The James Altucher Show 518 - “You Don’t Get What You Deserve. You Get What You Negotiate.": Steve Cohen and James Share 10+ of The Best Negotiation Strategies to Increase Your Salary, Buy & Sell Businesses & Get More Vacation Time
Dec 26, 2019
Steve Cohen, an experienced negotiator and entrepreneur, shares invaluable tactics for navigating negotiations. He discusses the importance of collaboration for successful outcomes and the mindset needed to walk away confidently. Listeners learn about anchoring techniques and the strategy of tailoring negotiations to the counterpart's needs. Cohen emphasizes the power of research and the need for internal champions in deals. The duo also explores practical micro-techniques like mirroring and labeling to build trust and enhance negotiation outcomes.
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Always Be Willing To Walk Away
- Be ready and sincerely believe you can walk away from any deal to gain negotiating power.
- If you feel you cannot walk away, imagine realistic alternatives and adopt that mindset before negotiating.
Use Anchoring To Set The Range
- Throw the first number as an anchor when you can to bias the counterpart toward your range.
- Anchors push the other side to focus on positives and shift the negotiated midpoint higher.
Ask For Advice To Elicit Their Offer
- Ask for the other person's advice to get them to propose a fair number and feel invested in helping you.
- Frame the request to flatter their expertise and reveal HR or budget constraints.
