Three things define the strategy used in every negotiation: Trust, Time and Tactics. Often, the tactics will be defined by trust level and time commitment, but time can be used as a tactic and trust can be built over time. The key to successful negotiation is balancing the three together for an effective strategy.
For example, if you are in a hurry to close the deal, then time works against you and you will not likely be able to build trust and thus have to rely solely on tactics. In most cases, you will probably not come out on top in negotiations because of it. Sometimes, of course, there is a flip side to this where lack of time can be used to build a perception of value and urgency, but this rarely works in the real world unless you have a truly unique offering with no competition.
The trick is to balance that time need you have with how much trust you show the potential customer. If you are short on time, it’s often better not to give the perception that this is the case, allowing trust to build without a feeling of hurry.
This is all about tactics. How do you plan to approach the strategy and what tactics will be used to leverage the time you have to gain the trust you need to complete the sale? The less trust that has been built, the more tactics that are required. Tactics can often undermine trust further, especially once the other party realizes what tactics you are using, and tactics can backfire if the client perceives that you are using them due to a lack of time.
Again, it’s all a balancing act.
For most negotiations, the best strategy is to maximize trust at the expense of time and tactics. Higher trust levels always mean more time is required, but it also means fewer tactics are needed, thus building a longer-term relationship that goes beyond the initial sale.
The best strategy is to build long-term associations with customers based on trust. This creates higher perceived value, better retention (loyalty), and a more conducive working relationship when problems need to be solved.
Your goal in sales should be to build trust from the first day forward. Focusing only on sales numbers pushes time as the most important factor and that rarely means long-term success.