Bargaining on binary options reviews
But for complex deals, a proactive approach is needed.
The Strategy Strategic negotiators look beyond their immediate counterpart for stakeholders who can influence the deal. They intentionally control the scope and timing of talks, search for novel sources of leverage, and seek connections across multiple deals. The Payoff Tactical negotiating can lock parties into a zero-sum posture, in which the goal is to capture as much value from the other side as possible.
They lead to deals that maximize value for both sides. But beyond that, they feel limited in how bargaining on binary options reviews they can prepare. For most routine negotiations, a bargaining on binary options reviews approach is sufficient. But from time to time dealmakers find themselves in complex negotiations with higher stakes.
In those situations they require a much more robust approach. Just like business, political, and military leaders, negotiators need a strategic framework that illuminates the key choices they must make to achieve their ultimate objectives.
Negotiators should start developing them well before the initiation of talks, but the process is dynamic and iterative and should continue until the final deal is inked—and in some cases beyond. Here are the key strategic principles negotiators should apply to their next complex deal. Rethink Counterparts People tend to pursue deals with the obvious parties. But we often overlook many others in the ecosystem surrounding the negotiation: our competitors, suppliers, and customers—and their competitors, suppliers, and customers.
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We need an approach that encompasses all the parties that can and will help us fulfill our objectives. To devise one, negotiators should answer the following questions: What business outcomes do we seek through this negotiation?
Who cares about those outcomes? Who can do something to bring about those outcomes? How can we engage, directly or indirectly, with parties that share some of our interest in achieving those outcomes? Consider how the holder of key patents necessary to play movies and music on DVDs sought to prevent low-cost manufacturers in China from infringing on its intellectual property and competing unfairly with its duly licensed partners.
Initially, it tried to negotiate with those manufacturers, but in most cases it was simply ignored. And even when the Chinese manufacturers were successfully challenged and subjected to a legal process, they would simply close shop and then reopen under a different name. By helping the importers and distributors recognize the infringement and intellectual property issues, the patent owner got them on the same side of what would otherwise have been a steep uphill negotiation with the unauthorized manufacturers.
While viewing counterparts as if they were one monolithic entity is convenient, that attitude regularly leads to analytical and strategic missteps. In the realm of international diplomacy, negotiators have traditionally been somewhat more attuned to thinking about how to influence multiple constituencies when forging deals—be it with the Taliban or the old Soviet Union.
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Most earnings for a beginner on the Internet, profits and losses are assessed not only at the enterprise level but by unit, geography, product, and plant. The authority to negotiate contracts is usually though not always delegated accordingly. The supply chain team at a large hospitality and entertainment company took that lesson to heart in negotiations with major beverage suppliers.
The team members recognized that bargaining with their sales counterparts over volume discounts would achieve limited value.
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It was only by broadening the discussion well beyond discounts and the purview of sales that they learned that other stakeholders within their suppliers had much more value to contribute. They may consider a limited set of choices—for instance, shorter- versus longer-term deals—but by and large their tactics are guided by a comparison between their BATNA and how close to some preferred outcome they think they can get.
Jeff Minton Consider a health care firm that was seeking to renegotiate the terms of a major supply contract with a pharmaceutical company. The health care firm needed much more manufacturing capacity from a major plant owned and operated by the pharma company.
The pharma company was loath to offer more capacity than the original contract specified, because it anticipated needing to make more of its own products at the same facility in the future.
However, when the scope of the negotiation was increased beyond altering the existing agreement, and both sides stepped back to reevaluate and share information on their respective global operations including bargaining on binary options reviews for building new plants and growth objectives and associated capital investment needsthey were able to reach an agreement.
The new contract rebalanced production and supply across multiple plants and delivered substantially more value to both parties. Or take the financial services firm that was seeking to renew a contract with a company that owned proprietary data assets and was demanding a hefty price increase. An analysis of the annual report and earnings calls of the data company showed that it was focused on increasing revenue from other products and services—ones the financial services firm was purchasing from several other suppliers.
When confronted with opposing parties who seem to have more leverage, the natural tendency is to look for ways to weaken that leverage—to find walkaway alternatives and issue threats.
