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Category: Capital

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Growth Investing Personal Development

The Sweet Spot of Pricing

Expectation bias is a term used in behavioral economics; the academic field that covers how we as humans make our decisions, and in particular, how we make our purchase decisions. Expectation bias is a human trait and something that is innate within all of us. I have it. You have it, and most importantly, all your customers have it, too. Expectation bias works in a couple of ways; here is how.

If the price the buyer is presented with, at the point of purchase, is (substantially) higher than the buyer initially expected, then no purchase will occur. Conversely, if the price is (much) lower than the buyer initially expected, then the buyer will have doubts as to whether the product or service will provide sufficient benefit to justify the (low) price. This means that setting the right price for your product(s) or service(s) is a balancing act; not too high and not too low, but just right. It is important to hit the “sweet spot” with your pricing strategy. These price points where the price is deemed to be too high or too low is based on every individual buyers’ circumstances; everything from access to sufficient funds to prior experience with the brand (as a purchaser and user), to how badly the buyer desires your product(s) or service(s). However, since many of today’s buyers have shared experiences, have similar circumstances, and are influenced by the same type of sources of influence, then there will be a price point where most buyers will congregate around—that is the “sweet spot” that you are aiming for. This is the price where the maximum number of potential buyers say that the price itself becomes a message of adequate quality and/or benefit to the buyer, and the minimum number of buyers say that the price is too high. This is the price that will generate the highest sales volume for you. 

The price we pay for a product or service will also affect the benefit we expect to receive from the product or service; if the price is low, then we do not expect such a high-quality product or service and we will view the product or service has having little potential benefit; if the price is high, we automatically expect a very high-quality product or service as well as numerous benefits attached to that product or service. Although, the benefit we expect is often firmly established in our heads, but does not always match the reality of the product or service in question. A common experiment within behavioral economics is to have consumers that are in some kind of pain purchase pain medication. The effectiveness of the pain medication they purchase is then directly correlated to the price that these people pay. Or to summarize this type of behavioral experiment: a 5-cent aspirin is not nearly as effective as a 50-cent aspirin, as the 5-cent aspirin would be seen as having inferior quality and effectiveness compared to the 50-cent aspirin. Similar experiments have been done with wine; researchers put individuals in an MRI machine and examined how the brain’s pleasure center lights up, or not, based on what the subjects were told about the price of each bottle of wine that they sampled. They were served two different kinds of wine. One was a $6-bottle of wine and the other a $60-bottle of wine. When the subjects drank the $6-bottle of wine and were then told that it was a $6-bottle of wine, the brain’s pleasure centers did not light up. On the other hand, when they were told the wine they had just drunk was a $60-bottle of wine, the brain’s pleasure center lit up consistently! Conversely, when subjects drank from a $60-bottle of wine and were then told that it was a $6-bottle of wine, no pleasure was registered. Overall, the conclusions taken from these experiments is that the benefits we receive from a product or a service are directly correlated to the price that we paid for it. 

Companies who sell a product or service where the resulting benefit cannot, with 100% certainty, be measured, can then leverage expectation bias to gain much higher sales, often at higher prices at the same time as their customers’ satisfaction level is increased. (If you think about it, there are many products or services where the benefit the buyer gets cannot be directly measured.) In order to achieve this multipronged goal, it becomes paramount for you to be able to fully understand the willingness to pay among your buyers in a specific market. This can be done through price-specific, online market research that specifically measures the monetary value customers associate with your company’s product(s) or service(s). In such market research, respondents during an online survey will be asked a series of questions that, when the answers are subjected to statistical analysis, will accurately provide you with important and highly relevant information pertaining to what your buyers are willing to pay for your product or service, within a specified market that your business is engaged in. 

This, however, is just the first step. A very important step none the less. 

