Should You Put Your Number On The Table First?
THOUGHT OF THE WEEK
I know, I know…It's an age-old debate.?Should you put your proposal on the table first or wait for your counterpart to make the first move?
Show me yours, and I’ll show you mine.
Well, here it is. Let us try and put the argument to bed, once and for all.?So let me put some reasons for and some against and then let you make up your own mind.
Let's start with some good reasons why you shouldn't put your number on the table first.......?Click here to read the full article for free.
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TACTIC OF THE WEEK
The Anchor
Anchoring is a powerful process of using an initial statement or number to frame your negotiation. Your anchor can be anything you wish to use to establish a reference point for the negotiation.
Once your anchor is established, you can use it to influence your counterpart's perception of value, and it becomes the starting point for your negotiation. You can use the anchor to reference all counteroffers from and your counterpart may be more willing to make concessions or adjustments based on it.
The psychology behind anchoring is rooted in cognitive psychology.
Yawn… but put simply, it is based on the idea that people, you included, rely on lazy mental shortcuts when making judgments and decisions.
Anchoring is a particular type of shortcut that relies on people making decisions on the first piece of information they receive. Once that number, that statement is in their head, it fixes itself and becomes ‘their’ reference point.
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Entrepreneur, serial innovator. M.A. Comp. Sci., Executive MBA. Passionate growth-oriented servant leader. Customer value, product, technology, algorithms, data, processes, strategy, culture, business.
2 年It's important to use the right strategy for the environment. External sales opportunity? The situation can vary. The supplier is usually expected to anchor product pricing, but when the product or service is selected through consultation, the customer should be the first to broadly anchor the project budget. Internal strategy discussion, or internal collaboration? Nobody likes to work with the guy who hoards all the information because "information is power", and abuses that advantage to secure >75% of the profits for their own business unit when others are contributing >50% of the work! Internal collaborative discussions need to be mutual, and all parties should have fair and equal access to relevant top-level information so the team can work together most effectively to offer the most marketable solutions. There many be many other considerations: this observation (internal collaboration vs. external sale) is just one aspect. The objective shouldn't always be to maximise personal power because that attitude makes relationships unstable, no matter what the short term results might look like!