<ul><li>Use anchoring and your understanding of the zone of possible agreement (ZOPA) to decide when to make a first offer during a negotiation.</li><li>Auction, when you have a large number of potential buyers, the asset for sale is well specified, or speed and process transparency are important.</li><li>Negotiate when bidders are well known, when the potential for value creation is high, when the working relationship is important, or when the seller has a low-risk tolerance.</li><li>Use setup moves, rearranging moves, and shut-down moves to change the game to your advantage.</li></ul>

Dealmaking: Key Takeaways

<ul><li>Negotiauctions is a dealmaking situation in which competitive pressure is coming from both across-the-table competition and same-side-of-the-table competition.</li><li>Negotiauctions are common in complex dealmaking situations.</li><li>The difference between a negotiation, auction, and negotiauction is the source of competitive pressure.</li><li>You need to think multiple steps ahead.</li></ul>Remember that individuals negotiate deals. It’s critical to understand the incentives of the individuals who are doing the negotiating.

Negotiauctions

<ul><li>Several (but not too many) potential buyers. Usually between three and ten.</li><li>Asymmetric information. The seller typically knows more about the structure of the situation than the buyers.</li><li>Ambiguity around traditional process setter and process taker roles. The process itself is up for grabs. Roles are highly malleable and control over the deal process can shift over time.</li><li>One or more rounds of bidding and other forms of direct competition among potential buyers in ways that resemble auctions.</li></ul>

Common Features of Negotiauctions

<ul><li>Anchoring works by influencing your perceptions of where the zone of possible agreement (ZOPA) lies.</li><li>Anchoring is a reason for making the first offer, because you can potentially influence the other party.</li><li>But it only works when the other side is uncertain about where the ZOPA is.</li></ul>

Anchoring

Anchoring too aggressively. If you make a first offer way outside of the ZOPA, you may have to make large concessions to reach a deal or walk away even though a zone of possible agreement exists.Anchoring too conservatively. You unknowingly give away a big chunk of the ZOPA on your first move.Use the midpoint rule to your advantage in the first offer itself. Think about where you want to end up and start with a counteroffer that gets you to that number as a midpoint.

Risks of Making the First Offer

<ul><li>Consider making the first offer when you have a pretty good sense of where the ZOPA is in order to anchor the negotiation in your favour.</li><li>If you don’t know the ZOPA, hang back and let the other side make the first offer, or make a soft anchor, e.g. “We’re thinking about something in the ballpark of $30.”</li><li>When you don’t know the ZOPA, but your opponent does, resist their attempt to anchor you.</li><li>Default to a first offer that is more aggressive than your instincts might lead you to make.</li></ul> Ask: What is the highest number that I can justify?

First Offer Guidelines

Differences in expectations about the future often create value in negotiations.Contingency contracts have three major benefits:<ul><li>They align incentives.</li><li>They allow the parties to diagnose the honesty of the other side.</li><li>They enable the parties to share the risk.</li></ul>

Value-Creating Moves

An auction is a mechanism in which the seller is a passive participant after the process has been set, and the primary source of competitive pressure arises from competition among buyers.Negotiation is a mechanism in which the primary source of competitive pressure arises in across-the-table dynamics between buyer and seller.

When to Auction, When to Negotiate

Consider the following:<ul><li>The number of bidders.</li><li>Certainty about who the bidders are.</li><li>Buyers’ incentives to participate.</li><li>Distribution of valuations.</li></ul>

Factors To Consider: Profile of Potential Bidders

<ul><li>All else equal, the more you are able to specify what you want, the more likely it is that an auction will be a better option than a negotiation.</li><li>Buying commodities is a good example of an appropriate thing to auction.</li><li>Even clearly defined services can be auctioned like commodities effectively. But you risk losing out on potential win-wins that might have come up during a negotiation.</li></ul>

Factors To Consider: Asset Characteristics and Specifications

<ul><li>Auctions boil everything down to price.</li><li>Negotiations open things up for value-creation.</li><li>If there is a possibility for win-win moves, it is better to negotiate with one or more potential counterparties than to hold an auction.</li></ul>

