Join Mike Figliuolo for an in-depth discussion in this video Choosing a style, part of Strategic Negotiation.
- You should be deliberate when you enter a negotiation…in choosing a specific style of negotiating.…The way I encourage people to look at choosing a style…is first, understand the importance of the relationship.…That relationship can have low importance,…so somebody you're just meeting…for the first time and you won't have an ongoing…relationship with them, or high importance.…This is a strategic long-term relationship.…The second thing you have to look at is the importance…of the outcome of that specific negotiation.…
From low importance, there's not a lot of value…on the table, to high importance, this means a lot of money…for your organization, or it's a high-risk outcome.…And what you end up with is two-by-two matrix…with four different negotiating strategies.…In the lower left, the first strategy…we put out is "Splitting the Pie".…This style means you have a low value of the relationship.…You're not going to see this person in the future…and the relationship doesn't really matter.…
You also have a low importance of the outcome.…
- Explore methods for defining all of your negotiation options.
- Recall how to make concessions when appropriate.
- Select the best negotiation style and strategy.
- Determine the most favorable deal structure.
- Support your anchor position.
- Recognize how to sequence your deals.
- Track negotiation points over time.
- Identify the most common negotiation pitfalls.