Business negotiations are often governed by tradition.
TGG partners, informed by cutting-edge academic research grounded in psychology and game theory, can help identify areas where conventional arrangements are suboptimal.
For example, research shows that making the first offer in a negotiation can have a huge impact on the outcome through the anchoring effect, a tendency of the human mind to rely too heavily on initial information. However, in insurance claims, TGG found that adjusters were unwilling to make first offers, largely for reasons of tradition. We carefully examined the negotiation context and designed a set of techniques to improve the frequency and effectiveness of making first offers, revolutionizing the way many claims are settled.
Too often, large organizations rely on an apprenticeship model for teaching skills like negotiation. Introducing a systematic way of thinking about negotiation through customized training seminars and negotiation toolkits can help ensure that knowledge concentrated in the organization’s most experienced experts spreads to junior, less experienced colleagues. TGG has had great success in developing such programs.