Early on while taking MBA, a professor in Problem Solving emphasized a good better best strategy in nego or sales closing. Some of our more experienced sales staff do that.
That means when it comes to a prize questior or size of the deal, you put up first the biggest deal or most expensive product in the hope of that making a choice narrows you down to his/her price point.
The best deal probably would be cheaper or smaller
So last Wednesday, we were in the meeting where the party was proposing an investment deal. They initially had a 2x deal in the vicinity of 7 number which seemed to be just right for him at his current estimated status in life. Why dont we deal him the good better best strategy.? Why not propose or offer him first the big 8 number deal as strategic investor. But larger returns. Not Just 2x but 6x but for a longer period of time and with cash dividends on the fourth year.
Surprisingly, initially he stayed with the initial offer and asked for more details: computations, docs.
Did we do the right thing with good better best?
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