The Art of Negotiation

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It is critical to understand what you want before you ever set foot in a negotiation. That way, you'll know when to push forward and when to stop. Knowing your bottom line prevents you from taking advantage of the other person in the negotiations See Principle 7 for more on why this is a bad idea! And it also prevents you from agreeing to terms that are unacceptable to you.

This is by far the most important principle in marketing and in negotiating. Make sure you do your homework. Find out as much as possible about the person sitting across the table. Find out about other deals he has made. Understand if he is a handshake kind of person or a long contract kind of person and prepare yourself accordingly.

The biggest mistake I see employees and entrepreneurs make is not having an understanding of what they really bring to the table. Make sure your accomplishments are ingrained in your head. But also make sure that they are accurate and consistent.

Before the Negotiation

Most of the time we are so busy making sure that people hear what we have to say that we forget to listen. But the best negotiators are detectives. They ask probing questions and then stop talking. The other negotiator will tell you everything you need to know -- all you have to do is listen. Many conflicts can be resolved easily if we learn how to listen.

You can become an effective listener by allowing the other person do most of the talking. Aim high and expect the best outcome. Successful negotiators are optimists. If you expect more, you'll get more.

A proven strategy for achieving higher results is opening with an extreme position. Sellers should ask for more than they expect to receive, and buyers should offer less than they are prepared to pay. People who aim higher do better. Your optimism will become a self-fulfilling prophecy. Conversely, if you have low expectations, you will probably wind up with a less satisfying outcome.

One big mistake many amateur negotiators make is to become too emotionally attached to winning. They shout, threaten, and demand to get their way.

This is all counter-productive. Most deals are only possible if both people feel they're getting something out of it. If the person across the table feels attacked, or doesn't like you, they probably won't back down. Most people hate bullies, and will be more willing to walk away from a transaction if it involves one.

Be calm, patient, and friendly, even if the other person starts losing their cool. Make sure you leave any pride or ego at the door.

How to Master the Art of Negotiation

You're much more likely to do well that way. Many people try to drain every last drop of blood from a negotiation. How to Improvise Agreement in a Chaotic World. Negotiation ; Research ;.

The Art of Negotiation: How to Improvise Agreement in a Chaotic World

Kathleen McGinn and Michael Wheeler. Business and Environment Business History Entrepreneurship. Finance Globalization Health Care. Finance General Management Marketing. Technology and Operations Management.

The Negotiation

Book The Art of Negotiation: About the Author Michael A. A Synopsis Michael Wheeler Distills the negotiation advice of more than a dozen general books on negotiation. Compares and contrasts specific prescriptions and organizes the books into five loose categories: An appendix provides a more extensive bibliography. McGinn, Kathleen, and Michael Wheeler. Cite View Details Purchase Related.

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