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3 Lessons from Negotiating a $2.4M Comp Package


For years I was so uncomfortable asking for what I wanted. I avoided negotiating out of fear it would make me seem greedy and ungrateful.

It all changed when I finally mustered the courage to go for it, and got everything I asked for!


I realized how much money I left on the table throughout the years, and promised myself that from now on I will always negotiate.


To take my students negotiation game to the next level, I invited Jacob Warwick to speak inside of my coaching program. Jacob is a negotiation coach that has added over $100 million in compensation helping 2500+ executives negotiate new leadership opportunities.


Jaws dropped as Jacob shared best practices and mindset shifts that can add millions (literally) to your compensation.


It was so good that I had to share some of the highlights with you. Here are the top 3 lessons from negotiating an $800k offer into $2.4 million.



3 Negotiation lessons that will change the game


When it comes to negotiating, Jacob recommends using human psychology to your advantage. Understanding how the other side thinks and what they care about will help you create leverage without cheating or lying.


(1) Be in demand


People want what they can't have. If an employer believes you are in demand, they will be chasing you and the other way around. That’s how you flip the power dynamics.


How can you create demand for yourself?


Get them to reject the alternatives and realize you're the solution.


You can do that by asking questions about your competition, the role and the alternatives to hiring you (agency, freelance, internal hire).


Let them tell you why every other alternative isn’t right and convince themselves that you are the best solution to their problem.


(2) Create a compelling future


Most people focus on their past when they interview. They share examples of what they have done before, for a different company in a different situation. That puts you in line with everyone else. You are comparing your past to their past, and that’s something you can’t change.


Instead, you want to answer questions with future examples. Your goal should be to project your past experience into solving their future problem to demonstrate what they stand to gain when they hire you.


Instead of focusing on what you did, you focus on what you’ll do and create FOMO.


Paint a compelling picture of the future that includes you as the solution and you will stand out immediately.


(3) Use time to your advantage


Once you get an offer your goal is to drag out the conversation.


This advice was counterintuitive, but it made so much sense when Jacob explained the rationale.


Most people rush to sign an offer. They are exhausted from the process and just want to get it over with. But if you are stressed for time, it means you have no leverage. You’ll make more compromises. Instead, intentionally take your time and focus on the negotiations, not the fastest way to close.


Here's what will happen:


Spending more time negotiating will trigger sunk cost bias for the employer. They will feel more compelled to see it through. And if they have the urgency to close, they’ll be much more likely to give you what you want. That’s how you create leverage.


Negotiations starts way before the offer


One of the last things Jacob told us is that negotiating starts way before you get an offer. It starts before you even interview.


You can create leverage by building an unbreakable reputation, a compelling brand and a killer network. Working on yourself now, is what you need to create leverage for your future negotiations.


And that’s exactly what we do inside of Success Builders, my coaching program, and why we invited Jacob as a guest.


If you want to have this kind of leverage join the waiting list for the next cohort of Success Builders.


I believe in you and I’m rooting for you.


Maya

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