Such attempts often come up short or undermine deal success. The lesson here is to offer the other side new opportunities instead of focusing just on the needs that only it can meet for you.
Think about how precedents a deal sets may create anchors in future negotiations.
Sometimes the right strategy is even to reduce the scope of the deal. Jeff Minton About the art: Photographer Jeff Minton captured the salespeople at a car dealership in Levittown, New York, hustling to meet their monthly quotas. No other distributor had comparable coverage in the region. After considering expanding the scope of the deal, the device maker instead opted to narrow it.
It identified alternative distribution channels for some of its products in some segments of the regional market. Bringing its products to market with a portfolio bargaining on binary options reviews smaller distributors would have been prohibitively complex and would have increased costs and reduced revenue.
But once the device maker had defined a strategy to narrow the scope of the deal with the incumbent distributor, the negotiations moved to a considerably more even footing.
In fact, the distributor stopped making demands and threats and became willing to engage in a collaborative process. The two sides jointly evaluated where it was especially costly for the distributor to service the device maker business the distributor was actually happy to give up and where it would have been most difficult for the device maker to move to alternative distributors.
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The narrower scope made the distributor willing to reduce some of its requirements meant to cover the costs of distributing low-margin products in expensive-to-service segments. For the device maker, the cost of agreeing to much of what the distributor was requesting dropped significantly. Rethink the Nature of Leverage All too often dealmakers conflate negotiation power with a strong BATNA and the concomitant ability to hurt the other party.
Such a mindset leads to pressure tactics. It also makes negotiators who lack attractive walkaway alternatives conclude that they have no power, which in turn causes miscalculations and unwarranted concessions.
Moreover, their sense of powerlessness can breed fear and resentment—negative emotions that hamper creative thinking about potential avenues to an optimal outcome.
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The solution is think beyond walkaway alternatives and consider multiple sources of not only coercive leverage but also positive leverage. By positive leverage, we mean things negotiators can uniquely offer to make the other side desire a deal rather than fear the absence of one. Many technology firms have IP teams that seek to persuade consumer electronics companies such as Apple, Sony, and LG to pay for licenses.
The negotiation of IP rights in this market is dauntingly complex. Patent infringement is pervasive—though often unintentional. Legitimate efforts to collect royalties are vastly complicated by the well-known phenomenon of patent trolls. The IP licensing team at one well-known tech firm had a strong claims portfolio and compelling market data about the rights that other companies were infringing. The team tried to be creative and flexible, offering to blend payments for past infringement, ongoing royalties, and cross-licenses.
And so they did.
What’s Your Negotiation Strategy?
Thinking in binary terms is almost always counterproductive. Those opportunities made it worthwhile for the electronics companies to engage in meaningful negotiations with the team.
Though this strategy required a lot of time and effort, the payoff was worth it. Look for Links Across Bargaining on binary options reviews Most negotiators focus exclusively on maximizing the value of the deal at hand. In doing so, they often undermine the success of future negotiations—their own and those of their colleagues. A strategic approach requires considering success beyond the current deal and, in particular, how the precedents it sets will create anchors and shape dynamics in future negotiations.
After all, except with pure sales and purchases of assets, most high-stakes business negotiations are repeat transactions undertaken in the context of long-term relationships.
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Analyzing links across multiple negotiations can unearth hidden forms of leverage. Consider the case of a global semiconductor company that felt continually squeezed by unreasonable price increases from OEM component suppliers.
A major problem was that negotiations over initial licensing or codevelopment of technology for new products were conducted by one group, whereas subsequent contract negotiations with the same suppliers, but occurring years later were handled by another group, with relatively little coordination between the two. Meanwhile, negotiations with those suppliers and other third parties for maintenance and repair services and spare parts were handled by yet another group, and all three kinds of negotiations occurred on different timetables.
How to Pressure-Test Your Strategy One key to negotiation strategy is putting yourself in the shoes of your counterparts and truly understanding their motivations and likely actions. Of course, most negotiation planning involves analyzing the goals and likely actions of the other side. In our experience, however, failures of imagination and inevitable human bias tend to limit and distort such efforts.