Potential for Value Creation

<ul><li>Negotiations are best when relationships, service, and/or deal execution are important aspects of what is being bought or sold.</li><li>Negotiations leave room for a more favourable resolution of potential problems down the road.</li><li>Auctions signal that the buyer is indifferent among suppliers, other than the price received.</li></ul>

Importance of Relationship

<ul><li>Auctions are a much faster process than negotiations.</li><li>If there is a specific window of opportunity to sell, or the asset is deteriorating as time passes, auctions are preferable.</li><li>Auctions are faster and riskier. They sometimes “bust,” in which nobody shows up; or, even worse, only one bidder shows up.</li><li>Negotiations are safer bets. They allow you to test the water as you make your way to a better outcome.</li></ul>

Factors To Consider: Seller Profile

<ul><li>Broad-based processes like auctions are difficult to keep secret.</li><li>Negotiations are much more private.</li><li>A frequent concern during M&A deals is to broaden the search process in the sale of a company for fear that the employees will find out, start looking for new jobs, and the value of the company drops.</li><li>Transparency: The appearance of a level playing field among bidders.</li><li>Auctions are a more transparent process than private negotiations.</li></ul>

Factors To Consider: Contextual Factors

Open outcry auction: Bidders know the high bid at all times, and have the option of beating it.Sealed bid auction: Bidders submit written bids and do not know what others bid, or (often) how many bidders there are before the winner is revealed.There are four factors to consider here:<ul><li>The number of potential bidders.</li><li>The degree to which bidders’ valuations are “affiliated”.</li><li>The degree of bidder risk aversion.</li><li>The need to deter collusion among bidders.</li></ul>

Open Outcry Vs Sealed Bid

<ul><li>The minimum number of initial bidders in an open-outcry auction is five or six</li><li>Less than five bidders and better to conduct a sealed auction where a lack of transparency means bidders may bid against themselves.</li><li>A sealed bid auction can create the perception of competition even when there isn’t.</li></ul>

Number of Potential Bidders

Winner’s curse: The feeling that you overpaid simply because you were the highest bidder.<ul><li>Reflect on all the costs and benefits of winning or losing the auction in calculating your reservation value.</li><li>Costs often include much more than price. Could be your reputation, or competitive advantage in the marketplace.</li><li>The only scenario that matters is the one where you win. Think to yourself, “Am I comfortable paying this price, even if it turns out that I over-paid?”</li></ul>

Playing The Game As Process Taker: The Winners Curse

<ul><li>The key is to bid high enough to win, but low enough that you preserve as much profit as possible from the deal.</li><li>Determine how your chances of winning increase with your bid.</li><li>Choose the bid that maximizes your expected profit = Probability x Profit</li></ul>

Bidding in Sealed Bid Situations

<ul><li>Continue bidding up to your full reservation value.</li><li>Whenever common value plays a role, bidders should rationally “update” their reservation value during the course of the bidding. E.g. the layman bidder taking cues from an expert with insider knowledge.</li></ul>Three factors fuel “competitive arousal:” intense rivalry among bidders, time pressure, and the presence of an audience.Avoid this by:<ul><li>Writing down your reservation value</li><li>Ask yourself, “What do I know now that I didn’t know at the beginning of the auction?” If you don’t know anything new, then you should drop out of the auction.</li></ul>

Bidding in Open-Outcry Situations

All about negotiauctiong: The crossover between negotiation and auctioning.

"Previous edition published under the title Negotiauctions: new dealmaking strategies for a competitive marketplace"--Title page verso.

personaldevelopment

Personal Development

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Marketing & Sales

books

Books

“Packed with transformative insights, Dealmaking will help a new generation of business leaders get to yes.”—William Ury, coauthor of Getting to Yes Informed by meticulous research, field experience, and classroom-tested strategies, Dealmaking offers essential insights for anyone involved in buying or selling everything from cars to corporations. Leading business scholar Guhan Subramanian provides a lively tour of both negotiation and auction theory, then takes an in-depth look at his own hybrid theory, outlining three specific strategies readers can use in complex dealmaking situations. Along the way, he examines case studies as diverse as buying a house, haggling over the rights to a TV show, and participating in the auction of a multimillion-dollar company. Based on broad research and detailed case studies, Dealmaking brings together negotiation and auction strategies for the first time, providing the jargon-free, empirically sound advice professionals need to close the deal. Originally published in hardcover under the title Negotiauctions.

