How to Use "One Last Thing" as Leverage in Negotiation

My name is Deepak Malhotra and I'm a professor at Harvard Business School. I have been on the faculty of Harvard for 18 years, and my area of work (research, teaching, consulting/advising) is negotiation. This clip is part of a series of videos I will be posting on the topic of negotiation. Each video tends to be about 3-5 minutes long, and covers one insight, principle or tactic that will hopefully help you negotiate more effectively at work and in life. All videos from this playlist can be found at www.NegotiatingTheImpossible.com. Please feel free to share this video/series in your various networks. Hopefully, we can create a lot of value together.
If you want to learn more on the topic of negotiation, feel free to check out either of my two best-selling books on the topic:
Negotiation Genius (with Max Bazerman)
Negotiating the Impossible

[@shreeabraham]

🎯 Key Takeaways for quick navigation:
00:00 🕵️ *Leveraging Closure as Negotiation Power*
- Introduction to the concept of closure as an often unrecognized source of leverage.
- Exploring how the willingness to close a deal can be a powerful negotiating tool.
- Examples illustrating the strategic use of closure in negotiations, particularly in job offers.
01:22 📈 *Assurance of No Further Negotiations*
- Emphasizing the importance of assuring the other party that after a specific concession, there will be no more negotiations.
- Providing a job offer scenario to illustrate how this assurance can be applied effectively.
- Highlighting the psychological impact of closing the negotiation, making the other party more willing to agree.
02:29 🤝 *Encouraging Trust Through Closure*
- Discussing concessions that are often withheld until the last day of negotiations.
- Explaining how offering closure builds trust and confidence in the negotiation process.
- The strategic timing of presenting closure as a tool to incentivize the other party to offer more value.
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