5 Negotiating Strategies You Never Heard Of
Negotiating is in your life every single day whether you realize it or not.
If you are growing or want to grow in the music industry, negotiating is inevitable.
Whether it's with record labels, publishing companies, managers, producers, or anyone else. You will have to negotiate terms that make sense to you.
Here are 4 Strategies You Never Heard Of To Music Negotiating:
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1. Ask For More Than You Expect To Get
You create more negotiating room for yourself and you might just get it!
Ask for the most you can get and have the other side see some plausibility in your position.
A record label offers you $100,000 to sign a deal. Great! But you want $150,000. Using this strategy your offer back is $200,000.
$100k Their Offer
$150k What You Want
$200k Your Ask
Makes what you want more probable
Gives you more room to negotiate
Allows the other person a feeling of a minor win
Makes you appear accommodating the other
Builds your courage
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2. Use "The Flinch"
Flinch at the first offer.
Make any expression that shows unwillingness to think this offer is close to what you want.
The other side will immediately rethink their offer and give you more.
Be respectful when you do this.
Do not scoff or be rude in any way.
It's to show your lack of interest in their first offer.
Give the feeling you two are far apart from where you are in the negotiating.
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3. Never Say Yes To The 1st Offer
Refuse the first offer.
99.9% of the time the other person will give you their worst offer first.
Record Executive: We believe in you and see great potential here. Our proposal is to give you $500,000 to sign with us today. Does that sound fair?
You: *Flinch. Is that the very best you can do...?
Record Executive: Yes.
You: Well I can't accept that
Record Executive: What can you accept?
*You now apply Strategy #1 and continue negotiating
4. Always Be Prepared To Walk Away
The second you are unwilling to walk away, you lost.
Always be prepared to walk away at any moment. Regardless of how much money they offer, time you've invested in negotiating, and anything else.
The one who cares the least has the power.
This is difficult if you're offered great money, connections, and partnerships.
Control your emotions, and you control the negotiation.
5. Create Win -Win
Negotiating success comes from building great long term relationships while getting what you want.
Even if you have the opportunity to take advantage of the other without them knowing it, don't. Have the integrity to search for a "win-win".
When you show others respect and integrity they will do the same for you.
Create wins for all involved. The situation where everyone wins exists. It may take a little longer and require more patience.
It will be worth it in the long run.
These are 4 Strategies You Never Heard Of To Music Negotiating:
You are now prepared to negotiate with the best and receive everything you want.
Apply the first tip today. Check this post regularly to practice the rest. They will change your life.
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Reference: "Power Negotiating" - Roger Dawson