From the course: Negotiation Skills
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Watch out for the nibble technique
From the course: Negotiation Skills
Watch out for the nibble technique
- As you reach the end of a negotiation, you can tell that you're close to a deal. And at this point, it's important not to become weak in your keenness to get it finished. It's very easy to let a significant chunk of money slip away at this last stage and undo all your good work and possibly lose any profit you were going to make on a contract. The main way that a chunk of money or any other tradable can slip away at the end is by something called the nibble. This is where the other person asks for something additional right at the end. And like a fool, you say, "Oh, all right then," because you're just delighted to have gotten the negotiation over. You've perhaps got quite a good deal, so why not give some of it away? The unexpected thing about the nibble is that it happens after you've agreed the deal, when you would think you're pretty strong. After all, they can't change it once it's agreed, can they? But that's…
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