Rule 3 Know as much about the opposition as possible
Get to know as much about the other party as possible. If it is a hotel go to their website, see their special offers, then visit non biased websites that review hotels, like tripadvisor.com (I made a great deal from this technique and it’s all explained here in the hotel section).
If you are in negotiations with a manufacturer whom you know give great discounts for cash up front on all orders, use this to your advantage. Hold back with that knowledge and use it when appropriate.
If dealing with caterers find out if they are doing good or bad in business. If they are struggling they may be more inclined to crumble quicker to get your business.
Recap;
Knowledge is power, but it is only power if you do something with it.
Find out as much as you can about the other party before entering into negotiations.
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