To further understand how it is possible to increase your sales at higher prices, the willingness to pay measurement must in turn be segmented. In great detail. What this means is that the willingness to pay data from respondents with the same preferences for your product or service features, benefits, or even marketing message preferences are grouped together and then willingness to pay for each (segmented) group is analyzed and contrasted with the other groups from the survey. The results taken from this in-depth analysis will mean that your business will be further enlightened and will better understand what features, functions, and benefits that generates a higher willingness to pay compared to other features, functions and benefits that your business offers. Also, you will see what specific marketing messages and sales channels will drive a higher willingness to pay for your product or service. These results will also show you what kind of buyer and what circumstance around them will affect their willingness to pay, which they take into consideration before potentially purchasing your product or service. As a further example, think about how a different circumstance may affect willingness to pay, consider a commodity like gas, for instance. If your gas tank is nearly empty and you are on the way to the hospital with your sick child, your willingness to pay to fill up with gas is likely higher than if you were visiting your in-laws, with a fully-healthy family!

So, in closing, in-depth understanding of a market’s willingness to pay and being segmented both by-product or service features and also taking into account the unique variables attached to each buyers’ profiles will enables your business to target potential buyers better, to optimize your market strategy better and to get your pricing strategy better, so that you hit the “sweet spot” for yourself and your customers. Having done all this, it will all lead to your ability to increase sales at higher prices for your products and services. 

Per Sjöfors
Founder
Sjofors & Partners
www.sjofors.com

Categories
Best Practices Entrepreneurship Human Resources Investing Marketing Negotiations Sales Skills Women In Business

“Negotiator – To Be More Amazing Turn The Tables On Negative Emotions “ – Negotiation Tip of the Week

“Watch the meanings you give to events. They impact the perception of your actions.” -Greg Williams, The Master Negotiator & Body Language Expert (Click to Tweet)

Click to get the book!

“Negotiator – To Be More Amazing Turn The Tables On Negative Emotions “

If he’d been a cartoon character, steam might have been bursting from his ears. He muttered under his breath, “that S.O.B. will not get away with that.” The S.O.B. that he was referring to was the other negotiator, who had stoked the negative emotions of our steamer. And the steamer swore he’d turn the tables on his adversary.

Have you been in a situation where the opposing negotiator did something that sent your emotions into negative territory? We’ve all been there at one point in a negotiation. But what good did that serve? It only upset you.

If you’d like to discover how to confront emotions better and increase your negotiation outcomes, consider the following before and during your negotiation.

 

Causes of Distress

Most emotions stem from people seeking and not achieving either more sex, money or good health. If you just thought, I know that. My question is, as a negotiator, do you consider the impact that may have on a negotiation?

Depending upon whom you’re negotiating with, one aspect of those variables may be more important than another. Thus, if you’re not aware of what’s essential to your negotiation counterpart, you might experience negative emotions when you can’t acquire what you seek.

The lesson at this point is since there are three points from which negative emotions can stem, know which one is prominent in the mind of those with whom you negotiate. Having that insight going into a session will enhance the foresight of its outcome.

 

In Comparison

Is that the best you can do? Many negotiators have heard that question during a negotiation. Some hagglers become irate at it, especially when they think they’ve made their best offer. Smart negotiators divorce their emotions from the question. They know, no matter how good the offer may appear, if untested, they’d never know if there was a better one. Thus, they’ll test the proposition by asking if it’s the best one the other negotiator has.

So, when someone asks for a better deal, don’t become upset. Possessing uncontrolled emotions won’t serve you. Instead, ask what is meant by ‘a better deal.’ The opposing negotiator may have something in mind that you’d not considered. Thus, if you don’t ask the question about what he’s seeking or what he’s comparing your offer to, you could be negotiating against yourself. Therefore, don’t respond to his question before knowing his intent.

 

Focus

It’s a known fact that what you focus on commands your attention. Thus, to control negative emotions, you should monitor the views, thoughts, and opinions from others that you allow to come into your sphere. As an example, I use to believe I could control things that occurred in my environment. That meant I could control the news I watched, the pros and cons of those possessing opposing opinions, etc. But I came to realize that some of those thoughts crept into my subconscious mind without me realizing they’d done so. Thus, I began to act in ways that didn’t serve some of the goals I’d established. I came to realize that carrying the burden of some thoughts shaded my perspective and jaded my thought process during negotiations.

A peer associate who lives in Australia, Tanja Windegger, a Ph.D. candidate, suggested that I stop watching the news. She implied that it might be causing me unknowing stress. She further stated, “anxiety interferes with the optimal activity of our immune system.” Translation, when your immune system becomes compromised, so does your emotional state of mind and health.

