How do you create more value and opportunities in a negotiation using your stakeholder network?

The most dangerous negotiation is the one you didn't know you were in. For this reason, identifying your stakeholders, as well as their needs and wants, is key to unlocking hidden negotiation value and mitigating the risk inherent to hidden negotiations.

The most important reason for identifying and understanding stakeholders is that it allows you to recruit them as part of the effort. In most cases, a participatory effort that involves representation of as many stakeholders as possible has a important advantages:

In the oil and gas sector, my role as a lawyer evolved beyond legal expertise. I learned that my stakeholder network was an invaluable tool in negotiations. Facing a pivotal negotiation with a major energy corporation, I turned to my network for insights. Influential industry experts and regulators provided a deeper understanding of the opposing party's motives. With this knowledge, I tailored my approach and presented endorsements from my network during negotiations. My network didn't stop at negotiations, regular communication and information sharing solidified relationships. This approach wasn't just about winning legal battles; it transformed industry dynamics.

Identifying your stakeholders and their respective level of influence is key. Aligning your needs with theirs may help remove unwanted obstacles. This requires deep research but also a creative and open outlook on your part. Be crystal clear in your ask of them and equally clear in the value you’ll bring to them. Everyone becomes more helpful once they know what’s in it for them and how to proceed.

Engaging with stakeholders allows you to understand their interests, priorities, and concerns, enabling you to craft mutually beneficial solutions that address multiple parties' needs. Moreover, your stakeholder network can introduce new opportunities, such as partnerships, collaborations, or alternative resources, which can enhance the overall value of the negotiation. By actively involving your stakeholders and leveraging their network, you can expand the pie of possibilities,

Beware of the need to be liked when building rapport. Authority builds rapport with more negotiation efficiency than sympathy.

I couldn´t agree more with all of these factors! In my experience with different markets, I can also rely on empathy & sympathy are keys to a successful negotiation. After all, we are human and we´ve survived so far by knowing how to connect and live in society. The challenge here is to keep the focus on the goal of the negotiation so that it doesn't get lost in the middle.

Certainly, while rapport embodies an appealing notion and resonates with our inherent yearning for accord and collaboration, I must express that it seems somewhat utopian in nature. In contemporary societies and networks, the prevalent mode of operation leans heavily towards the online realm, resulting in communication largely manifesting as announcements rather than genuine dialogues. This shift has led to a noticeable emphasis on cultivating a brand identity and establishing authority, outweighing the traditional focus on rapport and trust-building.

In my experience, building rapport and trust are key to open communication and information flow which make the projects succeed. It is true that emails seem to prevail as a mode of communication, however, when the problems occur, good negotiators know when to make a semiofficial phone call, or a face to face meeting, in order to see issues resolved. It is during those times when trust becomes essential.

One thing that always helped me is to get on the same note as my counterparty. Understand how THEY talk and behave, and adapt to that. In the end, it makes your communication towards them easier. The same goes for communication channels. Don't make it difficult for your counterparty. Be ready to talk to them where they feel comfortable. Sometimes it's an email, sometimes it's a video call, sometimes Whatsapp chat and sometimes in person meeting. Adapt and you will thrive.

Trust is the bedrock of any successful negotiation. When stakeholders feel that they can trust you, it eases barriers and facilitates smoother conversations. Credibility, empathy, and cooperation stem from this trust, making negotiations more productive. Nothing resonates more with stakeholders than genuine interest. When you actively listen, ask probing questions, and give feedback, it signals that you value their perspective. This level of engagement not only fosters trust but also drives mutual respect.

Effective communication is also about inviting the other to be comfortable saying No to what you propose and to be unafraid to say No to what doesn't work for you. Tactical negotiators are trained in manipulating your need to reach a win-win outcome. You will be better off exploring consistently the value you bring them through adroit questioning and superb listening skills conjugated with asserting which path to an actionable agreement works for you.

Common ground is paramount. In finding mutual likes and dislikes, styles and goals it becomes easier to negotiate in like minded terms. I concur regarding avoiding jargon and industry catch phrases. Speak genuinely and openly with the true intent of helping reach a mutually beneficial outcome, not one sided. When the negotiations clearly outline their benefits in an equal way, success is generated for both parties. The end result shouldn't be win/lose but a sustainable relationship capable of being nurtured and grown on both sides.

In a successful negotiation, the importance of a strong stakeholder network cannot be overstated. Tapping into this network can uncover hidden synergies and provide invaluable insights into the priorities and concerns of other parties. Before entering negotiations, consult your network to understand the broader implications of potential outcomes. They may provide feedback or share experiences that shape your strategy. Additionally, leveraging testimonials or endorsements from respected figures within your stakeholder network can enhance your credibility. Ultimately, a robust stakeholder network serves as a reservoir of knowledge, support, and influence that can significantly bolster your negotiation position

Be brutal honest. See thru the lines. See it thru 3rd person aka from a new vantage point. Dont take the no's personally. Learnt it hard way. Alwalys win back your time by leverage the other person times.

One quick tip - try to understand the full scope of the business case in advance. Yes, there will always be some surprises, but try to eliminate them as much as possible. Every unexpected element comes with a risk to damage the negotiation. The best way to prevent conflict is to understand both parties and be prepared. If the conflict comes anyway, make sure you understand what your non negotiable items are, what are those of your counterparty, and try to find what you can "give away" without actually losing what you care about. That can be timing, money, deliverables, contract length etc. Sometimes the thing that helps to close the deal was not even important for you.

The steps to consider: -Identify Key Stakeholders -Build Strong Relationships -Understand Mutual Goals -Exchange Information -Seek Support and -Endorsement -Introduce New Contacts -Negotiate as a Team -Express Gratitude Remember, effective negotiation involves collaboration and the pursuit of shared interests. By tapping into your stakeholder network, you can bring fresh perspectives, insights, and connections to the table, enhancing your ability to create value and seize opportunities.

Negotiation is a highly delicate balancing act trying to satisfy all stakeholders’ requirements. At times, there are challenges with disappointments. Key is being authentic and honest about outcomes and limitations. Trust is the foundation of any successful negotiation.

When you look at expanding your network - always look ahead. Then the time for negotiation comes, ideally you want to have your network already established. Working on your network and new contacts while negotiating puts you under pressure. You want something from your connections. It is much easier and more beneficial to build a network upfront, and provide value without expecting anything in return. When the time comes, you'll be ready.

In managing expectations and conflicts, we adopt the following strategies to maintain equilibrium and harmony during negotiations: 1. Proactive Clarity: Before diving deep into negotiations, clearly outline the objectives and possible challenges to all stakeholders. This early clarity can preempt many potential misunderstandings. 2. Continuous Feedback Loop: Establish a system for regular feedback. This helps in early identification of any misalignments and facilitates timely adjustments. 3. Neutral Facilitation: In situations where conflicts seem inevitable, consider bringing in a neutral facilitator to mediate the discussion, ensuring all parties feel heard and understood.

Culture & diversity perspective should be considered in stakeholders negotiations. Also SWOT analysis can be deployed in very complex negotiations. Finally the traditional and well tested ‘good cop, bad cop’ strategy can be used in some unique negotiations.

Few tactics to consider are 1- Write down what is your objective and must haves 2- Try to understand your counterparts must haves. 3- Create your BAFNA - Best Alternate for Negotiated Agreement. 4- Be willing to improvise and provide counter offers 5- Try creating win-win via your offer 6- Know when to stop. When you have your must haves, don't push it further. Avoid negotiation fatigue. 7- Be willing to walk away if your must have is getting compromised and hope your BAFNA is better option.