It's important to be deliberate around the strategy you use when negotiating. In this video, learn how to choose the correct strategy to use in any 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 on-going 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 a 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 …
- 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.