Relationships in a negotiation are critical. In this video, explore the relationship dynamics in a negotiation.
- Relationships in any negotiation … are critical to understand. … You have to step back and look at the players, … and really appreciate how important the relationship … is to you, as well as how valuable the relationship … is to your opponent. … Is this a long-term or short-term relationship? … You have to look at the past history you've had … with this individual, as well as looking at your opponent … and the future history they want to have with you. … By understanding if this is a new relationship … or if you've got history, … it's going to inform your negotiating approach. … Relationships make all the difference. … Failure to consider those relationship dynamics … can win you the battle in that short-term negotiation. … And you may get the deal done. … But long-term you've lost the war, … and the long-term contract. … This can make future deals harder to do. … For example, I was conducting an acquisition, … and we had a mid-term challenge … with the person we were purchasing the business from. …
- 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.