Guhan Subramanian

Dealmaking

We’re in the best period in history to be a freelancer or solopreneur. There’ve never been more opportunities and there’s never been lesser of a barrier to entry.Portfolios of work, pitches, and resumes might still have some relevance — but they’re no longer nonnegotiable pre-requisites to attracting clients.

The Freelance World Has Changed

The best way to attract clients in 2022 is to build your own brand online.When people see your build an engaged following, when they see you write so well for yourself, they want you to do the same for them.This is just how the human brain works today. We’re conditioned by conglomerates to compare and contrast our lives with what we see online. We’re hard-wired for comparison, we see something appealing online, and we want it too.Leverage this inherent human tendency to attract clients without even trying.

Building Your Online Brand

The reason proof of work is overrated in the online world today is that your online presence — if you’re good enough, is the proof of “work”.You see, as creators — we build our following online for fun because we genuinely like the process. We sometimes forget how much “work” that process actually is. Only when we get offers to be paid for it do we actually realise how much “work” we’ve put in.Clients trust you when they see that you’ve already written a whole library of great content for free.

Proof Of Your Work Is There For All To See

<ol><li>Try out different things until you find something you love doing.</li><li> Once you find what you love doing, prioritize it.</li><li>Go a few months at the very least without getting any money or attention in return.</li><li>That’s why you have to really love what you’re doing — in order to keep going without any validation and reward in the beginning.</li><li>Practice in public and get good at it.</li><li>Focus on getting better and don’t think too much about the returns. </li><li>If you’ve stuck to it for long enough and gotten good, opportunities will finally start coming to you without you having to go looking for them.</li></ol>

A Blueprint To Follow

Pitching, scouring freelance platforms for gigs, and trying hard might work — but they’re extremely boring and demotivating. Rejections hurt.Building your personal brand online takes boredom and rejections out of the equation.You won’t get bored because you’ll be doing what you love. You won’t get rejected because they’ll be coming to you.

Branding Yourself

<ul><li>Everyone likes talking about themselves, that’s all you really have to do when it comes to building a brand online.</li><li>‘Building a content brand’ is just a fancy way of saying — speak about yourself in a way that will help your audience.</li><li>If you do this with patience and persistence, you’ll get all the rewards you can possibly imagine.</li></ul>

The Bottom Line

We’re in the best period in history to be a freelancer or solopreneur. There’ve never been more opportunities and there’s never been lesser of a barrier to entry. Portfolios of work, pitches, and…

Discover the world of business and economics.

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Economics

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Career

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Business

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Startups

F*ck Pitches. Do This and Clients Will Come To You Instead.

Usability is “the extent to which a product helps users achieve goals in a specific use case with effectiveness, efficiency and satisfaction.”

What is Usability? 

A good user experience = More satisfied users + less errors/mistakes + more revenue for the businessAs designers, we want the products we build to be satisfying and easy to use, but how can we know that’s the case? We start by measuring the user experience with evidence rather than opinions and evaluate the outcome with UX metrics.What do we do with the data obtained? We refine products iteratively and impact users for good.

Why measure usability of a product? 

UX metrics are a set of quantitative data points used to measure, compare and track the user experience of a website/app over time. UX metrics measure success towards higher business goals called KPIs (Key Performance Indicators) such as revenue growth, retention, increased user numbers.

What are UX metrics? 

Before collecting data, it’s a good idea to outline a basic measurement strategy.<ul><li>Decide which metrics to measure.</li><li>Establish clear timeframes in order to understand the trends that emerge. The metrics gathered in a single day may tell a much different story than those gathered over the course of a week.</li><li>Use both qualitative and quantitative metrics</li></ul>

But First..... 

