Mark Bilgin is a career negotiator and the author of Mastering High Stakes Negotiations and he is joining BMP Radio for a regular podcast series on all things negotiation.
In this session, we’re going to talk about how no negotiation preparation can be considered complete without a careful study of the other party’s interests.
Highlights from the Show Include:
- Mark acknowledges that while more is still more, at some point time for preparation is up (even in a high stakes negotiation) and the time comes to move on.
- Best practices include listening for ‘verbal cues’ that suggest pricing or other terms that must be satisfied in order to finalize a deal v. those that the other side is hoping to extract as a concession. Examples include: deal breaker, rejected, impasse, and no-go.
- By gathering peripheral information about the company and their industry, as well as the markets for their products and services, it is often possible to create a table or model of the concessions they are likely to make – and the ones they may expect.
- When the other party’s team is led by an equally seasoned negotiator, it is wise to acknowledge what you know. This brings that information into the open and prevents it from serving as an intimidating spectre in the room.
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