Negotiation is an important skill that everyone in business needs to be familiar with. I was able to do some research from different podcasts and I have provided a summary of each. I hope you find some insight in my discoveries! Happy negotiating!
During this lecture, Stan Christensen bases his talk on what not to do in a negotiation. He speaks about how to problem solve when dealing with a difficult negotiation. Using mediators and arbitrators can be beneficial. Christensen tells a story about a taxi driver who gets lost on the way to his destination. Stan and the taxi driver end up in a negotiation over how much should be paid. Using both a mediator and objective criterion, Stan and the driver were able to come to an agreement. I learned that in order to come to a fair conclusion, it is sometimes best to bring in a mediator, and always use objective criteria when possible. I will be put into situations where I will need to use objective criteria with my clients and other industry vendors to provide credibility for my statements.
In the Voluntary Life, the narrator discusses some of the basics of negotiation. He speaks to the audience about how to conduct a professional and successful negotiation. He explains that the prices that are on the table are only a small factor to what the negotiation is really about. Knowing the best alternative of the other person will help the negotiators better understand the dynamics of the negotiation. I learned that it is best to not only know my BATNA, but to also know my opponent’s. When negotiating in the wedding industry, I should always be aware of my clients’ BATNA to predict the outcome incase the negotiation ends badly.
Greg Williams presents some new tips for negotiation on Blog Talk Radio- 30 Minute Business Dig. The majority of his information is about how to execute and handle tactics in a negotiation. I learned that it is important to always remain focused on the matter at hand. Clients’ may try to use dirty tricks when negotiating their contract with me, so it will be crucial for me to not succumb to pressure and to always try to figure out their true interests. I will need to refocus the conversation to the matter at hand.