Why is benchmarking information an important element in principled negotiations?
In banking negotiations, benchmarking is the agent that makes principled negotiating work. Benchmarking lets banks and their customers meet the fairness test. It decides pricing disagreements by referencing a standard that is independent of the negotiating strength of either party. Benchmarking also gives the strategy of principled negotiation its transparency. With benchmarking, both parties know when pricing is equitable and when it’s not. With benchmarking both parties know what the other side is due.
