From the course: Complex Negotiation Tips
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Making the first offer when negotiating
From the course: Complex Negotiation Tips
Making the first offer when negotiating
- Think of the last two digits of your phone number. Got it? Now estimate how many countries from Africa are in the United Nations. Believe it or not, your mind just related those two numbers in a powerful way. If your phone number ends in a high number, like 97, you will estimate a higher number in the second question, like 65, but my phone number digits are much lower, 28, so I'll estimate a lower number. We just replicated a famous study demonstrating the anchoring effect. Whatever number you're primed with prompts you to evaluate what follows from that perspective. If you're prompted number is larger you'll make a larger guess. This is why many negotiation professionals advise you to make the first offer. Research proves that anchoring works. You'll usually get a better economic outcome. But if you want to build relationships as well as make money, come prepared with a strategic opening offer. In a complex…
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