Especially when the stakes are high and power imbalances create fear and resentment, strong emotions stunt thinking and warp rational analysis. In some cases, simulations might be done as part of strategy development and negotiation planning.
By looking at these separate but related negotiations holistically, the semiconductor company was able to alter the power dynamics. They also shared data about maintenance and repair revenue streams and their growing ability to redirect such business to partners who demonstrated reasonableness and good faith. Now the benefits of increased cooperation and the potential loss of opportunities were tangible to suppliers—and hence persuasive.
Consider the Impact of Timing and Sequencing Many people seek to speed up or slow down negotiations to put pressure on the other side and extract concessions.
But pressure tactics often backfire. Careful consideration of how the other side is likely to respond should guide when to accelerate, slow down, or pause a negotiation.
Several years ago a small technology company was in negotiations to renew a critical deal with an internet behemoth.
The small company depended a lot on the revenue the deal produced, and the thought of going without it for even a short time was frightening.
That turned out to be a major miscalculation. That time was well spent. In the end the contract with the behemoth was renewed for a nine-figure value that represented a nearly five-fold increase over the expiring deal. While the passage of time did make the small firm nervous about its dwindling cash reserves, it also gave it the opportunity to substantially alter the landscape in which the negotiation took place. Choreographing the sequence in which you address issues or engage different players is also important.
Resolving some issues may reset the stakes or reframe the remainder of the negotiation. A good example of strategically rethinking sequence in a negotiation comes from the oil and gas industry. A few years later that second multinational indeed triggered its option and sought to open negotiations on the rate of interest. Instead of discussing how many points above or below LIBOR would be appropriate, the multinational decided to go back to the oil company and negotiate what further terms should apply to the revised deal.
The oil company readily agreed. After some initial shock, the incoming partner agreed. Five questions can help negotiators strategically manage timing and sequencing: What changes in the external marketplace might increase or decrease the value or importance of the deal for each party?
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To what extent can we use additional time to strengthen our walkaway alternatives? To what extent can the other side use additional time to strengthen its walkaway alternatives? How might deals negotiated with other parties affect the scope of the negotiation or create precedents that influence the way we resolve key issues?
Be Creative About the Process and Framing When approaching a high-stakes deal with a powerful counterpart, many negotiators debate whether to start by issuing their own proposal or lazarev s technique binary options asking the other side to do so.
But such binary thinking blinds us to the many ways we might shape the negotiation process to reduce risk and increase the likelihood of a great outcome. The supplier held numerous patents essential to the manufacturing process, so switching to a different one would have taken years and major investments in redesign. But for many years the supplier had been unwilling to collaborate on improving quality and manufacturing efficiency.
As the contract with bargaining on binary options reviews neared expiration, the health care company pondered how to open the negotiation for a renewal. Should it demand big price reductions and other improvements?
Or should it begin with more-reasonable terms and hope that the supplier responded in kind? After much debate about the trade-offs, the health care company developed a third approach. This was deemed a low-risk move. The supplier might well decline the offer, but so what? The analysis triggered an animated discussion focused not on bargaining but on joint problem-solving. That in turn led to thinking about how to creatively restructure the way the companies worked together and what is discipline in trading a set of principles for negotiating commercial terms in the new contract, including a framework for sharing risks and rewards.
The ultimate deal saved the manufacturer tens of millions of dollars but was viewed by the supplier as bargaining on binary options reviews who and how earned money on deposits than the earlier contract.
This leads dealmakers to topics to make money on perceived threats rather than identify all possible forms of leverage and think expansively about options.
When that happens, negotiators are more likely to make poor tactical choices, either giving in to pressure from the other side or inadvertently causing their own worst fears to come to pass.
A strategic negotiation approach involves more than choosing a cooperative or competitive posture, and thinking in such binary terms is almost always counterproductive.
Read more on Negotiations or related topic Strategic thinking JH Jonathan Hughes is a partner at Vantage Partners, a global consultancy specializing in strategic partnerships and complex negotiations. Danny Ertel is a partner at Vantage Partners, a global consultancy specializing in strategic partnerships and complex negotiations.