There are 2 types of UX metrics:<ol><li>Behavioral metrics - that study how people interact with the product </li><li>Attitudinal metrics - explore how people feel and say about the product before, during or after using it</li></ol>

Types of UX Metrics

<ol><li class="ql-align-justify">Task Success Rate - what percentage of users complete each step in a user flow.</li><li class="ql-align-justify">Time on Task - how long a user spends completing a specific task (on first attempt and on repeat attempts)</li><li class="ql-align-justify">Conversion Rate - % of users who took a certain action ( e.g. subscribed or bought something)</li><li class="ql-align-justify">Retention Rate - what percentage of users continue using your product long-term.</li><li class="ql-align-justify">Search vs Navigation Pattern - This ratio can provide information about the pages/features most frequently used.</li><li class="ql-align-justify">User Error Rate - how often users make a mistake during a specific task. </li><li class="ql-align-justify">Abandonment Rate - % of users abandoning a task</li></ol>

Behavioral Metrics

<ol><li>Net Promoter Score (NPS) - On a scale of 0-10how willing they are to promote you to their network</li><li>System Usability Scale (SUS)- one of the most popular questionnaires used to assess the usability of a product. It consists of 10 statements that users need to rate on a five-point scale from strongly agree to strongly disagree.</li><li>Customer Satisfaction Score (CSAT) - measures users’ satisfaction with your website or webapp. After they attempt a task, regardless of whether they manage to achieve its goal or not, have them answer one or a few questions about how difficult the task was.</li></ol>

Attitudinal Metrics

https://sematext.com/blog/ux-metrics/

More on How to Calculate these Metrics... 

As designers, we want the products we build to be satisfying and easy to use, but how can we be sure that we’re actually solving the problems users face? It all starts by measuring the user experience with evidence rather than opinions.

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Problem Solving

communication

Communication

Important UX Metrics to Measure User Experience 

We all know, that social media is not the reality. Yet we compare our lives with the highlight reels which we see on social media.Nobody is as successful as Instagram makes them look and nobody is as pretty as filters make them seem. Comparison is the thief of joy.Whatever we see on social media is an illusion. We get envious of things, relationships and lifestyles which don't even existWe often use social media to escape from the reality. Eventually, anxiety, depression and insecurity sprouts.

Social Media

Social media has turned the art of living into an art of performing

1. Insecurity2. Insomnia3. Obesity4. Anxiety on not receiving updates and many more..

Effects of overuse of Social Media

1. Enjoy your off-screen life. Don't just click pictures just to post on social media. Instead live in the moment.We're living in an era where capturing moments using our phones is more important than living those moments with whoever is beside us.2. Keep the phone away at bedtime.3. Keep the phone away when you are with your family.4. Make sure you are happy in real life, not just on social media.

How to get out of the trap?

Don't use social media to impress people; use it to impact people

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Society, Arts & Culture

Social media - an overview

Opportunity cost is notoriously difficult to nail down.You don't see what you're missing until you've set up systems to tap it.Some great ways to monetize beyond your bread and butter role:<ul><li>Consulting</li><li> Workshops</li><li>Platform incentives</li><li>Digital products</li><li>Advertisements</li><li>Affiliate marketing</li></ul>

The Six Alternate Streams Of Income For Creators

<ul><li>Look for business ideas that don't require your presence to create the product.</li><li>Find the “embedded flywheels” in your audience to scale yourself, through collaborations, affiliate marketing agreements, referrals, and brand ambassador programs.</li></ul>

Create a Scalable Business Model

When creators run out of days in the week, they have two options: increase audience size or stop trading money for time.The solution is to expand by pivoting into scalable products and services such as Affiliate programs, Focusing on platforms with additional incentives, or Joining advertising programs that pay you for the traffic and clicks you generate.

Leverage Your Time

<ul><li>When you add scaling and monetization to your business, be honest about what you’re doing and why you are doing it.</li><li>Some platforms: sponsored posts, giveaways, ads, affiliate relationships, etc.</li></ul>

Remaining Authentic and Transparent as You Scale

<ul><li>You can still have a personal presence as long as you leverage specific events in the digital world.</li><li>Live events, Workshops, Online courses that feature you talking, as though one-on-one.</li><li>You don’t have to sacrifice your friendly persona.</li></ul>

Shift Your Resources Toward Digital Product Sales

Seek out communities and create new content for them.Twitter's Ticketed Spaces are another potential source of revenue for creators with high-leverage social media accounts who aren't sure how to monetize the small communities they've built (e.g., Facebook’s managed groups).

