If you enter new business area, then the negotiation process may evoke a sense of uncertainty. This article will help potential online casino owners to highlight the peculiarities of business negotiations, in particular, in the gambling industry.
Broad background for negotiation
Before you sit down for the talks, prepare thoroughly. Gather as much information about the associate as possible. Try to understand the features of the business, explore the website, check for the reviews, and study the company profile on LinkedIn or Facebook. Learn about the persons who sit in front of you, what they are interested in.
Personal meeting is the key to success
Modern means of communication and social networks are only additional tools of communication. Therefore, a personal presence is still necessary for a serious negotiation process and the resolution of disputes. Your self-control, self-discipline, charisma, confidence can play a crucial role in making the right decision.
Soft skills (personal, social, communication skills), which imply listening, establishing connections, are the foundation of successful negotiations. We recommend you to focus on the development of a positive tone in the dialogue. This will help to hold a productive meeting and to make a good impression.
Carefully think over the dynamics of the meeting. It is worth considering the following questions: Which side is more interested in the deal? What are the limits of the other party? What alternative offers are available on the market? Will the other party receive significant payment from you?
For example, you need to expand the range of games. And you think about choosing a reliable software provider. It is appropriate to ask questions about the technical support, integration, safety, etc. The answers will help you build the basis of the negotiating position.
You have to understand that the longer the deal lasts, the more likely it is that something will go wrong. If possible, keep an intense pace of negotiations and verification of documents. Think about the situations when it will be better for you to do everything fast or vice versa.
One of the successful tactics of negotiations is to take the first step towards the opponent. Try to determine in advance what points you are ready to concede. Voice what exactly you expect in reply. This may interest the other party and move the conversations forward.
If you have alternative solutions, you will have a stronger negotiating position, which will allow you to make an informed decision.
For example, you are involved in the process of buying an online casino. It is optimal to have several real offers from software development companies. Avoid negotiations with one company until you have decided on the best market price and conditions. The same applies to marketing services and online casino license. Such tactics will provide you with the best prices and conditions.
The first offer is not always the best one
It happens quite often when accepting the first offer is the wrong decision. For example, you need an online casino license. Study the options of several jurisdictions; explore the package and individual solutions; calculate a higher price segment.
Most market players leave a price gap of 5-15% in the first offer, depending on the market situation. This is likely to lead to the fact that both parties will be satisfied with the best conditions of the deal. Therefore, you quickly achieve the long-awaited result.
During conversations, occupy an active position. Don't be afraid to ask many questions. The answers will give you additional information. Depending on the situation, you may ask:
- Is this the best price you can offer?
- What are the guarantees that the product or solution will really work effectively?
- Which of the products is more profitable to buy?
- What else can you contribute to the deal without cost increase? (Especially useful to ask marketers).
- The desired terms of the deal?
- How are the benefits for you?
- How is the security of the deal ensured?
Try not to get hung up on one thing. Sometimes, it is better to switch to another problem instead of staying in one place. The solution to the postponed issue may come suddenly during the negotiation process.
Remember: if the company sits at the negotiating table, they are already interested in participating. Your task is to develop this interest and lead the negotiations to a successful conclusion.
Readiness to leave
Another factor strengthening the negotiating position is the internal readiness to leave. Determine why your price and position are reasonable. Thus, in case you are faced with an ultimatum or impossible conditions, it will be easier to leave the battlefield.
There is no single recipe or universal model for successful negotiations. Each negotiation process is unique. Only live experience will help to develop negotiation skills and to feel confident.
Make sure that you and your partners have clarified all the disputable points, reached an agreement, and achieved mutual understanding. The final stage of negotiations is a serious moment where you have to study all the details and nuances.
What not to do in negotiations
The negotiation process requires concentration, attention, and perseverance. We strongly recommend you not to interrupt your counterpart, start a dispute, make unflattering comments about competitors or come to negotiations unprepared, hoping for improvisation.
Analyze your mistakes. Timely conclusions will help you move towards your goal.