Much of the materials with the tag bfa comes from the Bargaining for Advantage book.
Research shows: The more specific your vision of what you want, and the more committed you are to that vision, the more likely you will obtain it.
Do not just have goals. Have expectations! The difference is in the attitude. Without expectations, we are not very disappointed if we fail to meet our goal. As an example, if you want to lose weight, but do not set a target weight, you are not likely to experience regret.
Preparation generally leads to firmer expectations.
“Bottom line” or walkaway price: The minimum outcome for which you will say “Yes”. It is not your goal. Your goal should be the highest achievable expectation.
Do not think too much of the bottom line. A complex negotiation can be quite taxing, and the bottom line can become a strong anchor point, and you are more likely to compromise near it. Put much more thought into your goal. In fact, begin negotiation with your goal, and formulate the bottom line later and only if needed to close the negotiation.
Always put effort into determining the other party’s bottom line.
On setting goals:
- Think carefully about what you really want. Internalize that money is a means, not an end!
- Set an optimistic, but justifiable, target.
- Be specific.
- Commit to the goal. Write it down. Talk to someone else about it.
- Carry your goal with you into the negotiation.
People often set modest goals for self-esteem reasons (aim low, and you achieve your expectations). Negotiators who set high expectations will experience higher dissatisfaction and discouragement, even though they are attaining higher goals. Counter this by incrementally raising goals, and noting that dissatisfaction is OK.
List reasons your optimistic goal may not be possible and look for the next highest defendable target.
Do not make assumptions about the other party’s values. Until you have concrete information on it, focus on your own defendable target.
If you have a defendable target, the other party is less likely to be offended if you can show them justification.
Make sure your goals are specific! Do not just aim for a raise or a better job! How big a raise? Never have a goal like “Attain the best I can” or even “Let’s go in seeing what I can get.”
Write your goals down!
Study: Publicly committed goals result in more negotiation efforts. Do not overdo it with grandiose goals.
Making a material commitment to a goal is good. It makes you work harder, and sends signals of sincerity.
During negotiations, the opponent will knock you off target. Take breaks and review your goals. Perhaps even carry it with you into negotiation with a card.