TSMP #35 – How To Negotiate Successfully

Matt and Jay discuss how to negotiate successfully, the age old question “where do we go for dinner,” the real reason Amazon is successful, when you should NOT compromise, the power of silence, using the 7-38-55 Rule and so much more!

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Episode 35 Notes

WASM Article: How To Negotiate Successfully

For more great info, read Never Split the Difference by Chris Voss

5:00 – What is Negotiation?

8:00 – We’re negotiating all the time – ie. The eternal question: “Where do we go for dinner?”

10:30 – Where to find non-fixed prices – Used items, Craigslist

13:00 – Service work is haggle-able

15:00 – Never let people treat you badly

17:30 – You can always walk away from ANY situation

19:30 – Matt’s work negotiations

22:00 – Valuable non-monetary compensations

27:00 – 9 Tips for Successful Negotiating / Tip #1: Do Your Research

29:00 – Are you using the internet for research? DO IT!

33:00 – The greatness of Amazon = Reviews

34:30 – Tip #2: Cultivate An Abundance Mentality / Diversify! Have multiple families in different states

37:30 – Buy this product NOW or it will disappear in the next 5 seconds

40:00 – Tip #3: Avoid the “Middle Ground Fallacy”

42:00 – Compromise is often the answer but not always – NEVER compromise your dream

45:00 – Tip #4: Practice Active Listening (Mindtools.com)

48:00 – Tip #5: Use “Mirroring” / Consciously mirror other people’s words back to them

50:00 – Use 4 Seconds of Silence + I’m Sorry / Say “I’m sorry…your best offer is $14,995?” and then stay quiet, don’t respond

53:00 – The power of silence

54:30 – Tip #6: Label Their Emotions / “It sounds like you’re… angry (scared, upset, etc)”

56:00 – Tip #7: The 7-38-55 Rule

59:00 – Negotiate IN PERSON, not any other way

59:30 – Tip #8: Identify Game Changers & “Black Swans”

1:03:00 – Tip #9: Don’t Accept a Bad Deal / ALWAYS be willing to walk away

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