Chapter 9 of Never Split the Difference: Bargain Hard
It never feels good to get punched in the face, metaphorically speaking, with a low offer, but experienced negotiators use this as a tactic to get the best price. There are several techniques to handle this and reverse this if it happens to you.
Psychology is important, but solid techniques are also necessary in order to get the biggest piece of the pie. The Ackerman Process is the strategy of creating an extreme anchor and how to eloquently work towards your target price with diminishing concessions. Decide the amount you want to pay, then create a low anchor by offering 65% of that. Increase your next offer to 85%, then 95% before offering the final amount in a non round number. This gives the counterpart the feeling they are squeezing all they can out of the deal.
There are three negotiator personality types: assertive, accommodator, and the analyst. All three need to be treated differently according to their style during the negotiation.
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