Leverage Communities

<ul><li>Have a large audience with obvious merchandise tie-ins.</li><li>Quality control over your products</li><li>On-message, brand-specific targeting</li><li>Building a company with an exclusive customer base already in mind</li><li>You don't have to launch your own brand at first.</li></ul>

Leverage ownership: creating your own line of merchandise

<ul><li>Leverage the existing structures of brands by negotiating exclusive tie-ins.</li><li>Find the best partners for your audience</li><li>Find the win-win scenarios for your own target market and reach out to the brands offering a complementary fit.</li></ul>

Partnership: leveraging an existing brand's infrastructure

<ul><li>Some companies will be more than happy to trade equity for a creator who believes in their brand.</li><li>By vesting an influencer into a new product line, they capture the influencer's interest in making the product line a success.</li><li>Taking on equity deals also helps creators leverage their time, scaling their business.</li></ul>

Seek Power Beyond Pay-By-The-Post

<ul><li>You don’t have to ask for ownership to take long-term ownership of your client's success</li><li>Equity deals and partnerships are win-win situations</li><li>They reward creators while giving companies long-term engagement with a new audience</li></ul>

Align with The Brands You Help

Go real-world: expand into real estate.You don’t have to stick to digital real estate. Use your popularity with an audience to lend some buzz to an entirely new venture.

The Real World

Smaller influencers-more "niche" celebrities than the silver screen stars of the past-are gaining new traction by niching down and finding more targeted sponsors.The problem is, everyone else knows it's a huge market too. The strategy is to "niche" down and find sponsors in your unique space.

Find Your Sponsorship Niche

<ul><li>Every niche has a natural sponsor.</li><li>You have a vital message you need to send to the world as a content creator.</li><li>What you can do is scale your influence with software and apps.</li><li>Scale your offerings so you can reach more people.</li><li>Give yourself more security in case your usual wells run dry.</li></ul>

Niches Matter: Expand Into Software and Applications

Creators are making money in ways far beyond the realm of mere content creation these days. In this post, we’ll look at alternative revenue streams creators are exploring to expand their earnings and build more sustainable careers long-term.

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Reading & Writing

Six ways creators are monetizing beyond content creation - ConvertKit

Most successful consumer social products walk through a boneyard of failures before achieving victory. Before TikTok came Vine, before Tinder came Match.com, and before Instagram and Snap came Flickr. Each of these groups shared the similar high-level ideas of social video, dating, or social photos. But the boneyard often hid big ideas in plain sight. "There are very few genuinely new ideas," as Marc Andreessen "Invention happens over long periods of time, by lots of very smart people playing each others’ ideas against each other."

The Boneyard Principle

Why do some consumer social products finally make it big after a series of misses? It's the UX details — particularly, those that help people make fewer decisions and take fewer risks. The more opinionated an app is about how it should be used, the easier it is for users to act without fear of rejection. Products benefit from giving people the plausible deniability to say: “I’m not seeking attention, I’m just doing what this app tells me to do!”

UX Goal: Fewer decisions, fewer risks

Vine invented the short form video content but their UX was not as good. Setup: With Vine you had to go through 10 steps before u could begin. But as soon as you opened TikTok you saw entertaining videos—time to satisfaction was instant. You didn’t have to worry about making an account...Navigation: Vine had Home & Explore. In Explore you had “Editor’s Picks,” “Popular Now,” or “All Posts.” You could search or tap tags. As a new user, you wouldn’t know what each term meant. Decisions. Stress. In TikTok u didn't had to decide which tab to view—you just swipe to the next video.

TikTok vs Vine

What is the UX secret behind consumer products? Opinionated constraints. Do you think Deepstash could be more radical in its UX?

