What Barbara Corcoran’s Risky Email Can Teach You About Negotiating Like a Shark
Written by
John Schmoll
Edited by
Rebekah Evans
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Negotiating can instill nervousness in many people. You risk rejection or entirely missing out on an opportunity. “Shark Tank” famed host, Barbara Corcoran, recently posted on her LinkedIn about how she snagged the role on the popular show.
She was initially not the first choice for “Shark Tank.” The producer, Mark Burnett, chose another person. Taking a gutsy move, Corcoran sent a risky email to Burnett explaining why she deserved the role instead. Here’s what others can learn from the Corcoran to enhance their negotiating tactics.
Explain What Sets You Apart
Whether it’s asking for a raise, a new job or closing a deal, emotion may do little to move the needle. When asking for a raise, for example, the Harvard Division of Continuing Education reported it’s key to discuss the value you bring to the table, rather than passive needs.
Corcoran echoed this in her letter to Burnett. “I do my best when my back’s against the wall. I love the heat of the competition as I’ve learned it brings out my best. I’ve had all my big successes on the heels of rejection and, frankly, it’s right up my alley,” Corcoran said. She went on to provide specific instances of how this played out, showing what sets her apart.
Given that “Shark Tank” has run for 16 years and hit a peak of 9.1 million viewers per episode, according to the New York Times, it’s logical to think Burnett made the right move by taking Corcoran’s letter to heart.
Time the Counteroffer Wisely
Timing is often everything in business and life. You don’t want to seem too eager and also don’t want to wait too long so as to miss an opportunity. Corcoran could have easily accepted Burnett’s decision and not sent a letter, but she opted for the challenge.
“That email got me the seat and changed the course of my life. Seventeen years later, I’m so glad I pressed send. Just a reminder, sometimes the door won’t open until you knock louder,” Corcoran said. This thinking aligns with lessons Corcoran learned from previous business dealings, where she both lost and won deals. The difference was in the timing of the counter, as she told CNBC Make It. Waiting too long cost her deals, but being quick often resulted in success.
State What You Want
Stating what you specifically want in a negotiation is key to success in Corcoran’s mind. The finance expert told CNBC Make It that ego and timing has a lot to do with the end result. This thinking bore out in Corcoran’s letter to Burnett.
She offered to test alongside his pick to learn if his choice was truly best. “If you have both ladies in LA, you can mix it up a bit and see which personalities make the best combination for your show,” she said. “I’ve known from the get-go the shark role is a perfect fit for me. Everything I’ve done so far in the business and TV worlds has made me ready,” she wrote.
Corcoran closed the letter explaining that she admired his choice, while also explaining that she was the better fit. “I’ve booked my flight for the 6th and hope to be on that plane,” Corcoran wrote.
Risk is inherent in negotiations. Following Corcoran’s philosophy of wise timing and specifying what you want can be an effective way to achieve your goals.
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