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Tactic #68 - Referencing a Benchmark
Summary: Using a well-respected source of
information to support a position.
Objective
criteria are often useful as a baseline for negotiations. Some
well-known standard benchmarks include the Kelley Blue Book, the
Consumer Price Index, the Consumer Confidence Index, and the interest
rate set by the Federal Reserve Bank.
Whenever someone buys or sells an automobile, for example, each
counterpart has the opportunity to reference the Kelley Blue Book for
objective criteria. This source provides the retail and wholesale value
of the car and specifies how much various options are worth. It even
tells how much money to deduct or add for specific mileage.
Example
You are asking $17,500 for a car you are selling. A potential buyer
tells you that according to the Kelley Blue Book, the value of your car
is just $15,000.
Counter
When a counterpart References a Benchmark, you should first
verify that his information is correct. There are lots of ways to
present information, and your counterpart will probably present his
statistics in a way that supports his position. For example, if he tells
you the Kelley Blue Book values your car at $15,000, ask, “Are you
referencing the wholesale value or the retail value?” Buyers usually
reference the wholesale value.
A second tactic may be to provide new information from another source.
You might point out classified ads that offer the identical make and
model car at a price similar to what you are asking.
Finally, you might take a different angle and explain why your car is an
exception to the objective criteria. Perhaps you have kept the car in
perfect condition and have all the maintenance records to prove it, and
you believe these exceptions support your price.
This tactic is one of 101 strategies and tactics
featured in The Only Negotiating Guide You'll Ever Need, by
Peter Stark and Jane Flaherty.
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Stark and Jane Flaherty ($14.95 retail)
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To view this month's issue of The Master
Negotiator, the premiere on-line newsletter for negotiators,
follow this link:
The Master Negotiator, Volume 2, Number
11 The Fifteen Rules Every Negotiator Must Know
To view previous Negotiating Tactics of the Week,
follow this link:
Negotiating Tactics of the Week
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