When the pressure is on, we fall to our highest level of preparation. It is key to prepare!
Don’t prepare to the extent that you have a full play-by-play. Your script usually will be wrong!
His claim: A good preparation has a 7:1 rate of return on time saved on negotiating or fixing implementation.
Prepare five sections
The Goal
Think of the best and worst case scenarios, but only write down a specific goal for the best case. Don’t write down your bottom line or BATNA.
It is really tempting to aim low to attain self-esteem! This is why the BATNA is dangerous! Your goal is not to get a feeling a success!
At this stage, keep in mind that the best case you wrote down may be less than what you can attain. Information during a negotiation may get you more!
Don’t be so sure of what you want that you won’t take anything better.
Your goal should be specific, challenging, and realistic.
- Set an optimistic, but realistic, goal.
- Write it down.
- Discuss your goal with someone.
- Carry the written goal into the negotiation.
The Summary
Summarize and write in just a couple of sentences the known facts that have led up to the negotiation.
Answer the following:
- Why are you here?
- What do you want?
- What do they want?
- Why do they want it?
You must be able to summarize it in a way that makes them say “That’s right.”
Labels and Accusation Audit
Prepare 3-5 labels to perform an accusation audit.
Turn each accusation into a list of labels (no more than 5) and spend time role playing it:
Useful guides:
- “It seems like … is valuable to you.”
- “It seems like you don’t like …”
- “It seems like you value …”
- “It seems like … makes it easier for you.”
- “It seems like you’re reluctant to …”
Calibrated Questions
Prepare 3-5 calibrated questions to reveal value to you and your counterpart and identify and overcome potential deal killers.
You need to go past what they want to why they want it. What is their motivation?
Good questions:
- What are you trying to accomplish?
- How is that worthwhile?
- What’s the core issue here?
- How does that affect things?
- What’s the biggest challenge you face?
- How does this fit into what the objective is?
Questions To Identify Behind The Table Deal Killers
Behind-the-table means those who may control the outcome (not the one you’re dealing with). You need to know their motivations:
- How does this affect the rest of your team?
- How on board are the people not on this call?
- What do your colleagues see as their main challenges in this area?
Questions To Identify and Diffuse Deal Killing Issues
You may need to find a way to make the other look good in the face of change.
- What are we up against here?
- What is the biggest challenge you face?
- How does making a deal with us affect things?
- What happens if you do nothin?
- What does doing nothing cost you?
- How dows making this deal resonate with what your company prides itself on?
Ask these in groups of 2 or 3.
Be prepared to execute follow-up labels to their answers:
- It seems like … is important.
- It seems you feel like my company is in a unique position to …
- It seems like you are worried that …
Noncash Offers
Prepare a list of noncash items they possess that are valuable to you.
To help you, answer this question:
“What could they give that would almost get us to do it for free?”