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TEN Meeting Negotiations Workshop April 2013
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TEN Meeting Negotiations Workshop April 2013
1.
TEN MEETING NEGOTIATION WORKSHOP
APRIL 3, 2013
2.
AT-A-GLANCE SUMMARY
Established in 2002 IT Optimization Firm 100% Client Advocacy Firm Completely Supplier Agnostic Many public and private references #1 Company in our Space Global Company (US, Europe, Latin America, Asia) 1500 Global Clients 15,000 Field Engagements Partner with major Private Equity Firms Work with Clients Big & Small $100 Billion+ of Client Value captured since 2002 CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 2
3.
WHAT IS IT
NEGOTIATION CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 3
4.
WHAT IS NEGOTIATION?
Examples? Best Experience? Worst Experience? What was the difference? CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 4
5.
WE NEGOTIATE WHEN
We decide which movie to see with our significant other We decide which city to live in with our spouse We buy a car We try to get a raise We plea bargain a criminal charge We establish project priorities and timelines We establish boundaries between Israel and Egypt We determine protocol of Iraqi arms inspectors CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 5
6.
NEGOTIATION TIPS
Be Prepared “Lack of Preparation is perhaps our most serious handicap” Roger Fisher and Danny Ertel The Getting to Yes Workbook CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 6
7.
HOW DO YOU
GET PREPARED? Negotiations have a structure, which is independent of the content Most negotiations, large-small, commercial-personal, involve the same issues Let’s look at the structure of negotiations CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 7
8.
ULTIMATUM GAME Player
1 gets $100 Who wins the Money? Player 1 proposes to share an amt Playing to Win 2 w/ Player Player 2 either agrees to the shared amt, or not If Player 2 agrees, both get paid If not, neither get paid No Discussion Write offer on Card Make your Decision CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 8
9.
WHAT HAPPENED? 50:50?
Not Fair? Not Enough / Lowball Offer Player 1 kept too much / Windfall Profit Player 2 got an economic Improvement Even $1 is better off – so what’s your problem? Player 1 didn’t understand the Game Player 2 didn’t understand the Game CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 9
10.
ULTIMATUM GAME What
was the currency involved in this deal? Scientific Study of the Brain during these kinds of deals The Neural Basis of Economic Decision-Making in the Ultimatum Game , Science, (Jun. 13, 2003), pp. 1755-1758 CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 10
11.
ULTIMATUM GAME Analysis
Feelings of Fairness are Powerful 50:50 Splits are very often NOT the fair answer At $20, 68% of Player 2s agree At $30, 80% of Player 2s agree At $50, 94% of Player 2s agree Determining the emotional response to fairness is a key consideration in deal structuring CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 11
12.
ULTIMATUM GAME
100 90 Human Does it matter who 80 Computer Acceptance Rates 70 makes the offer? 60 Two kinds of 50 “Player 1” Human 40 30 and Computer 20 Why the difference? 10 0 $5:$5 $7:$3 $8:$2 $9:$1 Offer CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 12
13.
ULTIMATUM GAME Implications
for our Negotiations at work It is critical to understand the currency involved in the deal It is often not the obvious one It is critical to understand the sense of “Fairness” CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 13
14.
LESSONS LEARNED Search
for deal structures where your Supplier has shared goals and objectives and believes the split arrangements are fair. If the Supplier benefit can be tied to yours, you stand a much better chance of achieving collective success and long term sustainability. If the deal can be structured in a way to enhance Supplier emotions – all the better. CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 14
15.
TRUST EQUITY GAME
Is Trust a Good Investment? Player 1 gets $100 Playing to Win Player 1 proposes an amount to Share with Player 2 That amount is tripled Player 2 will share back an amount with Player 1 The Selected team gets to keep their amount CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 15
16.
EXAMPLES Trust Equity Game Team
Player 1 Shared 3x Amt Player 2 Returned 1 Ray $100 $300 Andrea $200 2 Catherine $100 $300 Mike $150 3 John $50 $150 Kimberly $75 4 Ginny $0 n/a Bob n/a 5 Jeff $10 $30 Alison $3 CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 16
17.
WHAT HAPPENED? Is
there one answer? Did we all get the full value? Do we all evaluate trust equally? Is trust always a good investment? Can we create value by giving trust? What would you do differently? CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 17
18.
