Negotiation Statistics — 18 Key Figures
Sales Negotiators’ Heavy Reliance on DataNowadays, it is possible to sell more while negotiating less when negotiators rely on data to speak for their results. Many companies are continuously training their sales team to use transparent policies which lay bare their operations and quantify their results. According to IBM, data-driven benchmarks and substantiated numbers are realizing desired outcomes. You can see it happening already as many people are now starting to do their own research before they try to purchase. People are more likely to buy from businesses that show quantified results with supported data-driven benchmarks. Aside from this, many negotiators are leveraging intelligent data before chasing leads. This is due to the fact that when you collect data on your existing leads and use it as your benchmark before chasing new leads, then you are going to get more success.
A Personalized Approach to NegotiationMore and more negotiators are working on using more personal strategies to win over clients. The goal here is to discover if you have a common idea that you share with your buyer and then leverage that common standpoint while dealing with them. Additionally, upcoming trends are suggesting that buyers have a special affinity for personalized approaches. According to a study, 90% of consumers found personalization appealing and 80% of customers said that they are more likely to do business with a company that has personalized approaches. When buyers find that you have similar shared values, they are more likely to work and accept your terms in the negotiation.
Leveraging IN-Built Concessions
No one wants to lose in a negotiation. Both parties always want to receive something in exchange in the negotiation. Thus, taking an inflexible stance without concessions changes their perception of you negatively which can ultimately affect your brand image and customer relations.
Nowadays, it is common for many negotiators to create initial offers with pre-planned concessions. Thus, having a negotiation strategy and BATNA with built-in concessions helps give the other party the feeling that they have won something.
Once you get the other party to say “yes” to a few concessions in your favor, then it will be easier for you to reach the big “YES” to the whole deal.
Now that we have listed the things that will affect negotiation in 2023, we will now go to negotiation statistics for 2023.
Negotiation Statistics in 2023 That You Should Know
1. The American Association of University Women (AAUW) announced a pledge to train 10 million women in salary negotiation by 2022 and offers free salary negotiation trainings..
2. According to the Harvard Business Review, women are increasingly urged to negotiate for higher pay as a way to close the gender wage gap.
3. Negotiating your role is likely to benefit your career more than negotiating your pay and benefits does.
4. 70% of managers expect a salary and benefits negotiation when they make a job offer, but most don’t implicitly state that the offer is flexible.
5. 46% of men take a risk and negotiate, compared to only 34% of women.
6. A survey by CNBC has found that 58% of Americans accepted the initial offer at their current position without negotiating.
7. According to a survey by Fidelity Investments, when it comes to negotiating a job offer, many do not ask what they want to receive.
8. 85% of Americans and 87% of professionals ages 25 to 35, who countered on salary, got at least some of what they asked for.
9. Only 29% of job seekers negotiated their salary at their current job.
10. 84% of job seekers negotiated salaries for higher pay.
11. Inflation and labor costs will have an impact on contract pricing in 2023.
12. A survey by Glassdoor showed that 68% of women accepted the first job offer, making them less likely to negotiate than men.
13. According to CareerBuilder, although 73% of employers in the United States expect a salary negotiation on an initial job offer, more than half (55%) of candidates don’t try to negotiate for a pay raise.
14. Around 84% of employers actually expect their candidates to negotiate their offer. Thus, if you accept the first offer you get, you might be missing out on a heftier salary.
15. Companies with no negotiation process suffered an average net income decline of 63.3%.
16. Almost 80% of companies have no formal negotiation process.
17. About 74% of companies have no formal negotiation planning tools.
18. 57% of companies who have been surveyed admit to having no formalized authorization process.
+ What are negotiation statistics?
Negotiation statistics lets you show the newest trends in negotiation.
+ What is negotiation?
It is an approach between parties in a dispute seeking to reach a concession by finding a solution for both parties to agree with.
+ What is the importance of negotiation?
Negotiation is important as it holds the key to getting ahead in resolving conflicts and creating value in contracts.
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