Learn more about Michael Wenderoth, Executive Coach: www.changwenderoth.com
Almost every interaction we have involves negotiation – yet most of us fail to apply sound strategies that would get us more of what we want. Margaret Ann Neale, Distinguished Professor Emerita at the Stanford Graduate School of Business, shares research from her book, Getting (More of) What You Want, which shows how inexperienced negotiators regularly leave significant value on the table—and reveals how you can claim it. We break down a live negotiation example to help you understand -- and be able to apply -- the evidenced-based principles from her research.
SHOW NOTES:
- From pharmacist to thought-leader in negotiation
- A personal negotiation, in which Maggie got more of what she wanted
- Negotiation as problem-solving
- Applying Maggie’s four principles to a real-life negotiation → Assess, prepare, ask and package
- Assess: what’s important to you in the negotiation
- “The goal is not to get a deal, it’s to get a GOOD deal”
- “The more uncomfortable you are, the more important planning and preparation is”
- The 3 parameters you need control of
- Sources of power: “If you can’t walk away, it’s not a negotiation”
- Better your alternative, better the outcome - but there can be a downside to that…
- Becoming a trapeze artist: think of your alternative as a safety net
- What happens if I don’t reach the deal?
- Techniques to think creatively within negotiations, escaping tunnel mindset
- The danger of single-issue negotiations
- Looking at the interest of the other side
- How to find out the other sides’ interest
- Tipping point (and when you should leave the deal)
- Set an aspiration
- Framing your proposal as a solution to your counterpart's problem
- Being a good listener is key to your proposal
- Negotiation is not a fight.. Armor up and you have already lost
- Walking the tightrope between value creation and value claiming
- How to overcome nervousness about asking
- Ask for what you want… cause people can’t read your mind!
- Should you make or receive the first offer? Heed the empirical evidence
- “Anchoring and insufficient adjustment” -- and information asymmetry
- A twist about Michael’s client
BIO AND LINKS:
Margaret Ann Neale is the Adams Distinguished Professor of Management, Emerita, at the Stanford Graduate School of Business. Author of six books and more than r70 articles, she is a pioneer and influencer in the fields of negotiation, decision-making, and team performance. Neale's work has influenced academics, business professionals, and industry experts, who seek her advice on effective negotiation tactics, decision-making, and the role of diversity in team performance. In addition to her research and teaching, Neale has shaped Stanford's curriculum, established the school's behavioral lab, and fostered diversity and mentorship among junior faculty. She has also achieved several notable "firsts" at the school, including being the first woman to hold a tenured professor position, serve as an associate dean, and win the Davis Award for academic excellence and service.
- Maggie’s Book website and negotiation resources: Getting (More of) What You Want: https://gettingmoreofwhatyouwant.com
- Maggie on Linkedin: https://www.linkedin.com/in/margaret-a-neale-9a97833/
- Maggie’s faculty profile: https://www.gsb.stanford.edu/faculty-research/faculty/margaret-neale
- Maggie’s co-author, Thomas Lys: https://www.kellogg.northwestern.edu/faculty/directory/lys_thomas.aspx
- Celebrating Maggie’s impact at Stanford: https://www.gsb.stanford.edu/newsroom/school-news/celebrating-margaret-neales-impact-stanford-gsb
- Michael’s Book, Get Promoted: https://changwenderoth.com/#tve-jump-180481ecea3
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