The point is, be aware of what motivates your actions. And to what degree your activities align with the outcomes you seek. Even if you let your guard down for a moment, negative thoughts may sneak attack your mind. And they may do so without you being aware that an invasion has begun.

 

Mixed Messages

How well do you work with mixed messages? When there’s a conflict in messaging (e.g., do this – no, do that), or worse outright lies, it can create a lack of action due to not knowing what to do. The negativity can become amplified when you’re the subordinate and your superior commands you to engage in activities that cross your perspective of what’s right and wrong. That can be demoralizing and debilitating. And the latter can be the gateway that leads to unwanted adventures when you become overwhelmed by mixed messages that reside within your mind. To control your thoughts, control the meaning you assign to the events that occur to you, and be mindful of what comes into your thought process.

 

How You Steward

People may not know how you feel, but they gain insight into what you’re experiencing based on how you act. And of course, you know how you think, which shows in your actions. Thus, another reason you should watch the meanings you give to events. Because they impact the perception of your actions.

 

Reflection

Don’t view the truth as an adversary. Instead, embrace it. The only way to do that is to know what it means to you and the other negotiator. Not until then will you know what you’re dealing with, and from there, how to control your emotions. Everyone can lose their cool and become heated during a negotiation. But the more you’re aware of what triggers your feelings, and those of the other negotiator, the better you can control the negotiation. And everything will be right with the world.

 

Remember, you’re always negotiating!

 

Listen to Greg’s podcast at https://anchor.fm/themasternegotiator

 

After reading this article, what are you thinking? I’d like to know. Reach me at Greg@TheMasterNegotiator.com

 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here https://www.themasternegotiator.com/greg-williams/

 

 

#Emotions #csuitenetwork #thoughtcouncil #Bodylanguage #readingbodylanguage #Negotiation #Control #Conversations #NegotiationStrategies #NegotiationProcess #NegotiationSkillsTraining #NegotiationExamples #NegotiationTypes #ReadingBodyLanguage #BodyLanguage #Nonverbal #Negotiate #Business #SmallBusiness #Negotiation #Negotiator #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #BodyLanguageExpert #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions #GregWilliams #success #negotiation examples #Negotiation strategies #negotiation process #negotiation skills training #negotiation types #negotiation psychology #Howtowinmore #self-improvement #howtodealwithdifficultpeople #Self-development #Howtocontrolanegotiation #howtobesuccessful #HowToImproveyourself

 

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Best Practices Entrepreneurship Investing Marketing Personal Development

The ONLY Number That Counts to Hit Your Goals

We talk a LOT about fees, revenue, goals, and metrics in our mentoring program.

Many experts and speakers overcomplicate this.

Should you have a 17-part fee menu with modular prices for every potential type of engagement?

No.

Should you charge by the size of company, by the length of program, by the number of attendees?

No.

Should you become a master of bargaining up and down with your fees, or be able to squeeze blood from a stone, or wrangle a deal better than an FBI hostage negotiator?

No.

In fact, there’s only one number that you need to focus on if you want to land more and better speaking, coaching, consulting, and training clients for much higher fees.

It’s the number that leaves your lips.

Quote the right fee in the right way at the right time.

No waffling.

No caving.

No negotiating.

No begging.

No convincing.

No persuading.

Understand the value you bring to the table, talk about solving business problems (not speaker problems) and you’ll win every time.

You win when the right clients say “Yes” to your right fee.

And you’ll also win when the wrong clients say “No” to your right fee.

What’s the new number that’s going to leave YOUR lips the next time you’re talking to a prospect who wants you to train, coach, speak, or consult?

I REALLY want to know – will you hit reply and tell me your new number?

Categories
Best Practices Economics Growth Management Personal Development

Leaders Who Outperform Competitors In A Down Market

No one likes a downturn in the economy whether it is short-term or a longer-term recessionary period. What ensues for business leaders and their employees tend to be a natural reaction – heightened anxiety, stress and hunkering down into an approach that focuses on defending and retaining existing clients to keep them happy and the revenue intact.

