The Power of Research in Pre
Negotiation is a complex process and requires a lot of preparation before getting into the actual negotiation room. While some negotiators may feel confident with their experience and skills alone, research has become an essential tool for successful negotiation. Pre-negotiation research refers to the investigation and analysis of the negotiation topic, the negotiation counterpart, the circumstances surrounding the negotiation, and the potential outcomes before entering into the negotiating room. Here, we will discuss the power of research in pre-negotiation and why it is crucial to the success of a negotiation.
Research helps you know your negotiation counterpart
One of the most critical elements of pre-negotiation research is knowing who you are negotiating with. Gathering as much information as you can about the other party can give you an edge in the negotiation. Researching your counterpart's professional background, experience, negotiation style, and personality can help you choose the right approach to negotiation.
For example, if you are negotiating with a person who is known to be aggressive, and wants to get everything they ask for, you can prepare by anticipating their demands, and possibly finding ways to show them how their requests do not fully address your needs. Knowing your counterpart's negotiating style allows you to predict their behavior, which improves your preparation and gives you an advantage.
Research helps you know the negotiation topic
Before getting into the negotiation room, it's essential to have a clear understanding of the negotiation topic. Conducting research on the subject matter can help you identify gaps in your knowledge, anticipate potential sticking points, and refine your strategy. A thorough, well-planned research of the negotiation topic allows you to avoid any surprises during the negotiation process, and this translates into a more productive and ultimately successful discussion.
Furthermore, with today's technological advancements, it is easier than ever to conduct research on the negotiation topic beforehand. Online databases, websites, professional databases and subscription services, blogs, news portals, and social media platforms provide information on relevant topics, industries, and experts, all of which can help improve your understanding and your negotiation techniques.
Research helps you know the negotiation context
Apart from researching information about the negotiation counterpart and the topic, it's also crucial to understand the circumstances surrounding the negotiation. This involves researching the context in which the negotiation takes place, including the current market trends, political climate, economic factors, and regulatory environment.
Researching the negotiation context allows you to anticipate the potential impact of external factors on the negotiation and plan accordingly. For example, if you are negotiating a business partnership in a highly competitive and volatile market, it will be necessary to customize your negotiation strategy and understand your bargaining power in the market.
Research helps you set your negotiation goals
Another essential aspect of pre-negotiation research is setting your negotiation goals. Research can help identify your ideal outcome, but realistically evaluating your proposal and the potential concessions you can make is also important. Setting realistic goals can lead to a more successful outcome rather than going into a negotiation with overly optimistic goals that are unlikely to be achieved.
Research helps you create a negotiation plan
Finally, after conducting all the necessary research, you can use it to create a comprehensive and effective negotiation plan. A solid negotiation plan outlines your goals, strategy, tactics, and preparation for potential objections. A good negotiation plan also identifies areas where concessions may be made and offers alternative solutions.
Creating a negotiation plan based on research leads to more effective communication, better understanding, and opportunities for mutual gains. It also helps avoid overly optimistic goals and unrealistic expectations, and it provides a clear path to negotiation success. A negotiation plan also provides a, critically appreciated, structured approach to remain flexible within a negotiation room.
Conclusion
Research can make a significant difference in the success of your negotiation outcomes. It provides valuable insights into your negotiation counterpart(s), the negotiation topic, the negotiation context, and the negotiation philosophy, and helps you quickly identify opportunities to maximize your bargaining position. To achieve the best results in your negotiation, it's imperative to invest a substantial amount of time and effort in pre-negotiation research, leading to better preparation, increased negotiation confidence, and a higher likelihood of achieving a desirable outcome.