Sources of Negotiation Information

Gathering information before you go to the negotiating table is one of the most critical factors for success in negotiation. Many expert negotiators stress that effective information gathering is absolutely essential to being prepared and that the “lead time” between knowing that a negotiation will take place and actually beginning the negotiation should be filled with information collection activities. Negotiators who wait until the last minute risk undercutting themselves because they haven’t done enough “homework.”

Some of the most important information should be gathered on the substantive issues under negotiation. For instance, if you are planning to buy a new car, you should find information about the makes and models that interest you: list prices and selling prices, ratings of the automobiles’ quality, how well they have been selling, etc. Sources for this kind of information include:

· Websites that evaluate brands and models of new cars, and provide up-to-date information on manufacturer pricing and dealer incentives.

· Magazines that test and rate automobiles (found in most book stores and libraries).

· Online forums that evaluate the reputation of car dealerships.

· Friends who may have owned this make and model of car.

A second critical topic for information search is to find out as much as you can about the people with whom you’ll be interacting and the company or organization that they represent. Knowing the other party – even if you have never met him or her before – can help you shape your strategy. Master negotiator Herb Cohen suggests the following questions that would help you negotiate with such individuals:

· Why are they negotiating with me?

· What are their time constraints and deadlines?

· By whom and how will their decisions be made?

· How do they react to conflict?

· What is their negotiating style?

· What are the limits to their authority?

· Who do they report to?

· Does he or she have a budget or quota?

· How are they compensated?

· What is their negotiating experience and background?

· Do they have a realistic alternative to making this deal?

· What incentives do they have to make this deal?

· What are their underlying interests and concerns?

· What is their track record for honesty and integrity?

· What are their expectations with respect to the outcome?

Author John Patrick Dolan recommends that once face-to-face interaction is under way, you should listen more than you talk. Asking open-ended questions – which usually begin with what, why, where, when, or how – can encourage the other party to volunteer potentially valuable information. The more you know about the other party’s agenda, the better you will be able to use that information to enhance your ability to achieve your desired outcome.

Sources: Adapted from Herb Cohen, Negotiate This! (New York: Warner Books, 2003); and John Patrick Dolan, Negotiate Like the Pros (New York: Putnam, 1992).