During March Madness sports fans affectionately refer to the NCAA Basketball tournament as "bracketology". It's a 65 team playoff, over 18 days, single elimination (winner keeps going, loser goes home) ...one ultimate winner. I contemplate it's the best event in sports.
In negotiation, we sometimes pride ourselves on "thinking on our feet" or "winging it." Don't fool yourself. There is a better plot. It's called "bracketizing."
The best chance for Negotiation success comes from what we call "Aggressive Preparation". In the Humble Confidence Negotiation Workshop we dive into the 6 Stages of Negotiation Preparation. Stage 5 is what we call "bracketizing" our offers. We prepare and bracket 4 offers:
1) The Best (better than expected)
2) The Realistic (what it should be)
3) The Fallback (acceptable range of backup)
4) The Alamo (don't go there...call a timeout!)
Bracketizing means we project ahead and decide a range of offers. We pick up the discipline of staying within the idea, or "bracket". We never "glide it" or freelance deals at the table. Never.
Now that's not to mean we're rigid or "un-creative". Not at all. But it does mean we control our emotions and don't glean caught up in the euphoria of deal-completion. Sometimes we honest want to be done...be careful not to let your desire to carry out drive a sub-par outcome.
Bracketizing is unprejudiced one stage. There are 5 more in "Aggressive Preparation". We call it "Aggressive" because you have to drive your team and yourself to embrace the process. And remember, 90% of a successful negotiation happens in this stage, before you even pick up in the room!
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