There are several techniques you can use to help in your negotiations. In this video, explore the pros and cons of time-tested negotiation techniques.
- Over the years, … I've learned some great negotiating techniques and tactics, … and I'd like to share them now. … The first is called The Invisible Man, … and that's where you're in the heat of a deal … and you don't want to give an answer right now, … or you don't like the position … that the other party is taking, … and you just say, well, … I have to check with my colleagues … before I can give you an answer. … That other party isn't in the room, … so you've pushed back the negotiation, … you've bought yourself some time, … and now you have the ability to go back to the other party, … and say, I know you wanted a 20% discount, … but I've spoken with my colleagues … and the best we can do is 10%. … So, you've created an invisible authority … that the other party has to negotiate against. … The second technique is called The Bogey. … Act like something you don't care about at all … is really important to you. … And then as you go through the deal, … fight hard for that one point, …
- 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.