Focusing on happy clients during a downturn is not new nor should it be a new focus. In fact, focusing on clients is something good organizations do during good economic times. What’s changed is what actually comes next – a leadership focus on managing employees to tasks the organization feels will lead to desired goals.

Studies prove when leaders have heightened levels of anxiety and stress, they become more goal and task-oriented and less “people-oriented” towards their employees. Employees feel the pressure, the culture shifts, and everyone is less happy than they were just a few weeks prior to the economic downturn. And, the shift lasts……. hurting productivity & employee engagement.

The lasting effect of this shift is twofold: (1) productivity and focus decrease, negatively impacting desired results and (2) unhappy employees are waiting for the upward turn in the economy to jump ship and move to a better organization who feel the experience would have been better.

Who are those who leave? Your best employees. If you refer to Leigh Branham, the author of “7 Hidden Reasons Employees Leave” you’ll find managers believe 89% of all employees leave for more money when the actual number is 12%. Without your best employees your ability to execute a growth strategy can become significantly handicapped.

So, what do the best leaders do during an economic downturn to find success? Let’s take a look at the two things winning leaders focus on accomplishing – employees and real investments into a growth strategy.

 

EMPLOYEE FOCUSED

Great leadership knows the tasks and work will get done by their direct reports because they hired qualified, capable people. What this same leadership also knows is that their employees can and will get caught up with distractions of a downward economic cycle in both their personal life and business. By acknowledging to their direct reports these distractions and challenges, they offer a few important things to their employees:

• Connection – Employees want to know their boss ‘gets it’ and knows what they are feeling and going through as stressors. Outward acknowledgment helps create and keep a line of communication open where the employee may have a periodic need to just talk through things not related to their tasks and goals. The employee feels relieved they can talk to their boss if needed without the risk of it coming back in the form of a negative performance review.

• Listening – Let’s be real, employees do not have a lot of outlets to talk through their stressors at work. Listening is the biggest form of emotional support when employees don’t want a solution but understanding. They don’t want to think there is a professional risk in being human.

• Engagement – Those leaders who master connection and listening create the highest level of engaged and committed employees for making the business successful. It also reduces turnover when the economy turns positive. How do we know this is true? A Harvard Business Review study revealed 58% of all employees trust a stranger more than their Manager.

 

INVESTING IN A GROWTH STRATEGY
There are 4 types of business behaviors during an economic downturn by leadership:

1) Prevention-focused companies, which make primarily defensive moves and are more concerned than their rivals with avoiding losses and minimizing downside risks.
2) Promotion-focused companies, which invest more in offensive moves that provide upside benefits than their peers do.
3) Pragmatic companies, which combine defensive and offensive moves.
4) Progressive companies, which deploy the optimal combination of defense and offense.

#2 is the most important leadership decision you can make for your business. These leaders know that while there is short-term pain in terms of selective cost-cutting, they actually spend budget dollars to create a new growth strategy for when the upward economic turn starts to evolve. This is something I discuss in my February 2020 whitepaper entitled “Economics – The Business Owner’s Blindspot” as Plan B. Creating and preparing your business for growth by investing the time and resources will put you ahead of your industry peers who will be trying to figure it out when you already have, and the economy has turned positive. This gives you a window of exclusivity to accelerate business results.

We know COVID-19 will have an unprecedented impact on businesses. But, we also know there is no permanence to this current challenge and things will get better. The question is: “what can you do right now during the COVID-19 pandemic to be prepared to capture new growth when the pandemic subsides?”

 

TAKING PROACTIVE ACTION
Step 1 – Analyze your market’s buyer behavior right now and predict what it will be when the economy turns positive. What will be their triggers for engaging and not engaging? How you build a strategy around those constraints and enablers determines success in creating positive outcomes
Step 2 – Initiate a plan today around your employees so they are with you for the hard times and good times without having thoughts of leaving for greener pastures (a.k.a. better leadership)
Step 3 – Budget and be willing to spend money on strategy that will give you a competitive advantage over what everyone else is doing right now and where they are focused
Step 4 – Embrace your limitations as a leader and obtain the help to build out Step 3. Average leaders try to do this themselves. Great leaders know their limitations and embrace it – there are no feelings of vulnerability nor concerns they will be viewed as unqualified leaders. Quite the opposite.

