Negotiating Masterclass in 2 Minutes

Read time - 2 minutes

Hey Everyone 👋

Most entrepreneurs and business owners have never learned to negotiate — and it shows. 

They consistently end up with the proverbial "short end of the stick" on every deal. Their lack of negotiating prowess rears its head in the form of slim margins, poor cash flow, and a whole lot of misery. 

In the next 2 minutes, I'm gonna share a tactical masterclass that gives you a "magical" skillset for better deal outcomes. These skills will work in any area of your life: 

• Business

• Dating

• Relationshops

• Children

• More

Tactic 1: Anchoring ⚓

What is it: A psychological tactic that uses the "shock value" of a VERY high/low offer. It creates a desired reference point for the subsequent (genuine) offer. When the actual offer is presented, it's compared to the anchor YOU set -- and appears like a bargain. Had an anchor not been set, the REAL offer wouldn't seem as attractive as it does.

Example: Submitting an offer on a property for 25% below the asking price. Then providing a reasonable "concession" at 5% below the ask-- creates perceived value for the seller.

Tactic 2: Loss Aversion 📉

What is it: Humans place more emphasis on a loss than an equal gain. Simply put, wins feel good, but losses HURT way more. In negotiation, position a deal NOT getting done as something lost (opportunity/market share/etc.); preservation instincts will get them to the finish line.

Example: Use the future's uncertainty to insinuate circumstances may change and negatively affect your counterparty. For example, "If interest rates rise, the value of this property may go down $200K," you've planted the seed -- inaction may become COSTLY.

Tactic 3: Specificity 🔢

What is it: Columbia University researchers confirmed that using specific numbers leads to better outcomes in negotiation. It's rooted in the idea of perceived knowledge. A hyper-specific offer suggests a deep level of understanding regarding the value of an object.

Precision = Implied Expertise 

Example: When buying your wife a new diamond ring, put forward $10,517 instead of $10,500. Perceived as a diamond expert, the $11,000 counteroffer will be saved for the next guy.

Tactic 4: Make it a Win-Win 🏆

What is it: John Paul Getty was infamously ruthless in his business dealings, but even he suggested: 

If you're known for "winning" every negotiation, then soon you'll have nobody to do business with, fair deals include concessions from both sides.

Example: Create a list of 'no concession' points that would violate your principles if agreed to. NEVER commit to a provision that defies these, but a willingness to budge on more minor/ancillary points demonstrates 'good faith.'

Tactic 5: Forced Empathy ❤️

What is it: Developed by FBI Negotiator Chris Voss, use questions that force the other side to understand your position. Rather than responding to an unreasonable demand with an emotional response, ask: How am I supposed to do that? How can we both win here?

These 'calibrated questions' reintroduce logic to your counterparty. Realizing they can't answer with logic or data -- they'll regret being unreasonable. This resets the conversation, and the negotiation can move forward sensibly with realigned boundaries.

Example: When tensions are rising, it's critical to remain calm and genuine when asking a question like: "What's the best way to resolve this?"The goal is to get the conversation back on track. However, if insincerity is sensed, it will push tensions higher and likely end negotiations.

Summary: 

Everything you want in life is a negotiation away. Focus on and internalize these tactics and watch your life begin to improve!

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Client Example: 

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Please email me at [email protected] with any questions, feedback, ideas, or opportunities!

Thanks for reading!