The Importance of Trust in Negotiation
In a simple experiment involving more than 3,000 individuals worldwide, I examined the significance of trust.
Participants were presented with a straightforward decision: purchase plastic water bottles for their operations from their existing supplier, supplier A, whom they like, trust, and have had a great relationship with over the past five years, or choose a new supplier, supplier B, whom they do not trust or like, but who is offering the exact same product at a 2 percent lower price.
The vast majority of respondents, 97 percent, chose to continue buying from supplier A, despite the minor price difference. ...
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