What leaders exemplified these traits and found exceptional success during their time leading an organization? Herb Kelleher, co-Founder & CEO of Southwest Airlines. Elon Musk, Founder & CEO of Tesla. Rodney Martin, chairman & CEO of Voya Financial. There are many more – and you can be one of them too.

Categories
Best Practices Investing Leadership Marketing Personal Development

The High-Fee Expert Bill of Rights

Here’s a checklist of attitudes, traits, behaviors, and beliefs that the Top 1% of speakers and experts wrestled with – but then STOPPED so they could become the Top 1%.

How many of these have been problematic for YOU?

It’s time to ASSERT your rights.

Because you DESERVE success.

And you must STOP getting in your own way with these 6 self-limiting, revenue-killing, success-preventing BAD habits.

Ready? Here they are…

  1. Lack of time, focus, and a game plan to build a serious “speaker/ expert” platform that could be generating an additional $10K-$15K per month on speaking fees alone AND helping you reach more high-probability buyers with your impactful programs
  2. Small potatoes thinking and doing: Settling for local chambers, libraries, and business organizations with no overall game plan to target high-fee niche groups on a national level and build a revenue-generating machine for ALL your investable opportunities, including speaking, training, coaching, consulting, and online products.
  3. Generic sounding programs and No target market that is hamstringing the efforts that you ARE making with your limited time. What needs to happen here is a way more effective and efficient approach. (Targeting specific decision-makers with a value prop they’re already seeking.) Transforming your generic-sounding programs into 2-3 well-branded ones in your “integrated product suite” and dropping the Chinese menu approach that is commoditizing you to death!
  4. Gaps in sales process, sales execution, and sales follow-through with little proactive selling – too much distraction and thus, falling back on reactive “catch as catch can” marketing and taking on random low-fee opportunities as they fall in your lap. Replace with a buyer-centric DAILY dose of high-touch, high-relevance outreach.
  5. Lots of good ideas but too little activation and too many “spinning plates” which you can no longer afford. It’s high time you started making more money – in other words, it’s time to STOP paying your dues, and start paying your bills! Even speakers generating $5K – $7K – $10K fees are often OVERDUE in raising their fees because they’ve gotten complacent or wrongly believe that clients won’t or can’t pay more. There’s always a bigger fish – and if you’re not moving ahead, you’re falling behind.
  6. Mindset, self-esteem, self-worth, and the impostor syndrome. Nobody will value your programs, services, and solutions higher than you do. Stop being your own worst enemy and get out of your own way. Sales, significance, and happiness will follow.

Ready to assert these rights?

Ready to BUILD or REBUILD or PIVOT into the high-fee expert business you’ve always wanted?

Ready to start down the path of doing so quickly, with all the steps laid out so that you get a reliable, repeatable process that brings you the clients, the impact, and the freedom you deserve?

Find a time on the calendar that works for you and we’ll schedule your breakthrough session to see how we can help you right now: www.doitmarketing.com/call

Categories
Body Language Human Resources Investing Management Marketing Negotiations Sales Skills Women In Business

“Your Um Is The Killer Of Your Opportunities” – Negotiation Insight

“The quickest killer of your opportunities is not representing who you are in the moment.” -Greg Williams, The Master Negotiator & Body Language expert (Click to Tweet)        Click to get the book!

 

“Your Um Is The Killer Of Your Opportunities”

 

His ums were the killer of his present and future opportunities. Are you doing that to yours?

He passed out his presentation to the 12 participants in the room. He thought this is going to be a make or break opportunity for me. If I do well, my career could take off like a rocket! And then he started.

Um, good morning. Um, thank you for allowing me to present this morning. I know, um, you’re going to find what I have to say to be, um, very interesting. And in a moment, um, I’ll begin. But first, um, I’d like to ask you a question. One attendee leaned towards another and said, when is he going to talk about what we came to hear? And if he says, um, one more time, I’m going to scream!

Not only had the presenter alienated his audience, but he’d also decreased his chances for a successful outcome. His ums, and his delay in getting to the point was a turnoff.

