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Proper Negotiation Training Can Demonstrate That Failing Can Be More Valuable Than Winning
People are not specially fond of losing. Everybody really likes a winner and it is essential for us all to be on the winning side. As a matter of fact, it is essential for individuals to be on the winning side that research tells us that normally we have an incredibly an interesting method to dealing with possible risks.
In an area of study known as Prospect Theory, Kahneman and Tversky investigated the likely flaws and contradictions in human attitude. They found that research individuals when offered an option introduced in one way might display cautious conduct but when offered fundamentally the same choice formulated in another way the same research subjects might display risk seeking methods.
An important result of the research performed by Kahneman and Tversky is that they identified that people's attitudes towards threats associated with possible gains are often very unlike their attitudes when it comes to risks connected with potential deficits.
For example, when people are given an option between getting $1000 with confidence or having a 50% chance for getting $2500, they will often well choose the guaranteed $1000 in preference to the uncertain possibility of getting $2500 even though the mathematical expectation of the uncertain option is $2500. This is a completely sensible attitude that is referred to as risk aversion.
But Kahneman and Tversky also identified that the same people when presented with a certain loss of $1000 compared to a 50% chance of no loss or a definite loss of $2500 do frequently choose the risky option. This is referred to as risk seeking behaviour.
What it implies for you in the context of your business negotiation or negotiation training is the fact that it is recommended that you explain to your counterparts what they bear to do away with if they do not move the way that you are suggesting. It is definitely a good idea to notify your counterparts the things they stand to gain by shifting in your direction but the power of your argument will likely be enhanced if you could increase the benefits the particular things that they are going to lose out on if they do not shift in your direction.
This type of loss framing is most powerful when it is combined with the Scarcity concept of influence which states that we assign much more value to those things which are significantly less available. We should thereby focus on those things that are specifically associated with our own suggestions and in addition to pointing out the advantages associated with moving in our direction we should always also explain the specific, unique things that our counterpart may stand to lose when they don't move in our direction.
Making use of negotiation skills such as loss framing to your benefit is one way which you could apply the concept of losing to assist you to succeed.
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