Summary of Victoria Medvec's Negotiate Without Fear

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 Fear is a major factor in people’s inability to negotiate. It affects people who negotiate every day, whether they are executives or not. The biggest fears are losing the deal and damaging the relationship.
#2 People are often afraid to negotiate for themselves. They fear that the other side will walk away and lose the deal, particularly when the negotiator does not have strong outside options.
#3 You must know your bottom line, but you must also focus on your goal. Establishing an ambitious goal will help reduce the fear that you will leave money on the table with a poor outcome.
#4 The COVID-19 pandemic has made it difficult to meet in person, so you should use a virtual video platform such as Zoom, WebEx, Microsoft Teams, or Google Meet to deliver your offer face-to-face on screen. When you negotiate in a synchronous channel, you can immediately see the other side’s reaction and make appropriate concessions.

Sujets

• Vente
• Techniques de vente
• Business
• Economics
• Negotiation
• Gestion et management
• Negotiating
• Commerce électronique
• Electronic commerce
• E-commerce
• E-Commerce
• E-Commerce
• E-Commerce
• E-commerce
• E-Commerce

Informations

• Publié par: Everest Media LLC
• Date de parution: 22 mai 2022
• Nombre de lectures: 0
• EAN13: 9798822519404
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Victoria Medvec's Negotiate Without Fear
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14
Insights from Chapter 1

#1

Fear is a major factor in people’s inability to negotiate. It affects people who negotiate every day, whether they are executives or not. The biggest fears are losing the deal and damaging the relationship.

#2

People are often afraid to negotiate for themselves. They fear that the other side will walk away and lose the deal, particularly when the negotiator does not have strong outside options.

#3

You must know your bottom line, but you must also focus on your goal. Establishing an ambitious goal will help reduce the fear that you will leave money on the table with a poor outcome.

#4

The COVID-19 pandemic has made it difficult to meet in person, so you should use a virtual video platform such as Zoom, WebEx, Microsoft Teams, or Google Meet to deliver your offer face-to-face on screen. When you negotiate in a synchronous channel, you can immediately see the other side’s reaction and make appropriate concessions.

#5

You want to make your first offer focused on how your differentiators address the other side's pressing needs and interests. You also want to leave yourself room to make concessions, as people often fear that the negotiation will be emotionally charged and conflict laden.
Insights from Chapter 2

#1

The first step in preparing for a negotiation is to put the right issues on the table. The better prepared you are, the more power you have. Information is a significant source of power in any negotiation, so prepare as much as possible.

#2

When you are negotiating multiple issues, you can identify tradeoffs between them and discover which ones are most important to each side. This allows you to build or maintain a relationship with the other party while still getting what you want.

#3

To develop a list of negotiable issues, you must first develop your objectives. Your objectives reveal what you want to accomplish with the other party in the negotiation, in both the short and long term. Once you have completed the list, develop one or more negotiable issues for every single objective that you have identified.

#4

When negotiating with a customer, you should not only consider getting the best price possible, but also add more issues to the table to unlock the integrative potential of identifying differences in the two parties' preferences.

#5

The first objective in every customer negotiation is to address the customer's pressing business needs. You can do this by researching the company's most pressing business needs and questions with analysts. Look for common questions and concerns to learn about the company's most pressing needs.

#6

When negotiating with a customer, you should always have the objective of meeting their pressing business needs. You should develop negotiable issues that link to this objective. For example, a customer may have a need for more brand recognition, and your advertising agency could create an ad campaign that will improve their brand image.

#7

You can also provide services that address the customer's pressing business needs. For example, you may have insight into the market or relevant changes that are occurring in their industry. These perspectives may be extremely valuable to your customer.

#8

There are many issues you can put on the table to address the customer's pressing business needs, so do not limit yourself to thinking only about the product or service you provide. Many of these additional issues help you not only address the customer's challenges, but also build the relationship with them.

#9

Building relationships with your customers should be an objective in every customer negotiation. It is clear that the partner was focused on addressing the pressing business needs of the company and the needs of his buyer.

#10

To build senior-level relationships, you must create pathways to the C-suite by including negotiable items such as insight sessions for senior teams on an industry trend, briefings for senior leaders on market issues, or prep before analyst calls or board meetings in your offer.

#11

When looking at your company's differentiators, identify what is unique about your product, service, or company. A differentiator is only a differentiator if the other side cares about it. If you are a small, privately held company competing against many large, publicly traded companies, you may want to emphasize your size or ownership structure.

#12

After you have identified your differentiators, you need to turn them into negotiable issues. For example, if you are a salesperson and you sell monogrammed bags, your differentiators might be the quality of your in-house design team and the variety of designs you offer. You can turn these differentiators into issues that can be discussed and negotiated with your clients at the same time as price is being discussed.

#13

When turning your company’s differentiators into negotiable issues, think about them as thumbtacks on a corkboard. Hanging off each of these thumbtacks are tiny pieces of string, and every piece of string is attached to a negotiable issue that allows you to emphasize the differentiator.

#14

It is important to differentiate your company's differentiators and turn them into negotiable issues so that they do not get lost in the discussion. Varying these differentiators helps you emphasize your experience advising on deals, your subject matter expertise, and your confidence that you will improve negotiation outcomes.

#15

When planning how you will vary your differentiators in your multiple offers, be sure to vary them across your three options. People pay more attention to what is shifting and changing than to what is constant.

#16

When you are negotiating with a customer, highlight your company's expertise. This is particularly important if you consider your company to be a category leader. Your customers may not know about your expertise, so make it salient through your negotiations.

#17

When negotiating with a customer, you should also aim to expand your presence within their organization by expanding your client base.