Thinking through multiple deals and the sequence of those events can help you drive a lot more value out of your negotiations. In this video, learn how to consider a negotiation's impact on future negotiations.
- When you go through any negotiation process, … you have to realize that this deal sets up future deals. … Consider this negotiation's impact on future negotiations. … If you don't, you potentially can make some huge mistakes. … Every deal sets precedent for the next one … in terms of the numbers, the terms you come to, … as well as the tone of that negotiation. … For example, if you're selling a service … and you decide you're going to set … a discounted rate upfront, … set your list rate and then offer a discount off of that, … versus just offering a lower rate … without talking about the discount. … Why? … Because that rate is going to become permanent. … So if initially you set a rate here … and say "The first time out, … "I'm going to offer you a discount," … but then you can go back to that initial rate. … If you set the rate here to start, … you're going to be stuck there. … I have this conversation with my instructors … when we bring on new clients. … And when we send those initial contracts and the invoices, …
- 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.