Deepak Malhotra Shares His Award Winning Negotiation Tips | CNBC
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- Опубликовано: 14 май 2024
- Award-winning expert in negotiation, Deepak Malhotra, leads an interactive session to give you the tools to negotiate with confidence.
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Deepak Malhotra Shares His Award Winning Negotiation Tips | CNBC
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This has been one of the best 40 minutes of absorbing knowledge. Thanks Deepak Malhotra.
The 22 tips:
1. Hold a negotiation strategy meeting
2. Don’t reward people for coming up with the right strategy; reward people for good arguments
3. Assess what happens to you if there’s no deal. Focus on what happens to them if no deal
4. Negotiate process before substance
5. Normalize the process
6. Think about all the questions you need to ask the other side. Then add 10 more.
7. Ask the right questions. Asking “Why?” Is 10x more important than asking “What?”
8. Prepare in advance for the toughest questions they might ask
9. It has been said that “whoever makes the first offer loses”. I completely disagree
10. Never let your offer speak for itself. Always tell the story that comes with it
11. Label your concessions
12. Negotiate multiple interests simultaneously as a package
13. Next time, don’t make an offer. Consider making multiple offers.
14. Initial reactions matter. If their offer is unacceptable, waste no time in conveying this.
15. Understand and respect their constraints. Why might they be rejecting your legit demands?
16. Beware. What looks like irrationality is usually ignorance or interests you don’t understand.
17. Write their victory speech for him.
18. Ignore ultimatums
19. Only make ultimatums if (a) you will follow through & (b) you’ve exhausted better alternatives
20. Don’t let negotiations end with “no”. They should end with yes, or with an explanation
21. Follow up with phone calls & meetings with an email to (a) confirm, (b) reframe as needed
22. Tell the truth always
Amongst the few amazing video in public domain on this subject of Negotiation that actually acknowledges impact of cultural differences EVEN IF the language spoken by all parties is English during the Negotiation! This is so often completely ignored. I have been in situations where the 'expert negotiator from far' parachutes into a deal and scews it up completely - leaving the local teams having to clean up the mess. And only because the subtleties in language, tone, and cultural aspects of communication were lost in translation !
I have been in Sales for over 30 years and been negotiating deals nearly everyday - i found listening to these " tweaks" refreshing. Thank you Prof Malhotra!
Quality content, highly relatable and relevant to most situations I personally could think of. Looking forward to more of such content.
Deepak Malhotra is a brilliant negotiator, story teller, author and professor. Time well spent!
1. Hold a negotiation strategy meeting
2. Don’t reward people for coming up with the right strategy; reward people for good arguments.
3. Assess what happens to you if there’s no deal. Focus on what happens to them if no deal
a. Frame it as "what happens to them if there's no deal" because then it brings to focus the value you bring.
b. Focus on them, not yor BATNA.
4. Negotiate process before substance.
a. "How long does it take an organization like yours to do a deal like this?"
b. "Who needs to be signed on before this deal goes through?"
c. What are we going to be discussion tomorrow? Who will be in the room?
5. Normalize the process
a. Prime their expectations. Have them understand that the process can be long/hard whatever before you start. Say this is normal.
6. Think about all the questions you need to ask the other side. Then add 10 more.
7. Ask the right questions. Asking “Why?” Is 10x more important than asking “What?”
8. Prepare in advance for the toughest questions they might ask.
a. They will also be asking you questions.
b. If there's a weakness, it's better if it comes out of your mouth than their mouth. If it comes out of their mouth it becomes a bigger thing.
c. You lose credibility if you act like you know it all.
9. It has been said that “whoever makes the first offer loses”. I completely disagree.
a. Helps you control the frame, create the opening expectation
10. Never let your offer speak for itself. Always tell the story that comes with it.
a. We are asking for x because of (...). This is our thinking, these are out assumptions, etc.
11. Label your concessions.
a. You might come across as weak. Or a nice gesture. Or gift. Or naive. Or desperate.
b. What do you want them to think when you make a concession?
c. Manage their attributions. Put a good spin on it.
12. Negotiate multiple interests simultaneously as a package.
a. Don't negotiate one issue at a time. You're much more likely to find good trades when you talk about multiple things.
b. Otherwise you haggle over and over.
13. Next time, don’t make an offer. Consider making multiple offers.
a. Option A, or B, or C.
b. This works because you don't know where they have more flexibility.
c. "Not sure what works for you but these are what works for us."
d. "I know where we need to get. I'm flexible with how we get there."
14. Initial reactions matter. If their offer is unacceptable, waste no time in conveying this.
15. Understand and respect their constraints. Why might they be rejecting your legit demands?
a. Put yourself in their shoes.
b. Give them the benefit of the doubt.
c. It doesn't do you any favors to see people as irrational.
16. Beware. What looks like irrationality is usually ignorance or interests you don’t understand.
17. Write their victory speech for him.
a. Don't lose sight of that they have an audience.
b. They want to go back to their audience and declare victory.
c. In negotiations you can't walk away saying, "oh well that's their problem"
18. Ignore ultimatums
a. There will come a time where what once caused the ultimatum will be the best option available for them
b. You don't want them to remember making the ultimatum, or especially that you remember them making the ultimatum, because it's embarrassing to them.
c. Never force someone to choose between something that's smart, and something that makes them look good. Try to align those two things.
d. Ultimatums are almost never real. Sometimes people just feel like theyve been pushed into a corner and they're trying to regain some control.
i. Or they do it to see how you react.