How subtle UX improvements can make a half-a-trillion dollar difference 

product

Product & Design

The Boneyard Principle: Why the Next Big Thing will Emerge from a Failed Idea

" The expression one wears on one's face is far more important than the clothes one wear on one's back "Action speaks louder than words..that's why dog make such a hit. They are so glad to see us that they almost jump out of thier skins.Just SMILE ☺ TO OTHERS which says ," I like you. You make me happy. Iam glad to see you . "

1. A Simple Way To Make A Good First Impression 

You don't feel like smiling ? Then what ?Force yourself to smile. If you are alone, force yourself to whistle or hum a tune or song. " It isn't what you have or who you are or where you are or what you are doing that makes you happy or unhappy. It what you think about it..."

Action seems to follow feeling, but really action and feeling go together; and by regulating the action, which is under more direct control of the will, we can indirectly regulate the feeling, which is not

Did you ever stop to think that a dog is the only animal that doesn't have to work for a living? A hen has to lay eggs, a cow has to give milk, and a canary has to sing.But a dog makes his living by giving you nothing but love.

2. Do This YOU'LL Be Welcome Anywhere 

If we want to make friends, lets put ourselves out to do things for other people - things that require time, energy, unselfishness and thoughtfulness ." BECOME GENUINELY INTREESTED IN OTHER PEOPLE " When you are genuinely intrested in other. It make others to fall for you rather than trying to impress with your idea.

Remember that the people you are talking to are a 100 times more intrested in themselves & thier want & problem than they are in you and your problems." A boil on one's neck intrests one more than forty earthquakes in Africa " Encourage them to talk about themselves and thier accomplishment.So if you aspire to be good conversationalist, be anATTENTIVE LISTENER ...

3. Easy Way To Become A Good Conversationalist 

All leaders know, that the royal road to person's heart is to talk about the things he or she treasures most ." Try to talk in terms of other person's interests "By talking this way it pays off for both parties...Read or gather information on subject in which he/she particularly intrested so .

4. How To Interest People

There is one all-important law of human conduct. If we obey that law, we shall almost never get into trouble. In fact, that law, if obeyed, will bring us countless friends and constant happiness. But the very instant we break the law, we shall get into endless trouble.The Law is this : Always make the other person feel important.

5. How to Make People Like You Instantly 

The unvarnished truth is that almost all the people you meet feel themselves superior to you in some way, and a sure way to their hearts is to let them realize in some subtle way that you recognize their importance, and recognize it sincerely" Talk to people about themselves and they will listen for hour "

We should be aware of the magic contained in a name and realize that this single item is wholly and completely owned by the person with whom we are dealing and nobody else.Napoleon the 3rd , Emperor of France & nephew of great Napoleon, boasted that inspite of all his royal duties he could remember the name of every person he met.

6. Magic Contained In Name

<ol><li class="ql-align-justify">Become genuinely interested in other people.</li><li class="ql-align-justify">Smile.</li><li class="ql-align-justify">Be a good listener. Encourage other to talk about themselves.</li><li class="ql-align-justify">Talk in terms of other person's interests.</li><li class="ql-align-justify">Make other person feel important - do it sincerely.</li><li class="ql-align-justify">Remember that a person's name is to that person the sweetest and most important sound in any language .</li></ol>

Six Principles 

Just give a try and leave a comment, it actually worked for me...

Understand yourself and those around you.

psychology

Psychology

6 ways to make people like you

"A Statement of Work outlines the scope of work to be performed and identifies the objectives, tasks, and schedule related to that work"SOW's are very detailed and binding contracts that specify all the details related to a project, including reporting hierarchies, timelines, budgets, resources and other terms and conditions related to that project or work.It is a clearly written project management plan detailing the minutest aspects of the project to bring all the stakeholders on the same page.

What is Statement of Work(SOW) ?

At times we thought that SCOPE of a project also includes details regarding that project , so whats the difference, but it is not true because:Scope of Work deals with a brief overview of the project, the list of tasks, a detailed description of services, members, or teams responsible for tasks and services, due dates, expected outcomes, and so on.Whereas, the Statement of Work encompasses the Scope of Work, plus other aspects of project management like budget allocation, financing, resources, equipment provisioning, training, payment processing, performance management, and so on.

Scope V/S SOW

A comprehensive SOW agreement defines each and every aspect of the project in clear terms to all parties involved.A formal SOW document is especially helpful when working with external resources or outsourcing projects to vendors or third parties. It serves as a legally binding contract that comes into play in case of disputes arising due to failure or breach of any terms of the project.It’s also helpful to project manager, as it provides a structure on which the project plan can be built on. The statement of work will also help to avoid conflicts in the project.

