Master negotiator, Kellogg professor, and accomplished CEO Victoria Medvec shares what it takes to eliminate the fear that impedes success in negotiation. From her latest book, Negotiate Without Fear: Strategies and Tools to Maximize Your Outcomes, Victoria discusses how to increase negotiating confidence and maximize negotiation success. She shares specific advice for everyone who is negotiating for themselves everyday.
[2:35] Victoria loves to negotiate. She does it whenever she can, and she loves to teach her clients how to do it, too.
[5:00] Victoria shares an example of what an “everyday” negotiation looks like.
[6:20] We can’t get what we want if we’re not comfortable asking for it. Fear can deeply hurt a negotiation.
[6:45] However, fear still affects both the amateurs and the experts. Just because they’ve been doing it longer doesn’t mean their fear has disappeared!
[7:50] If you’re worried about dropping the ball, put yourself in a “fear of loss” mindset, instead. Victoria explains what this looks like.
[9:10] Victoria shares the difference between introverted vs. extroverted negotiators.
[10:05] There are three tactics to being properly prepared in a negotiation:
- Putting the right issues on the table.
- Doing the right analysis.
- Building a plan for the discussion.
[13:50] It’s important to first identify if you have a storytelling issue or a “tradeoff” issue.
[17:35] Victoria breaks down how to quickly discover if you have a tradeoff issue.
[20:00] Victoria has also done extensive analysis on how executives can better manage up vs. sideways.
[24:40] You need to have a coalition to support you in driving new change, but you also have to remember that coalitions are often unstable.
[28:45] Your biggest source of power is your Plan B. Victoria explains what to do when both parties disagree.
[33:50] When arranging a deal, it can often feel a bit ambiguous figuring out who the real decision-maker is in a big organization. Victoria shares how you can escalate with grace.
[38:25] You pay a price for certainty. People often hate conflict so they take the “sure thing” deal before exploring the possibilities.
[41:25] Listener challenge: Identify a time where you can negotiate in your everyday life!
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Quotable Quotes“Fear undercuts our confidence and it’s really important we are confident when we go into a negotiation.” Click To Tweet “The number one reason why people leave money on the table is they drop issues too quickly.” Click To Tweet “I want my clients to keep issues on the table and keep that discussion alive.” Click To Tweet “You can never drive change by yourself. You have to have a coalition of support.” Click To Tweet
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- Victoria on LinkedIn
These are the books mentioned in our discussion with Victoria