Opening Offer: The Anchoring Effect
THE opening offer that you present to your counterpart will serve as an anchor for the whole negotiation process. It has a powerful framing effect and will serve as the benchmark for subsequent monetary and non financial arrangements. The opening offer is like an invitation to dance. It is a subtle art that relies heavily on persuasion. However, to persuade at the moment that you need to ask for something is a moment too late.
In order to avoid the anchor from pulling you down, it is critical to carefully consider how to open. Similar to first impressions, there will never be a second chance to make a good first offer. The ideal opening offer should be as close as possible to the other party’s barely ...
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