Are your ums and dullness killing your opportunities?

People make snap judgments about you based on how quickly you captivate them, which compresses the way you speak, the words you use, and the pace at which you deliver your words. Thus, the reception of your message, in part, depends on those variables.

So, before you attempt to implement any activity that you want others to embrace, consider the variables that will move them to adopt your position faster, versus what might cause them to hesitate. Your outcome potential will hang in the balance.

 

The pace of speaking

Be it in a negotiation (you’re always negotiating), a personal conversation with friends or a loved one, the speed at which you speak influences the perception of the listener. Thus, if you talk too fast, and the receiver of your message can’t keep up, they may become frustrated inwardly and stop listening to your message. Worse, they may stop listening to you but continue issuing body language and nonverbal signals (i.e., head nodding, grunting, etc.). In that case, they’d give the appearance that they’re attuned to what you’re saying when in reality, they will have tuned you out.

When it comes to delivering your message at some point, stop and ask the other person a question about what they’ve heard and what they understand the intent to be of your message. Do that to discern their understanding and reception of your message. But even more, monitor their emotional displays (i.e., mouth agape, widen eyes, foot movement, etc.) to assess the impact your message is having on them. And you can take note of the expressions of different people in a larger audience to make the same assessment.

The point is, to deliver a concise message, you should consider matching the pace of its delivery to the speed the receiver needs to hear it. That means you should provide it at a pace that allows them to understand and sense it at an emotional level as the result of having received and perceived it. Sometimes that’ll mean talking quickly to induce excitement, or slowing down the tempo to produce a more solemn mode.

 

Filler Words

When you use filler words (i.e., ums, you know, etc.), those words can distract the listener from the message you’re delivering. And that distraction decreases the perception of you as someone knowledgeable about what you’re saying. Note: In a negotiation, if you wish to cast yourself as someone unsure of his position as a ploy, you might use filler words and stammer to enhance the effect of the role you’re playing. If you don’t wish to project that image, eliminate the fillers.

Outcomes

Another point to consider when you’re attempting to sway someone to adopt your position is how you’ll position the result of them doing so. By painting a picture of what the outcome might be if someone does or does not embrace your perspective, you cast their thoughts into the future. That’s a distinction to be made from having them reflect on their past, which is not bad in all cases.

By having someone focus on their future, you set the expectation for things to come, while allowing them to influence that occurrence. Thus, if you wanted them to see themselves in a better position in the future, depending on the individual, you might consider painting a future scene that’s bright with happiness, excitement, and worry-free. If you wanted them to see what they might forgo as the result of not adopting your suggestion, you might consider painting a doom and gloom picture. Just be aware that people tend to move away from something quicker than they’ll move towards something. That means they’re more likely to avoid pain before they seek pleasure.

 

Implementation

Once you’ve addressed the variables mentioned, give severe and prolonged consideration to how you’ll implement your plan, strategy, request, etc. In particular, think about the timing of your implementation. Ask yourself, how might it impact or be impacted by other occurrences? Who might be most upset or pleased by your application, and what might key people do to assist or challenge it?

To have the most significant opportunity of a successful implementation, you must consider the variables that will impact its chance to achieve the outcome you’re seeking. Then, you should address the potential negative influencers that might challenge it and addressing the concerns they have in opposition. That will require modifications to your plans. But that’ll still allow you to implement them with less resistance had you not addressed those that were in opposition. And that will enhance your chance of greater success.

Reflection

There will always be variables to address to overcome obstacles that’ll stand between what you want and what you have to do to obtain what you want. The better you are at addressing those variables and aligning the forces you’ll need to aid your efforts, the faster you’ll be at implementing more of your plans, with fewer obstacles, and more allies. And everything will be right with the world.

 

Remember, you’re always negotiating!

