a
useful data and extensive experience earned from hundreds of prior
negotiations."
Companies could consider sending employees to negotiation
workshops in order to gain the experience needed to succeed.