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Effective Negotiation Training Can Show You That Failing Can Be More Effective Than Winning
People are not specially fond of losing. Everybody loves a winner and it is essential for us all to be on the winning side. As a matter of fact, it is so important for us to be on the winning side that research demonstrates that normally we have an incredibly an interesting approach to dealing with possible risks.
In an area of research called Prospect Theory, Kahneman and Tversky looked into the likely flaws and contradictions in human behaviour. They found that research individuals when offered a choice prepared in one way might present cautious conduct but when offered essentially the same choice formulated in another way the same research subjects might display risk seeking behaviour.
A key result of the study performed by Kahneman and Tversky is that they identified that people's attitudes towards risks associated with possible gains can be very different from their behaviour when it comes to risks connected with potential losses.
For example, when people are given a choice between getting $1000 with certainty or getting a 50% chance for getting $2500, they will often well choose the certain $1000 in preference to the uncertain possibility of getting $2500 even though the mathematical expectation of the uncertain option is $2500. This is a perfectly reasonable mindset that is referred to as risk aversion.
But Kahneman and Tversky also identified that the same people when confronted with a certain loss of $1000 compared to a 50% chance of no loss or a certain loss of $2500 do often select the risky option. This is referred to as risk seeking behaviour.
What this means for you in the context of your business negotiation or negotiation training is the fact that it is a good idea to tell your counterparts the things they bear to do away with if they do not move in the direction that you are suggesting. It is definitely a good idea to tell your counterparts what they stand to acquire by shifting in your direction but the power of your argument will be enhanced if you could increase the benefits the specific things that they will fall short on if they do not shift in your direction.
This type of loss framing is most powerful if it is combined with the Scarcity concept of influence which states that we associate more worth to those things which are significantly less available. We should therefore focus on those things that are specifically associated with our own arguments and in addition to pointing out the benefits associated with going in our direction we should always also explain the specific, unique things that our counterpart might stand to lose when they don't move in our direction.
Using negotiation skills such as loss framing to your advantage is a sure way which you could apply the concept of losing to assist you to win.
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