No One Likes An Information Hog: Stop hoarding and improve your negotiations

Playing something close to the vest is a classic negotiation move. Keeping a poker face, not revealing your true needs or wants, and perhaps even allowing misinformation to be believed by a counterpart all come along with most negotiation advice and training.

But no one likes an information hog…and hoarding knowledge actually does more harm than good to your negotiation – so let that info flow!

Your Organization

It’s no surprise that some people in an organization have more access to information than others. Or perhaps, it’s access to different information. Mandates are sent down from the top and the negotiation team is asked to hit certain targets – but they aren’t told why. Even the strongest of negotiators will stumble as they chase these requirements. If information on target drivers is shared with the team, your negotiation benefits in two ways:

1) Increased credibility and conviction for the team in front of negotiation counterparts and internal approvers;

2) Expanded potential for creative negotiation and goal attainment.

This second one is particularly interesting. Let’s say that your firm is asking for a 10% cost increase from customers – a must for all future contracts being signed. But why? If the information driving the target from senior management is that shipping costs to the customer have increased, then alternatives for the negotiation emerge – it isn’t only a price increase that will ease the cost pressures. Shifting the discussion to the customer paying for the shipping, or changing the packaging requirements, or implementing an expedite fee in the case of a customer with frequent order changes all lead to the same benefit to your firm, and may be much more effective conversations than simply demanding a price increase.

Your Team

Keeping information under their hat is usually a power play by a negotiation team member. Perhaps they’re insecure in their position and want to ensure that they are indispensable. Or they’re convinced that their special information is sure to close the deal and provide them with the glory of having saved the day. However, it’s really putting that individual, the team and the end result at risk. Open lines of communication can be encouraged through team selection – make openness a pre-requisite for membership, and reward those who actively share. Putting processes in place to make communicating easier can also strengthen the culture of openness. Shared document drives, frequent team meetings and even social activities can all foster increased information flow amongst team members. If you’ll be in discussions with a vendor or customer together, it is helpful to have a way to indicate to one another that you have a relevant tidbit and should take a short break to discuss – better to insert a 5 minute break in a negotiation than to miss out on an opportunity to leverage that information.

Your Counterpart

Becoming comfortable discussing your situation, motives and requirements openly with your negotiation counterpart can be difficult, and runs against a lot of negotiation advice. In hostile discussions, or with a counterpart who is known for dishonesty, I’d advise to proceed with caution…but with most negotiations, being open and candid is likely to lead to improved results for both parties involved. This approach strengthens the business relationship, and just as when sharing information within Your Organization, can foster additional creativity when it comes to achieving optimal results.

How? Let’s say that you head to your local butcher with a list of specific items: rabbit pâté, cured sausage and prosciutto. You ask for these specific items, and you receive these specific items. But what if you walk in and say “I’m putting together a charcuterie plate for a party I’m hosting and we love strong flavours, what do you recommend?” You may not end up with the same three items you came in thinking of – but my bet is that you’ll end up with an even better selection – one made by someone who knows all of the available elements and how they can make them best fit together.

Let your negotiation counterpart know what you’re looking for, why you’re looking for it, and let them add value by bringing suggestions to the table.

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Do you consider yourself an open book during negotiations? Has a piece of information ever been a game-changer during your discussions? If you had to choose between rabbit pâté and a classic pork terrine, could you?