advantageSPRING’s signature methodology for brilliant negotiation is the DEALS Method™.
Discover, Establish, Ask, Lead and Seal.
Today, we’re taking a closer look at ‘Discover’.
The foundation of a strong negotiation is putting ample time and energy into the Discover phase. Researching your counterpart, identifying all of the variables at play, and leaving no stone unturned in your search for useful tidbits of information is essential. However, it’s easy to fall into a routine of ho-hum prep work (perhaps that’s heading to the counterpart’s website, getting the scoop on LinkedIn, and then Googling around a bit) and wind up missing out on key facts or variables that will influence the outcome of your negotiation.
When you’ve taken care of the basics, and aren’t sure where to turn next during the Discover phase, here are three creative ways to uncover additional information for your negotiation prep.
Reach out to the people within your organization who deal with them the most often. Front-line teams in account management, quality control or procurement have a unique perspective on what the stressors and pain points are for the relationship with the counterparty, and can provide valuable context that speaking only with higher-ups in management wouldn’t reveal.
Your work in the Discover phase has helped you identify the industry players who may be in direct competition with your counterpart. Speak with your colleagues who have previously negotiated with those competitors to get a feel for industry hot topics, trends or the reputation your counterpart has within their peer group.
Get out those reading glasses and open up their quarterly and annual filings. Public corporations share a remarkable amount of information via the footnotes, and taking the time to read them thoroughly can help you figure out what’s next on the horizon for their strategy, what challenges they are facing, and even which elements of the negotiation will carry the most weight.
For more information on the DEALS Method™, refer to advantageSPRING CEO Natalie Reynolds' best-selling book ‘We Have A Deal: How to negotiate with intelligence, flexibility & power’ available now on Amazon.com + Amazon.co.uk.