When you negotiate, do you factor the value intrinsic value has in your negotiation? Intrinsic value is often the hidden and unrecognized benefit that someone believes he’ll derive as the result of dealing with one person versus another.
Negotiation Tip: Since intrinsic value is perceived, it should be considered and calculated into every negotiation you engage in, because it can prove to be a pivotal point upon which the negotiation evolves. Thus, the greater recognition and assessment you give to intrinsic value in your negotiations, the better positioned you’ll be to negotiate a more favorable outcome.
This article serves as insight for assessing, identifying, and dealing with intrinsic value in your negotiations.
• Consider what shapes the other negotiator’s persona.
If the other negotiator has a demeanor that you find to be captivating, you may subliminally be attracted to her. The attraction could compile you to make negotiation decisions that may not be the most advantageous to your position. If you observe yourself making such decisions, assess why you’re doing so and question to what degree intrinsic value is the reason behind your actions.
• Likeability enhances the perception of intrinsic value.
In every negotiation, good negotiators recognize the value of likeability. Likeability can be perceived in the form of someone’s appearance of being open and honest, nonabrasive, congenial, and just pleasant to deal with. In so being, likeability can also serve as ploy to draw someone closer into the spell of your domain (i.e. follow your plan for the negotiation versus theirs). If you’re the one casting the spell, all is good. If you’re the one upon whom the spell is being cast, don’t fall subservient to it. If you do, you could find yourself bidding to someone else’s beckoning, due to what could be akin to perceived intrinsic value.
• Priming – The art of making people see and/or think what you want them to experience by shaping their expectations.
When it comes to assessing your perception of intrinsic value, consider to what degree you’ve been primed to think of the other negotiator from a certain perspective. Have you heard dynamic things about her that lead you to view her in one light compared to another? Has accolades been bestowed upon her in a business community to which you also lend high prestige? If such is the case, you could be transferring some of those perceptions to her. By doing so, you’d be bestowing intrinsic value upon her and diluting your own source of power. In every negotiation, be respectful and curb your generosity for purposes that serve you. After all, you’re seeking to maximize the negotiation to your benefit.
In all of your negotiations, consider how you’ll use the perception of intrinsic value and how you’ll defend against giving it too much credence, less it has too much influence upon you. If you’re cognizant as to the hidden value of intrinsic value and the sometimes influential role it plays in a negotiation, you’ll be better equipped to utilize this tool for what it’s worth … and everything will be right with the world.
Remember, you’re always negotiating!