 

Listen to Greg’s podcast at https://anchor.fm/themasternegotiator

 

After reading this article, what are you thinking? I’d like to know. Reach me at Greg@TheMasterNegotiator.com

 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here https://www.themasternegotiator.com/greg-williams/

 

 

#Killer #Opportunities #Ums #FillerWords #csuitenetwork #thoughtcouncil #Bodylanguage #readingbodylanguage #Negotiation #Control #Conversations #NegotiationStrategies #NegotiationProcess #NegotiationSkillsTraining #NegotiationExamples #NegotiationTypes #ReadingBodyLanguage #BodyLanguage #Nonverbal #Negotiate #Business #SmallBusiness #Negotiation #Negotiator #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #BodyLanguageExpert #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions #GregWilliams #success #negotiation examples #Negotiation strategies #negotiation process #negotiation skills training #negotiation types #negotiation psychology #Howtowinmore #self-improvement #howtodealwithdifficultpeople #Self-development #Howtocontrolanegotiation #howtobesuccessful #HowToImproveyourself

 

 

 

 

 

 

 

Categories
Best Practices Body Language Entrepreneurship Human Resources Investing Management Negotiations Sales Skills Women In Business

“How To Expose Hidden Secrets By Reading Body Language” – Negotiation Tip of the Week

“Secrets can harm you. To uncover them, learn to read body language.” – Greg Williams, The Master Negotiator & Body Language Expert (Click to Tweet)

 

“How To Expose Hidden Secrets By Reading Body Language”

 

To interpret someone’s body gestures accurately, you must understand the meaning of their movements and verbal utterances. And that’s how you expose their hidden secrets. Because reading body language is like peeping into someone’s mind, it’s a skill that enhances your negotiation efforts too. To interpret someone’s body language accurately, you should observe the following.

 

Using Power Words

You can’t make me. Oh, yes, I can. No, you can’t. You might remember hearing such words when you were a kid. During such times, when kids spoke those words, they were spurred to adopt one position versus another. And even though you’re not a kid any longer, you can still use words to motivate someone to expose themselves. But wait, you may be thinking – this is about reading body language. And you’re right, it is. You can use words, coupled with your body language gestures, to create emotional movement and displays in others. And that’s how you can unlock their hidden secrets.

Power words (e.g., I will, I’m sure, that’s right) make you appear more assured of your position, compared to assertions that project a less compelling image (e.g., maybe, I think, possibly). When you use powerful words, coupled with a decisive body language gesture and verbal signaling (i.e., leaning forward, speaking more forcibly and at a quickened pace), you promote a defiant image that signals, don’t be trivial with me – I’m on to you. That persona enhances the thought that you may know more than your target suspects. If you intentionally choose to be less challenging and decided to use less forceful words, you’d adopt a softer body language posture to affect your façade, one that was less in-your-face.

Click here to watch a brief video about Power Words.

Body Language

Inducing Fear

Think of a growling dog for a moment. Did you imagine saliva oozing out of its mouth? If you’ve ever had a bad experience with a dog that frightened you, you probably had a flashback to that experience a moment ago. How did you feel then and how do you feel right now? Did your heart rate increase then? Is it elevated right now, just thinking about the situation?

Fear shows itself through widened eyes, quick breathing, elevated perspiration. If an attempt to mask it occurs, it may also show through a change in speech pace, and more touching of one’s self. Those actions are an unconscious attempt to relieve the stress that one is experiencing.

You can induce the fear factor into a discussion by injecting an unpleasant memory into the mind of your target, and implying that you know they’re not truthful with you. To enhance your efforts, use assumptive questions (questions that suggest you know more than you’re letting on – e.g., you know I know you’re not telling me the real story – don’t you?) Lean forward as you make your pronouncement. And watch the demeanor the person adopts. Note if they appear frightened per the signs mentioned (e.g., widening of the eyes, mouth agape, clutching themselves for protection or comfort) to indicate that.

Stance/Demeanor

I’ve already mentioned a few ways you can solicit information to unlock secrets based on the posture you adopt (i.e., leaning forward, back, coupled with using the appropriate words to suit the persona you wish to project, etc.). The following are additional ways to propel your image and to unlock someone’s secrets.

Strong Image – Hands on your hips, a snarl on your face, coupled with words that are sharp, short, and poignant – This image conveys a no-nonsense stance. And it can be used when attempting to enhance the intimidation factor in someone.

