Negotiation
Tactic
Gather Benchmark Data Before Negotiating
Determine the type of deal that you should be receiving.
Overview
Without benchmark data, you risk accepting a bad offer.
- Negotiating a Job? Get data on salaries (e.g., PayScale, LinkedIn, recruiters).
- Buying a Car? Research your car's make, model, and year (e.g., Kelly Blue Book)
- Hiring a Vendor? Talk to other businesses in your industry.
Plus, you'll get these benefits:
- Credibility. Your counterpart won't feed you false information if they believe that you've done your homework.
- Avoid Bias. Managers are unaware of their biases — race, gender, personal, or even if they're having a bad day. Objective data can hold them accountable.
- Stronger Position. If you convey that you know your worth, counterparts will be less likely to take advantage of you.