01. Deepak Malhotra, Nutanix and Harvard, visits #theCUBE!. (00:15)
02. The Advantage of Having a Negotiations Expert at Nutanix. (00:55)
03. "Negotiating the Impossible". (02:03)
04. The Right Economics and the Psychology for Success. (04:43)
05. Balancing a Great Deal and a Great Relationship. (08:18)
06. Our Culture of Extremes and Moderates. (10:22)
07. Elements of Sports and Business Negotiations. (12:28)
08. Negotiators: Trump, Sadat. (14:10)
09. The Iran "Deal". (16:20)
10. Upcoming Projects for Deepak. (18:07)
Track List created with http://www.vinjavideo.com.
--- ---
Harvard Business School professor reveals the secrets of successful negotiation | #NEXTConf
by Brittany Greaner | Jun 22, 2016
What lessons can we learn from the world’s oldest-known peace treaty? Deepak Malhotra, Harvard Business School professor and Board of Advisors at Nutanix, Inc., would argue there are plenty of lessons to be found in such an ancient document. 3,000 years old, the Treaty of Kadesh was between the Egyptians and the Hittites.
When comparing the Hittite copy of the treaty and the Egyptian copy of the treaty, you may find items standard of a peace treaty, but you’ll also find one stark difference. The Egyptian treaty claims that the Hittites came asking for peace first; the Hittites say it was just the opposite. This, Malhotra said, is key.
Malhotra spoke to Stu Miniman (@stu) and Dave Vellante (@dvellante), cohosts of theCUBE, from the SiliconANGLE Media team, during the Nutanix .NEXT Conference.
The key in successful negotiation in business is understanding how humans function. No one wants to lose face. Both sides need to declare victory. “When you recognize they want to save face, you can change how you do things,” and it changes the way you approach making a deal, said Malhotra. Knowing this, you can figure out a way to show how both sides are winning. The deal doesn’t have to be lose-lose, he added.
Negotiate value instead of price
It’s also important to get the economics right and have a reasonable price. But you often have to face some psychological hurdles that businesses often don’t prepare for. If you’re doing something entirely new, no matter the genius behind it, it can be hard to convince people it’s worth the investment. If they don’t use something similar now, why do they need it? The business needs to show why it’s worth it, and that can often be done through testimonials.
“The worst mistake salesmen make is to apologize about a high price,” Malhotra said. Instead, show them the value and the list of people who have already decided to buy in. It will show faith in your product and confidence in the value you’re providing.
Changing the world
Malhotra is looking to continue utilizing his negotiation expertise to research and work toward solutions for ethnic conflict, improve doctor-patient relationships, and find out whether or not mass shootings have impact on gun laws.
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Deepak Malhotra, Harvard Business School - #NEXTConf - #theCUBE
01. Deepak Malhotra, Nutanix and Harvard, visits #theCUBE!. (00:15)
02. The Advantage of Having a Negotiations Expert at Nutanix. (00:55)
03. "Negotiating the Impossible". (02:03)
04. The Right Economics and the Psychology for Success. (04:43)
05. Balancing a Great Deal and a Great Relationship. (08:18)
06. Our Culture of Extremes and Moderates. (10:22)
07. Elements of Sports and Business Negotiations. (12:28)
08. Negotiators: Trump, Sadat. (14:10)
09. The Iran "Deal". (16:20)
10. Upcoming Projects for Deepak. (18:07)
Track List created with http://www.vinjavideo.com.
--- ---
Harvard Business School professor reveals the secrets of successful negotiation | #NEXTConf
by Brittany Greaner | Jun 22, 2016
What lessons can we learn from the world’s oldest-known peace treaty? Deepak Malhotra, Harvard Business School professor and Board of Advisors at Nutanix, Inc., would argue there are plenty of lessons to be found in such an ancient document. 3,000 years old, the Treaty of Kadesh was between the Egyptians and the Hittites.
When comparing the Hittite copy of the treaty and the Egyptian copy of the treaty, you may find items standard of a peace treaty, but you’ll also find one stark difference. The Egyptian treaty claims that the Hittites came asking for peace first; the Hittites say it was just the opposite. This, Malhotra said, is key.
Malhotra spoke to Stu Miniman (@stu) and Dave Vellante (@dvellante), cohosts of theCUBE, from the SiliconANGLE Media team, during the Nutanix .NEXT Conference.
The key in successful negotiation in business is understanding how humans function. No one wants to lose face. Both sides need to declare victory. “When you recognize they want to save face, you can change how you do things,” and it changes the way you approach making a deal, said Malhotra. Knowing this, you can figure out a way to show how both sides are winning. The deal doesn’t have to be lose-lose, he added.
Negotiate value instead of price
It’s also important to get the economics right and have a reasonable price. But you often have to face some psychological hurdles that businesses often don’t prepare for. If you’re doing something entirely new, no matter the genius behind it, it can be hard to convince people it’s worth the investment. If they don’t use something similar now, why do they need it? The business needs to show why it’s worth it, and that can often be done through testimonials.
“The worst mistake salesmen make is to apologize about a high price,” Malhotra said. Instead, show them the value and the list of people who have already decided to buy in. It will show faith in your product and confidence in the value you’re providing.
Changing the world
Malhotra is looking to continue utilizing his negotiation expertise to research and work toward solutions for ethnic conflict, improve doctor-patient relationships, and find out whether or not mass shootings have impact on gun laws.
