How should you reply to the “What’s your rate” or “How much does this cost” question? Should you answer immediately? Or try to discover their expectations? When all it’s all said and done, should you just “split the difference?”
The answer to those questions and many similar ones are what Leigh Thompson, the author of The Truth About Negotiations, sets out to provide in this short, easy to read book.
In the introduction, Thompson states that she wants to do three things with the book. First, she strives to outline a game plan that will work in any negotiation. Whether your are negotiating a raise at work or attempting to overcome a difference with your neighbor, the basic premises of negotiations are the same.
Don’t underestimate how important opening offers are. Indeed negotiators’ first offers can generally predict the outcome of a negotiation….For these reasons your ideal offer should be close to the party’s barely-acceptable terms.
Second, she focuses on what she terms the “win-win goldmine”. It’s a simple concept that we’ve all known since kindergarten: it’s best when both parties walk away happy. Thompson provides techniques for asking questions that help you to get to the underlying interests of the other person so you can hopefully strike a deal you’ll both like.
Third she discusses how to handle less-than-ideal negotiation scenarios. Sometimes you must work with people you don’t trust, or who don’t trust you. That’s tough, but Thompson provides some key insight into ways to approach it.
While this isn’t a really deep dissertation on the subject, the 53 truths that Thompson shares provide a good overview to negotiations. I enjoyed reading the book and will hang on to it for future reference.