What is Leverage? Key Concepts in Negotiation

Leverage is a key concept in negotiation. So, what does it mean? I'll tell you.
Watching this video is worth 1 Management Courses CPD Point.
(See below for more details)
This video is part of course module number 5.2.2
Program 5: Managerial Skillset
Course 2: Negotiation
Section 2: Key Concepts in Negotiation
Other videos about Key Concepts in Negotiation include:
. Core Principles of Negotiation https://youtu.be/FiEneNag8cI
. Five Basic Negotiating Strategies https://youtu.be/DlV6phTGjoU
. Scope for Agreement https://youtu.be/cb1Bf09p2eg
. Four Primary Negotiating Behaviors https://youtu.be/eLmF8Kr2ppA
. Non-verbal Aspects of Negotiation https://youtu.be/4X2b_X_CGKE
. Power at the Negotiating Table https://youtu.be/ucJkENLhIPI
. Negotiation Goes Bad: 6 Types of Bad Behavior https://youtu.be/Akp4alv1cpc
. Negotiation Acronyms: How Many do You Know? https://youtu.be/_lhqUjyebxM
Module 5.2.1 covers the Fundamental Model of Negotiation. Start with the introductory video:
. Fundamental Model of Negotiation - https://youtu.be/PKz4pDm1e90
LESSON NOTES
Leverage means the ability to apply a small force to move the other party a long way.
Traditionally leverage has been seen as a substantial negotiating advantage, like a monopoly position as a supplier, or a sole interested party, as a purchaser.
But this is too narrow a view
It can also lead to abuses that will damage the long-term relationship, once that advantage ceases to be present.
Leverage is really just a compelling advantage that can come from:
• Ability to persuade
• Strong objective case – based on value
Value can be based on:
• Your offer
• What they get as a result (better)
• Fairness / equity
RECOMMENDED EXERCISE
1. When you are planning for your next negotiation, think carefully about the sources of leverage you have available to you (2 MC CPD Points)
2. Consider carefully how you will use your leverage in a way that has integrity and will deliver the best outcome for all parties (2 MC CPD Points)
DOWNLOADS
Free Resources
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Paid resources
- Management Courses Onboarding Kit - https://gum.co/MC-ObK ($3)
RECOMMENDED READING
Negotiate Wisely in Business and Technology (A basic introduction) https://geni.us/a2n1T6Y
Everything is Negotiable) (A basic introduction) https://geni.us/Ozwwr
Getting to Yes (the classic text) https://geni.us/U3CjduK
Getting Past No (the follow-up to Getting to Yes) https://geni.us/VQAd7
Bargaining for Advantage (another classic) https://geni.us/anBn
Negotiation Genius (Modern look at the negotiation mindset) https://geni.us/cBKKn3x
Never Split the Difference (red hot tips from ex-hostage negotiator) https://geni.us/YBSogJ
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