We learned the Art of Negotiation
I developed my Negotiation skills through this course.
“I am good at bargaining; how hard can it be to negotiate? I am an Indian, and Indians are good at bargaining”, these were the thoughts that I had in my mind before getting into the course. I expected to enhance my negotiation skills through the course, but little did I know the Art and Science behind Negotiation. As I retrospect after the course…. I realized we all live in a bubble having a false impression of who we are and what we can be. Before, my understanding of Negotiation was about winning and getting the best deal from the other party.
Today — Negotiation for me is about how we can create a bigger pie and ensure it’s a Win-Win for all involved.
Team Credit: Annie, Ann, Jingbo, Lan Tian
During the course as a team, we had to prepare our Negotiation Strategy for the case that was given to us. This is how we deployed our learnings at every Negotiation Building block:
Preparation stage: We worked as a team to craft out the BATNA (Best Alternative To a Negotiated Agreement), RP (Reservation price) by exploring options and giving them weight and value. We also looked at alternative offers and concession plans to have an integrated solution in the deal. Brainstormed how to build trust and deal with processes and emotions that might arise during negotiation.
o Plan your negotiation process, who will be on the table, and what role will they all play.
o List down priorities, issues, and concerns
o List down your wants + options and give them each value in terms of %
o Craft our BATNA
o Plan your alternative options to protect our vulnerability.
o Do a lot of research — to a point where you can overwhelm our counterparty with lots of data.
o Plan Integrated solutions and also a contingency plan
Opening Stage: We decided to anchor the deal; we wanted to be very transparent by letting the other party know our priorities and desires. Always anchor the conversation, and stating your priorities, gives you leverage.
· Be sensitive to key information the other party is sharing. Sometimes a lot is hidden between the words and body language.
· Do not be constrained by your own assumptions, obtain as much info from the counterparty as you can by asking questions be curious.
· Ask pointed questions and watch for non-response.
Bargaining Stage: Sometime the negotiation might not go as per your plan, use mechanisms like Hardball tactics, Persuasion tactics & keep accessing our BATNA and improve it on the go. We tried our best to understand the opposite parties’ priorities and concerns. Through our communication, building trust, and being friendly, we made it easy for our counterpart to concede.
· Don’t hard sell your company but sell yourself — show that you are the best person they are talking to for this deal.
· Handle the process properly to get 100% results
· Separate people from problems
· Keep auditing the emotions of the opposition party
· If the negotiation gets heated — take a break, go to the balcony
· Try to stay calm and your emotions in check
Closing Stage: We explored many other options to expand the pie by sharing our future growth plans and inviting them to join us. We ensured all creative opportunities, leverages, and no resources are left on the table. We were very aware of our walkaway point and had planned physical signs so that we were all on the same page during the negotiation. Don’t have a zero-sum game mindset instead have a positive-sum game mindset
Implementation stage: By being authentic and ethical throughout the negotiation process and following through with our commitment, we can ensure that the deal is successfully executed. Some see negotiation as a “game” with certain rules defined by the law. Conduct within the rules is ethical. Conduct outside the rules is unethical. Stick to your values and do the right things.
My new outlook toward negotiation is not just about what I get out of it… but how do I step out with an integrated successful outcome? It’s essential to do your research and be friendly in conversation. I believe every person will feel more comfortable negotiating with a friendly, gestured person who has a warm personality. In all the class practical assignments, my classmates told me that it was easy to work with me as I am a welcoming and kind person in spite of our cultural difference. This a compliment I will keep in my heart and mind for the rest of my life. Playing a global role as PR person, I have learned that putting people into baskets is hard. It’s good to be aware of high & low-context cultural differences, but people are complex. We can celebrate our difference and things that unite us and look at people as humans. In the future, when I am negotiating, I will make sure that I show respect, set aside my biases, work towards an integrated deal, and find ways to maximize our pie. Make deals ethically, as my core values matter at the end of the day more than winning alone.
Finally, for our team presentation, we decided to take up Chris Voss Master class on Negotiation and we were very inspired by his Mirroring and Labeling techniques that we presented to our class on the last day of the course along with a short fun role play.
We all encounter difficult situations in our life like your boss is upset with you, your parents are shouting, your partner is mad at you…try Mirroring and Labeling techniques to have an open transparent coverage.
Mirroring — It’s just the simple repetition of one to three words, one two three-ish words. Typically it’s the last one to three words of what somebody said. But when you get good at mirroring, you could pick one to three words from anywhere in the conversation. The other person feels listened to. It tends to connect the thoughts in their head.
Labeling — The act of verbally identifying or “giving a voice” to the other side’s feelings.
“It seems like” “It Sounds like
https://www.youtube.com/watch?v=pHHHg7PWz48
I recommend you read Chris Voss Book Never Split Difference and take up his master class if possible.
My journey to being a good negotiator in life and work starts with self-awareness, I have realized my strengths and weaknesses as a negotiator. Practice is a surefire way to develop my Negotiation skills, regardless of all my strengths and weaknesses. Whether it’s business or personal, I know that negotiation skills come in handy when someone or something stands in the way of achieving what you want.
Empathy is a core skill in negotiations. Yet so often we ignore it in favor of assertiveness. Negotiation is not a fight but a dance.
