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Latz's Lessons of Negotiation

 By Marty Latz*

My son will sometimes ask me why I repeat myself to him. “You already told me to listen more,” he will say. “I heard you the last time.”

My response is twofold. One, if you heard and learned this lesson the first time, why are you not actually doing it? And two, repetition is not necessarily a bad thing. Marketing experts tell us that you need multiple touches with prospective customers before they will take action.

In that light, since I assume you do not regularly save and re-read my columns, here’s a list of my Latz’s Lessons from the last year or so. I expect to repeat this – with updated Latz’s Lessons - annually. 

     > Information is power – and Pres. Trump did not have or get it in his Repeal-or-Replace Obamacare Negotiations.
     > Research and rate your counterparts’ personality style. A good or bad style fit can make or break your deal. 
     > Super successful negotiators work hard, find partners satisfying mutual interests, behave ethically, and dream big. Ray Kroc in The Founder exhibited 3 of these 4 traits.   
    > Whether to negotiate with the devil presents a devilish dilemma. Solve this by strategic preparation, relying on outside advice, presuming to negotiate, and incorporating morality and agency issues into the equation.
     > I’ve made you an offer here you can easily refuse. Don’t. As Clint Eastwood/Dirty Harry would say – “make my day.”
     > Lifelong learners and users of the experts’ proven negotiation strategies achieve the best deals.
     > Sending inconsistent signals and acting a little bit crazy and unpredictable in negotiations will lead to predictable results – and they’re not good.
     > Effectively managing negotiation teams takes time. Time to plan. Time to write strategic negotiation plans, including incentives to succeed. And time to practice.
    > Take advantage of the experts’ proven negotiation research by asking more questions, listening more deeply, and evaluating and using different strategies in different situations.
     > These expert panel members’ strategies sound simple. They are. The tough part is systematically putting them into practice.    
    > Reverse auctions can be brutal for those selling anything - and that’s almost all of us. So check your ego at the door and transform them into partnership opportunities based on satisfying true interests.
     > Effective differentiation from your competitors plus a solid pipeline will put you in the drivers’ seat in reverse auctions.
     > Trust, credibility and an honest reputation lead to better and more successful negotiations and deals. Don’t put them at risk.

Latz’s Lesson:  Repetition isn’t always a bad thing. In fact, repetition can lead to better learning. And better learning can lead to positive behavior change.

*Marty Latz is the founder of LATZ Negotiation and author of the forthcoming book The Real Trump Deal: An Eye-Opening Look at How He Really Negotiates

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