7 tips for generating a killer wish list

Do you remember how we described the wish list in the Scotwork Program? It's your hidden agenda and should be an exercise in creative thinking, not wishful thinking. The wish list represents variables which will add value, but aren't essential to a deal. If they were essential they would be categorised as a main issue or a potential deal breaker.

Some people think the wish list is petty or unnecessary, or that using it could annoy the other party to the extent of putting a deal at risk. This fear is justified, of course, if the use of the wish list is clumsy or unskilled. It requires sensitivity and considered judgement and shouldn't be used in a way that could be construed by the other party as 'nibbling' or 'creeping the deal'. Most importantly, effective use of your wish list requires you to have prepared a good, solid and creative wish list in the first place.

Here are seven tips to generating a Killer Wish List for your next deal:

1. Wish lists must be prepared in advance

It's our experience that you're unlikely to generate truly creative wish list items in the heat of a negotiation or when you are breaking for a quick adjournment. Prepare your wish list well in advance. It's not a good look to be sitting in front of a blank sheet of paper, chewing on a pencil just before an important negotiation commences. If you (and your team) are negotiating similar deals on a regular basis, then a generic wish list will overcome the inefficiency of reinventing a complete wish list every time. However, you need to hone and refine the list regularly and supplement the generic items with a few that may be particularly relevant to the other party.

2. Brainstorm a lot of ideas

Don't edit. Use the creative energy of the entire team to come up with as many wish list items as possible-good, bad or ugly. Just get them up there on the wall. You never know when a half-baked or silly idea might lead to a stroke of genius! There are a variety of robust creative processes you can use, either individually or as a team. Although as you'd expect, you'll probably come up with more ideas in a team environment . And remember the rules of good brainstorming: practice before you address the main task, when generating items you should insist on no debate, no criticism and no censorship. You want as many ideas as possible at this stage, however whacky they may seem.

So how do we liberate those creative ideas in wish list generation? One way is to imagine that you are all powerful in the negotiation. You are the sole supplier or buyer and are holding all the cards. Imagine you have a greenfield site and are looking at a fresh contract. What could you ask for in such a setting? Visualise the situation that would occur in this utopian world. Is it half the workers doing double the work for two thirds of the pay? Using visual imagery is often more creative than just using words. You can supplement this with the robust techniques of creative thinkers like Edward De Bono. Don't be limited by conventional thinking and what is realistic or practical. You'll have time to refine the list later.

3. Think outside your team

Explore whether finance, logistics, legal, etc. can contribute items to your wish list. Would it benefit your company to adjust the payment terms or invoicing frequency? To vary the delivery schedule? Reduce legal risk by removing a clause from their standard agreement? There are often great wish list items that may not directly benefit your KPIs, but will generate substantial benefit for your organisation as a whole. Add them to your list.

4. Select your Killer Wish List items

Once you and your team have generated your lists of ideas, bring them all together-it's time to refine and consolidate them. Look for items that are low cost to the other party and high value to you. Prioritise items which are in different 'currencies' from your main issues. These make for perfect wish list items. One example might be an active referral where your client actually recommends you and your product or service to a colleague and agrees to organise the first meeting. Simple endorsements or an agreement to include their company logo in your promotional literature for a time can also add value for you.

5. Don't forget to consider the other party

In your review of wish list items, also ask yourself what negotiating variables the other side would like included in the agreement. You may come across items that are low cost to you but high value to them or wish list items which add value for both parties. Again, these should be at the top of your wish list. An example could be an invitation to be a keynote speaker at a seminar conducted by your client. This represents great value to you since appearing on the same platform with notable experts provides you with enormous credibility and provides a platform to address potential clients. From the other party's point of view, completing their speaker panel with your high-quality offering will bring additional value to the event and reflect well on them.

6. Have a long wish list

A long wish list enables flexibility. One example is the 'Conference Organiser' wish list you saw on our course which had 120+ items on it. Remember, you won't use your full wish list all the time. The more choice and flexibility you have, the better equipped you are to respond to a trading opportunity.

7. Make sure your wish list items don't stray

Keep in mind that your wish list items are, by definition, not essential to the deal. There can be a temptation, particularly when you've been preparing for a long time, for wish list items to creep up in importance. What should be a 'nice to have' becomes a 'want to have' or perhaps even a 'must have'. The inherent dangers are obvious. Before you sit down at the table, give your preparation agenda an honest and frank reality check to ensure wish list items have not crept up into your opening position. Reflect back on the preparation agenda and how to ensure you're always well prepared for a negotiation. Don't endanger a deal in pursuit of a wish list item. Hopefully, you remember our advice on how and where to pitch your opening proposals.

How to use your wish list.

As you have learned and practiced with us, the wish list has multiple uses in the negotiating process. It is the negotiator's equivalent of the Swiss Army Knife. It can be used to improve the deal when things are going your way, to respond to pressure or demands from the other party, to get around their inhibitions, and in a number of other strategies we covered on the program, such as the OUT OF BOUNDS technique.

Do you still remember how to use your long creative wish list with skill to drive a better deal? Don't wait until we cover that particular topic in a future Skill Tip: refresh your memory by browsing your Scotwork tutorial notes.

If you have yet to experience the Scotwork Advanced Negotiation Skills program, or would like to attend a refresher course to update your skills, please find out more.

by
Keith Stacey & Matt Lohmeyer