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Part 1: The Negotiator’s Toolkit
In Part I, we develop a framework that you can use to analyze, prepare for, and execute almost any negotiation you might encounter. Part I also offers a toolkit of comprehensive principles, strategies, and tactics that will help you execute each stage of the deal, from before the first offer is ever made to the final agreement. It turns out that a significant percentage of the million-dollar problems that our executive clients confront have solutions that are contained in these initial chapters. Because we develop the framework and the toolkit methodically, we recommend that you read Part I straight through in the order presented.
Chapter 1: Claiming Value in Negotiation. We begin by focusing on a topic of great importance and appeal to all negotiators: how do I get the best possible deal for my side? We build our negotiation framework by analyzing a straightforward two-party negotiation in which a buyer and seller are bargaining over one issue: price. This chapter covers, among other topics: negotiation preparation, common negotiator mistakes, whether to make a first offer, responding to offers from the other party, structuring your initial offer, finding out how far you can push the other party, strategies for haggling effectively, and how to maximize not only your outcome, but also the satisfaction of both
parties.
Chapter 2: Creating Value in Negotiation. Here we expand the “claiming value” framework by examining the more difficult–and more critical– task of value creation. A key insight of this chapter is that negotiators who focus only on claiming value reach worse outcomes than do those who cooperate with the other side to improve the deal for both parties. To demonstrate this, we consider a more complex negotiation in which parties are negotiating multiple issues and facing greater uncertainty. This chapter covers topics such as: strategies for value creation, a framework for negotiating efficient agreements, preparing for and executing complex negotiations, how and when to make concessions, how to learn about the other side’s real interests, and what to do after the deal is signed.
Chapter 3: Investigative Negotiation. Much of what negotiators must do to create and capture value depends on their ability to obtain information from the other side. This chapter presents a powerful approach to information gathering that we call “investigative negotiation.” The principles and strategies of investigative negotiation will help you discover and leverage the interests, priorities, needs, and constraints of the other party–even when that party is reluctant or unwilling to share this information.
Part II: The Psychology of Negotiation
Even experienced negotiators make mistakes when preparing and executing negotiation strategy. After all, even seasoned dealmakers are human, and all human beings are vulnerable to psychological biases–systematic and predictable departures from rationality–that can derail an otherwise sound negotiation strategy. Part II builds on cutting edge research on the psychology of negotiation and decision-making. We distill theory into the practical tools you will need to avoid these costly mistakes, and to recognize and leverage mistakes when they are made by the other side.
Chapter 4: When Rationality Fails: Biases of the Mind. In this chapter, we focus on cognitive biases–the mistakes that even the best of negotiators make because of the ways in which our minds operate. As we will illustrate, the human mind is accustomed to taking shortcuts that, while often useful for making decisions quickly, can also lead to disastrous strategic moves in negotiation.
Chapter 5: When Rationality Fails: Biases of the Heart. Next we look at motivational biases–the mistakes we make because of our desire to view the world the way we wish it were rather than how it truly is. Unfortunately, it is possible to have a weak negotiation strategy and still feel good about yourself and your prospects for success. It is also possible to continue down the wrong path and never allow yourself to discover how and when a change in strategy is critical. Chapter 5 will help you to identify and avoid these potential pitfalls, and to see the world through a more objective and realistic lens.
Chapter 6: Negotiating Rationally in an Irrational World. Here we offer still more strategies for overcoming your own biases and for leveraging the biases of others. We also explain when it is in your best interest to help the other side be less biased. Why? Because their irrationality often hurts you as well as them.
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