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On Negotiation
Posted by Chris Knudsen on October 4th, 2006
I was teaching my students about the power of being a good negotiator the other night and I thought I’d share some tips here. I generally do not share my advice on negotiation because I don’t want to give anything away that may help a potential opponent. However, I’m getting soft in my old age so I’ve decided to share ten things here that may help you:
- There is no such thing as a win-win in negotiation. If you have to give up something you really want then you lose.
- Act instead of react. If your opponent get’s under your skin then you may lose your cool. This will throw you off your game.
- Know when to walk away before you ever walk in.
- Negotiate on your turf.
- Get your opponent to reveal their timeframe - never reveal yours.
- Tactfully ask your opponent for information. Most sales guys will hang themselves if you let them talk long enough.
- No is a reaction not a position.
- Gain as much information as you possibly can before ever going into a negotiation. Information is the ultimate power.
- View the negotiation as a game you must win.
- Talk price last - never lose a deal on price.
Notice I used the term “opponent” over and over again. If you don’t view the person on the other side of the table as your opponent then you will lose the negotiation. If this sounds a little rough, remember this: you are paid to win not find the best outcome for both parties.
Thoughts?
I believe great negotiators have a keen sense of thermo-dynamics and open-systems. A motor, magnetic field, sports event, a human being and event a society work on the laws of physics and thermo-dynamics. An Open System is anything that runs on inputs and outputs. Our economy is an open system. Who thought physics would never come in handy!!!
In laymen’s terms: Nothing lasts forever. I have no doubt that the person that has more inputs (fire power) ie Knowledge, Market Info, economic trends, politic regulations, and competitor understanding will over power their opponent and destroy his/her open-system. At this point extracting information and negotiating in your favor is imminent
Left by Jason Baker on 10/04/2006