The #1 negotiation strategy from Harvard Business School

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How to become a better negotiator? How to get what you want? What are the most important principles for a successful negotiation? These are all questions I answer in this video.

▬ In this video ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
I reveal the most valuable lesson I learned from a Harvard Business School negotiation class, for which the professor personally interviewed figures like Hillary Clinton, Henry Kissinger, and even a Harvard student who managed to negotiate his way out of a KGB encounter. This single lesson has saved me over $50,000 and enabled me to raise capital at a $15M valuation with just a pitch deck and zero revenue. I’m sharing how this skill can be transformative, whether you're negotiating in business, real estate, or even in your personal life.

Here’s what we’ll cover:

The 3 Dimensions of Negotiation:
1. At-the-table Tactics: These are the skills you apply in the moment, like body language, persuasion, and addressing objections.
2. Deal Design (Value Creation): Instead of fighting for slices of the same pie, create more value by understanding the other party’s needs and expanding the pie for both sides.
3. The Setup: This is all the preparation you do before sitting down to negotiate. It’s about having the right people, issues, and options in place so that you start negotiations in the strongest position.

The 6 Steps of Deal Design for Successful Negotiations:
1. Identify Decision-Makers: Make sure you’re negotiating with the right people who have the power to make decisions.
2. Build Relationships Beforehand: Cultivate trust and rapport with the other party before formal negotiations.
3. Sequence Strategically: Approach parties in a strategic order, especially when multiple parties are involved.
4. Enhance Your BATNA (Best Alternative to a Negotiated Agreement): Develop strong alternatives to increase your leverage at the table.
5. Time Your Negotiation Well: Choose the right moment, such as after a significant achievement or during favorable circumstances.
6. Prepare for Cultural and Personal Differences: Adapt to the other party’s culture and personal style, especially in international or cross-cultural contexts.

With these dimensions and steps, you’ll be ready to approach any negotiation more strategically, stacking the odds in your favor. Whether you're buying a home, securing a client, or deciding on a vacation, this framework will give you the edge you need to make deals that benefit everyone involved.

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▬ Timestamps ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
0:00 - Negotiation class at Harvard Business School
0:30 - Why being a good negotiator matters
2:20 - The most important negotiation principle: value creation
10:33 - The third dimension of negotiations: the setup
11:06 - Negotiating with the KGB
13:26 - How to master the negotiation setup?
13:30 - 1. Identify the Decision-Makers
13:59 - 2. Build Relationships Beforehand
14:21 - 3. Sequence the Negotiations Strategically
14:48 - 4. Enhance Your BATNA (Best Alternative to a Negotiated Agreement):
15:11 - 5. Time Your Negotiation Appropriately
15:31 - 6. Prepare for Cultural and Personal Differences
15:58 - 3-D Negotiation: Book by James K. Sebenius
16:16 - Brilliant sponsorship

This video was sponsored by Brilliant.