O'Reilly logo

Practical Negotiating: Tools, Tactics & Techniques by Tom Gosselin

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Power in Alternative Currencies

As defined earlier, currencies are tangible or intangible resources that are perceived to have value by the receiving party. When assessing the potential value of a currency, keep in mind that currencies tend to have value in proportion to how well they satisfy the needs of the other party. Liquid currencies of fixed value (i.e., money) can more easily be valued and therefore are considered more powerful. However, if you explore the underlying needs of the other party and discover alternative currencies, there is a much higher chance of reaching a win-win agreement.

As we demonstrated in Chapter 4, the best possible outcome involves identifying elegant currencies—high value to the other party, but low cost to you. Creativity in identifying different currencies is often called “expanding the pie.” As the number of available currencies increases, so does your power. Because these alternative currencies appeal to the needs of the other party, there is also an increased likelihood that a win-win agreement can be reached.

Recall that currencies of exchange are synonymous with resources. They can be tangible (e.g., money, equipment) or intangible (e.g., recognition, flexibility), as shown in the following:

  • Financial: Including salary, bonus, overtime, budget, money.

  • People: Loaning staff, willingness to participate as a “pair of hands.”

  • Facilities: Using your own facility, hosting a test or demonstration site.

  • Equipment: Using your own equipment/facility, ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required