Concessions
Skilled negotiators acknowledge the fact that making tactical concessions is a powerful tool in negotiation. Concessions bring parties together and complete any successful negotiation. The negotiation and concession process in a specific can be challenging and often go unappreciated or unrequited. It is, therefore, crucial to consider various factors while making a major concession.
Timing- It is crucial to give the right timing to create perceptions and uncover the other party’s critical information. The information may include resistance point and the cost affiliated with the negotiation. The progressions of the concessions can alter those perceptions and create emotions during the concession process. It is important not to give in to original demands too fast, and if so, it is crucial to clarify what one has given up is costly.
Frequency- Large, infrequent concessions may anger the counterpart, while small frequent concessions may create procedural unfairness, and the other party may feel alienated. Therefore, it is crucial to use an appropriate tactic in regards to frequency to get the desired response and information.
The concession’s magnitude and benefit- Negotiators counter concessions grounded on the profits they get, not considering what the counterpart is sacrificing. Unless the other party is willing to give up or adjust their reservation point, one should continue making concessions. It ensures fairness, and one can make the most out of the negotiation.
Using timing as a strategy has worked for me while negotiating with global companies. I understood when to make the first move and when to withdraw my initial offers while still.
maintaining a powerful concession. I aligned my demands, and cautiously used the strategy to elicit essential information from my counterpart.
Reference
Rennie, K. R. (2018). Making concessions. In Freedom and protection. Manchester University Press.