Learn how to gather the right kind of information so that your negotiations succeed. In this video, Elizabeth Robillard explains what benchmarking is, and how it can help. She also covers why information about the other person in the negotiation is so important, and how to use that information.
- In negotiation it's a truism that aspirations…become self fulfilling prophesy.…If you aim high, your more likely to achieve more;…Aim low and that too will be fulfilled.…Let's assume you want to ask for a certain salary.…Does a voice in your head say,…"No way, I'll never get that."…If so, you're already making the first concession…in your head.…Instead, you need to gather the right kind of information…before you start the negotiation.…
Information is power and will help you aim high.…Two kinds of information are critical…to a successful negotiation;…first, benchmarking information.…What's common in other situations?…Knowing this helps to ground your ask…in the realm of the possible…and provides back up for your reasoning behind…the specific ask.…Second, interpersonal information.…Who is the other person you are negotiating with?…Knowing this helps you prepare for likely twists and turns.…
Let's start with benchmarking information.…When you benchmark, you seek information…about how others in similar situations have fared.…
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- Review methods for avoiding common negotiation pitfalls.
- Determine what you really want.
- Clarify how and when to use your bargaining power.
- Recall strategies for making mutually beneficial agreements.
- Recognize ways to anticipate potential responses.
- Use turns to respond and restore your position in a negotiation.