SOW in Project Management

As noted, the Statement Of Work is a detailed overview of the project scope. It’s also a way to share the project requirements, acceptance criteria, payment terms, allocated resources, finances and other requisites with those who are working on the project, whether they are collaborating or are contracted to work on the project.With detail and clarity, the SOW helps keep everyone that’s involved in the project on the same page and works to leave confusion to a minimum.

SOW is a detailed statement which includes plan, budget, finance, allocated resources and every other minute details regarding any project or work. And to execute and project or work effectively we have to take care or each and every detail related to that project .. So this makes the SOW important ... Here's a guide that gives you an idea about what is SOW and related things ..

A Statement of Work outlines the scope of work to be performed and identifies the objectives, tasks, and schedule. Here's what you need to know.

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Productivity

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Computer Science

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Leadership & Management

What Is an SOW (Statement of Work)?

Many negotiators worry about their BATNA - what they’re left with if a negotiation doesn’t work out. BATNA is your default state. It is crucial to determine your leverage in life's most important negotiations, such as a job offer, sale or purchase of a house, or daily business dealings. If you feel confident about your BATNA, you’re more likely to “stick to your guns” and not negotiate as hard.

BATNA (Best Alternative to a Negotiated Agreement)

You always have a BATNA but must differentiate between not having a BATNA and not liking your BATNA. For example, you may not wish to stay at your current job (your BATNA), but it may be best to keep looking for new opportunities until you find a better job offer.

Don’t panic if you think you don’t have a BATNA

Your BATNA needs to be nurtured.  If you seek a job, ensure you're networking and going to recruiting events. If you're looking for a supplier, talk to a good number that fits your broad criteria.

Be proactive about your BATNA

If the other party ask you about your BATNA, don't lie. Don't claim you have offers you don't have. Instead, signal that you have a BATNA without revealing exact details. Keep the focus on the current discussion and relationship. For example, “I have other interesting options, but I prefer to talk about what it would take to work things out with you.”

Don’t lie when asked about your BATNA in a negotiation

If you have multiple offers, don't play them off against one another. It is often shortsighted and can result in a worse outcome. An exception may be where the price is the main term, such as a home sale.

Don’t start a bidding war

Telling your first choice they're Number One can promote goodwill and move the negotiation forward. If you tell them they’re your top choice, and they agree to your terms, accept the offer on the spot. If they don't agree, let them know that you will think about it and weigh your BATNA, including other offers.

Share your top choice and target terms

If a party makes an offer, thank them for it. If you have multiple offers, remind yourself how fortunate you are, and consider releasing some of them, so you don't waste other people's time.

Be gracious

Your best alternative to a negotiated agreement determines your leverage in life’s most important negotiations, such as a job offer or the sale or purchase of a house. It applies to everyday business dealings, too.

Be a better negotiator by having a “BATNA”

Find 100+ Facts about Marketing & Sales - Curated from inspiring sources like Books, Podcasts & Articles - Genuine Insights from like-minded Users like You!

Dealmaking

F*ck Pitches. Do This and Clients Will Come To You Instead.

Important UX Metrics to Measure User Experience

Social media - an overview

Six ways creators are monetizing beyond content creation - ConvertKit

The Boneyard Principle: Why the Next Big Thing will Emerge from a Failed Idea

6 ways to make people like you

What Is an SOW (Statement of Work)?

Be a better negotiator by having a “BATNA”

How to avert a branding identity crisis

It's time to
Read like a Pro.

Dealmaking

F*ck Pitches. Do This and Clients Will Come To You Instead.

Important UX Metrics to Measure User Experience

Social media - an overview

Six ways creators are monetizing beyond content creation - ConvertKit

The Boneyard Principle: Why the Next Big Thing will Emerge from a Failed Idea

6 ways to make people like you

What Is an SOW (Statement of Work)?

Be a better negotiator by having a “BATNA”

How to avert a branding identity crisis

It's time to Read like a Pro.

It's time to
Read like a Pro.