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Palgrave Macmillan

The Trust Factor

Negotiating in SMARTnership

ISBN 9781137332257
Publication Date December 2013
Formats Hardcover Ebook (PDF) Ebook (EPUB) 
Publisher Palgrave Macmillan

Deal-makers who are stuck on the traditional path define success as concluding a transaction at the cheapest possible acquisition cost. This approach takes only two variables into account: price and quantity. Haggling for the cheapest price is really not negotiation at all, according to Jensen's way of thinking. He suggests these people are not really aware of the process that can yield a mutually beneficial result, enhancing the value of the take-away for both parties. Haggling for the deepest discount eliminates the magic ingredients that expand the room to negotiate and, consequently, the range of variables the delegates have to work with in order to make the pie bigger. The magic ingredients are trust and cooperation.
Jensen shows negotiating parties to:
1. Operate from a position of trust, committed to the discovery of mutual gain
2. Bargain constructively, using transparent, two-way communication
3. Leverage the differences between the parties
4. Cooperate to reduce risk and improve the utilization of resources

Keld Jensen is founder and CEO of MarketWatch Centre for Negotiation A/S, a consulting and training organization that has worked with private industry and governmental bodies in Europe, Asia, North America, and Africa. His company has subsidiaries in Singapore and the U.K. A former Chairman of the Centre for Negotiation at the Copenhagen Business School, he teaches Business Administration, Management, and International Negotiation. He also teaches at other prominent Executive MBA schools worldwide as a guest lecturer including the Thunderbird School of Global Management (Phoenix, AZ), where he co-directs the eMBA program on negotiation. He is a frequent media commentator in Europe and the United States and blogs regularly at Forbes.com.

1. A New Paradigm for Commercial Relationships
2. Behavioral Economics in Deal-Making
3. The Trust Factor: The Keystone of NegoEconomics
4. Rules of the Game: Defining and Setting Expectations
5. Preparation and Analysis Prior to Bargaining – the First 5 Phases of the Negotiation Process
6. Creating A Culture of Trust and Openness
7. Where the 'Bigger' Comes From: Expanding the Range of NegoEconomic Potential
8. Style Choices
9. Sealing the Deal - the Second 5 Phases of the Negotiation Process
10. How Big is My Piece? - How the Added Value is Shared
11. Dealing with Stress, Threats, and Bluffing
12. Make the Pie Bigger and Nobody Loses
Conclusion: Restoring Trust to the Marketplace – It All Starts with You


'Trust is critical to effective negotiating. The Trust Factor is full of useful negotiation advice combining Jensen's impressive negotiation experiences with insights from behavioral economics and trust research. The book is clearly written and the advice is straightforward.'—Daniel L. Shapiro, Ph.D., Director, Harvard International Negotiation Program and co-author, Beyond Reason: Using Emotions as You Negotiate
'Keld Jensen's book is full of great insights on how to build negotiation competency and develop long term relationships underpinned by trust. This book is very relevant for company executives who have business dealings in Asia where the TRUST Factor and the ability to connect ('Guanxi') must be established as key success factors between western companies and their Asian business partners.' —Peter Woon, Vice President, Procurement and Supply Chain, Marina Bay Sands Pte Ltd
'A superb and deeply relevant book which is refreshing and thought provoking. This book will help build bridges between trading partners and highlights the unlimited possibilities for those who chose to adopt the principles of Negotiating in SMARTnership. I assure you that we at Deutsche Bank will employ this in our negotiations going forward." —Joseph Martinez, Head of Global Sourcing, APAC, Deutsche Bank AG, Asia Pacific Head Office, Global Purchasing and Cost Management
'This book outlines a transition, from negotiation as an event, to negotiation as a process. In making that journey, it provides compelling evidence of the value that is missed by conventional negotiators and provides insights to a winning combination – negotiation, trust and behavioral economics. Together, these elements generate new, value-add solutions that support sustainable and highly profitable relationships. Easy to read, practical to implement, substantial in its personal and business impact – reading this book really is non-negotiable!' —Tim Cummins, President/CEO of International Association For Contract & Commercial Management
'In The Trust Factor, Keld reminds us that our irresistible lure to a focus on results, and to "win" also narrows our focus so we can't see alternatives. Counter-productive practices like "bluffing" and over-reliance on data, feed a cycle of sub-optimal negotiations. Keld explores more rarified ideas such as: How do we find asymmetrical value? Why do people trust you? He provides a rich set of examples, tips, and tactics where you are sure to learn (or relearn) something that you can use tomorrow!'—Dr. Dennis Baltzley, Senior Vice President, Executive Education, Thunderbird School of Global Management
'Anyone looking to be an excellent negotiator must read this book. Keld has completely shifted conventional thoughts on negotiation. Now everyone can win and win big!' —Rodney Cheah, General Manager, TenCate Geosynthetics
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