19. Only make ultimatums if (a) you will follow through & (b) you’ve exhausted better alternatives.
a. Ultimatums leave a bad taste in people's mouths
20. Don’t let negotiations end with “no”. They should end with yes, or with an explanation.
a. Even if the deal doesn't happen, everyone should understand why it didn't happen.
21. Follow up with phone calls & meetings with an email to (a) confirm, (b) reframe as needed
a. Allows you to confirm that you're still on the same page
b. You can get more information. Follow up with questions.
22. Tell the truth always
a. This doesn't mean tell them everything, it means do not lie.
b. Negotiation isn't different from real life.
c. Just be ethical.
d. People lie when they're not prepared or when they're not patient.
e. GUARD YOUR CREDIBILITY WITH YOUR LIFE. There will be times when your credibility will be your only leverage.
So much value here!
I so loved the whole speech especially the final point💚💚💚
This is very good. Worth the watch regardless of which area of negotiation you study!
One of the best videos I have seen. Excellent content and speaker clarity.
As someone who has been doing negotiations professionally for a quarter of a century in some form or another. I just spent three hours listening to various videos on the topic just to see what people are saying and telling others. This guy had my head nodding in agreement the most. He gives solid insight on the topic. Motivates me to share what I know. The hard part is getting it down into a language that can be consumed by others easily.
love this talk!
Thoughtful, firm and clear, thank you!
Spot on!! Worth listening before putting together a deal
This is sooooooooo good!
I think this is excellent content, it helps a lot to refresh your negotiation ideas with clever points, many of which are made in this presentation
outstanding tweaks .. Thank you!
Information packed, application-based and very practical unlike many other videos that simply explains theories with no practical application.
Tell the Truth, ALWAYS! Thumb up for this.
Great Video! Thank you for the advice
Excellent!
This lecture is very educative and useful.
Informative ! thanks
Good stuff 👍🏼
Best in class
Awesome !
Thanks Prof . !!!
Amazing pointers, well bulleted and plausibly impactful.... Thanks!
I have been trading for about 6 months now and just about every trade backfires and slaps me in my face. Nearly impossible for me to catch more than a few points . I try to do top down analysis but it doesn't work for me . I say to myself, clearly I'm in the 90% that lose money, so I open a demo account, do my analysis, then take the opposite of what I would normally take and get the same result. I'm starting to feel hopeless, any advice for a struggling trader?
Your problem could be your stop loss is too close or you're watching your trades too much. Place it and walk away. Or you could just give up, trading isn't for everyone.
@@billcarter8783
@@clairemiller1447 You're correct, I don't lose money every single trade, but my main problem is trying to let my runners run. Very rarely do I catch big moves . Instead they go a few pips in my direction, then go against me if when I try holding them. Also my entries could use a lot of improvement. A mentor would be amazing, but getting one is easier said than done. If it's not too much to ask, do you know any legit ones?
@@elizabetharmstrong1355 To be honest, I’ve a lot greatly a lot on trading too but I found out that the only solution at my situation personally was to get a professional trader who managed and controlled my trades. You can get one too. For months now I’ve been trading with Sarah Alderson and I can boldly say I’ve made more than my loss in millions of dollars now. Well she’s really an amazing trader with a stunning commission of 20% which really is a cool deal
@@clairemiller1447
Tips start at 5:10
I love this video
Excellent I'll give it a 10 out of 10 should be in all public schools
Thank you 😁!
Powerful
Wowwww!
Great one
Sensacional
Speech 1000
I know where we need to get, I'm flexible on how we get there.
👍🏾
Is he the same Deepak malhotra guy who came in lamhe movie 90s?
Well with any kind of tip, u need to work upon yourself. Upgrading yourself will play most of the part by itself.
Jerry Seinfeld!
Compare the style of this half frantic "negotiator" with other negotiators, like FBI hostage negotiator Chris Voss, or Stanford University negotiating class with instuctor Joel Peterson, who has negotiated many real estate deals. Worlds apart.
Malhotra and his colleagues deal with a far greater diversity of situational business and diplomatic scenarios then the more one on one style of Voss.
Please remember he is valuing your time and trying to put in as much possible in the lecture this is not necessary he would always be speaking.. I know it as he has taught me and found him really effective across cultures
Particularly relevant now when Putin invaded Ukraine..
Really great presentation but sad that a university professor concludes that Trump is a danger to the US. Privileged people must show respect to less fortunate. There are probably 100 Indian academics that are willing to take Malhotra's job at 50% of his salary.
Because he is a danger as January 6th prove
point out one of these Indican guys to us, so we can listen to any of the speeches they gave.
@@boknows8263 You think Malhotra was a great speaker day 1?
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Stopped listening when he said its not about emotions
You clearly overestimate your knowledge. Too bad.
Chris Voss is 100x better than this guy.
A bunch of word salad. He talks like Obama and delivers nothing. Listen to Chriss Voss
well said, I agree with all the points above. Chris is a better teacher overall...Deepak brings a deeper dimension to "buy in" than what I've ever heard from Chris Voss. It's almost like a marketer's approach...
Chris Voss is the best!
Chris doesn't have the complex deal making background these guys do.
What?! I think you got it reverse...
Delivers nothing? He gave a presentation. I guess you missed the point
Sloppy dress discredits him.