ANALYSIS BATNA
Defection Player 1 - $100 Claims Value Player 2 - $0 Win/Lose Negotiations ZOPA Defines our slice of the Pie Player 1 - $0-$300 Cooperation Player 2 - $0-$300 Creates Value Win/Win Negotiations Increases the Pie for Everyone CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 18
19.
SUPPLIER DILEMMA
Even when we as a Customer have shared objectives with our Suppliers, it is still often difficult to achieve full optimization because our trust isn’t always a good investment. Customers need to evaluate Supplier relationships carefully to determine if Trust is a good investment. 6/22/2010 © 2013 ALL RIGHTS RESERVED 2002-2010 NET(net), Inc. All Rights Reserved. CONFIDENTIAL Page 19 © 19
20.
NEGOTIATION TIPS
Ask, Don’t Tell Making statements leads to positions Asking questions builds common understanding Making statements creates agendas Asking questions builds trust and leads to Win-Win negotiation CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 20
21.
NEGOTIATION TIPS
Know your BATNA Best Alternative To a Negotiated Agreement Not “bottom line”, more of a “what if” Know the other person’s BATNA Back to preparation Know their alternatives and you gain power at the table CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 21
22.
NEGOTIATION TIPS Know Thyself
When you go into a negotiation, take a personal inventory. How do you feel about negotiation? Do you want to get it over fast? If so, you may give in too quickly, or give away too much. Or, do you want to win, no matter what the cost? If so, you may become adversarial and damage the relationship. Do Your Homework Know who you’re negotiating with before you begin. What’s his or her reputation as a negotiator? Win/Win model or Win/Lose model? Does the person want to negotiate with you (Oh Boy!), dread the negotiation (Oh No), or is this a neutral situation (Show Me) Prepare and Practice Lack of preparation is the number one stumbling block in a successful negotiation It s not enough to know what you want out of negotiation. You also need to anticipate what the other party wants. CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 22
23.
NEGOTIATION TIPS Build Trust
Negotiation is a highly sophisticated form of communication. Without trust, there won’t be communication. Instead you’ll have manipulation and suspicion masquerading as communication. Be trustworthy. Honor your commitments. Tell the truth. Respect confidences. Develop External Listening Most people carry on an inner dialogue with themselves. When you’re trying to communicate with someone else, this inner dialogue becomes a problem because you can’t listen internally and externally at the same time. When you negotiate, turn off your inner voice and only listen externally. You won’t miss important nonverbal messages, facial expressions of voice inflections, when you listen externally. Move Beyond Positions It’s risky to make yourself vulnerable to someone. That’s why in a negotiation you begin by stating your position. Later, when the trust has deepened, you and the other party can risk more honesty and identify your true interests. As a negotiator, it is your responsibility to ask questions that will uncover the needs or interests of the other party. If you’ve also done your job of creating a supportive climate, you’re more likely to get honest answers. CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 23
24.
NEGOTIATION TIPS Know Your
Power Don’t assume that because the other party has one type of power, e.g. position power, that he or she is all-powerful. That’s giving away your power! Balance power by assessing the other parties source(s) of power, and then your own. While there are many sources of power, they all break down into two categories; internal power and external power. The former no one can take away from you and includes your personal power, level of self-esteem, and self-confidence. Know Your BATNA Before you begin a negotiation, know what your options are. Can you walk away from the deal? What other choices do you have? What are the pros and cons of each choice? Don't stop here. Also consider the BATNA of the other party . Know What a Win Is What is your best case scenario? What is your worst case scenario? The area in between is called your settlement range. If you can reach an agreement within your settlement range, that’s a Win! Don’t drop below your bottom line; you’ll feel bad about yourself and the deal afterwards, and you may not follow-through on your commitments . CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 24
25.
GENERAL DISCUSSION ON
NEGOTIATION Does this resonate with your experiences What are other areas of negotiation that can present difficulties/opportunities? Who is the best negotiator you know? Why? CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 25
26.
THANK YOU!
John Fisher Chief Value Officer +1 (616) 546-3100 x689 (312) 953-0297 Mobile JFisher@netnetweb.com CONFIDENTIAL © 2013 ALL RIGHTS RESERVED 26
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