 

Subdued Image – Hands spread apart, palms turned upward, a smile on your face – This persona signifies that you’re open to listening to the other person’s side of a story. Adopt this demeanor when you’ve gained the cooperation of the other party. Do it to display that you’re not out to harm him as the result of him telling you his secret.

 

Be Reflective – People unconsciously adhere to the wishes of others when they perceive their actions stemming from others that they’ve emitted. Thus, to control someone’s thought process better, mimic their movements and words to convey that the two of you are alike. Subliminally, they’ll see their reflection in you and open up. But, if after several occurrences of mimicking them, they don’t open up, stop imitating them. Instead, initiate a more doubting posture (e.g., crossing your arms, closing your hands to indicate how dire the situation is, etc.).

When that person begins to mirror your movements, start questioning them more intensely. At that point, they’ve started to follow your lead, which means they’re more susceptible to being more truthful. Be aware of the time spent in your attempts to extract someone’s secrets. That will also have an impact on their willingness to separate themselves from their secrets.

 

Micro-expressions

There are seven micro-expressions generic to everyone on earth – they’re displayed approximately for one-quarter of a second. That means everyone will react the same way to the same stimuli no matter where they live in the world. Once you become astute at identifying micro-expressions, you’ll have additional insight per someone’s inner emotional state. The seven micro-expressions are.

  • Fear – When detecting genuine fear, look for raised eyebrows, widened eyes, and parted lips with the bottom lip protruding downward.
  • Anger – Anger is denoted by lowered eyebrows and flaring nostrils reminiscent of a bull before charging.
  • Disgust – This micro-expression is displayed by the upper lip turned up, while the nose is wrinkled.
  • Surprise – You’ll recognize surprise through raised eyebrows, wide eyes, and open mouth.
  • Contempt – This gesture appears as a sneer. You’ll note it by one corner of the mouth turned upward.
  • Sadness – Note sadness through drooping eyelids and downturned lips. A change in voice inflection and tonality may also accompany genuine sorrow.
  • Happiness – Happiness is shown through wide-eyes with crow’s feet or wrinkles at their corners, a smile, and raised cheeks. A degree of exuberance may also accompany this gesture.

Click here to hear more about the seven micro-expressions that are generic to everyone on earth.

 

Reflection

When you’re questioning someone, their heightening degree of stress signals how close you are to exposing their secrets. Be aware of those signals. Noting them will allow you to unlock more secrets. It will also be an indicator that you’re reading their body language accurately. And everything will be right with the world.

 

 

Remember, you’re always negotiating!

 

Listen to Greg’s podcast at https://anchor.fm/themasternegotiator

 

After reading this article, what are you thinking? I’d like to know. Reach me at Greg@TheMasterNegotiator.com

 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here https://www.themasternegotiator.com/greg-williams/

 

 

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“7 Wicked Strategies To Unlock Non-Crisis Negotiations” – Negotiation Tip of the Week

 

“The difference between a crisis and a non-crisis is the difference in perception. To be better prepared to address either, no what separates them.” -Greg Williams, The Master Negotiator & Body Language Expert  (Click to Tweet)

 

 

 

Click here to get the book

 

 

“7 Wicked Strategies To Unlock Non-Crisis Negotiations”

 

When you engage in crisis negotiation, there’s usually less time to consider what strategies you’ll employ compared to when you negotiate in a non-crisis environment. But, just because a non-crisis negotiation should be less stressful doesn’t mean you should lower your guard.

The following are seven negotiation strategies to consider when negotiating in non-crisis negotiations.

 

Mindset/Mindfulness

While non-crisis negotiations may not possess the level of stress of crisis discussions, don’t let your demeanor laps into a state of complacency. This means, plan for a less stressful engagement but be prepared for circumstances that might cause provocations. Also, monitor your state of mind before and during the negotiation. Be very much aware of how you’re thinking, where your thoughts are leading you, and what mental interventions might occur to alter any thought path you’re on. You want to be aware of as many variables that might impact your thoughts, so you’re able to control them better.

 

Social Media

Social media is a powerful tool. You can use it to soften or alter the perspective of those against whom you’ll be negotiating, and to have your viewpoint enhanced. In essence, you can use it as a tool to position the opposing side to be viewed in a particular manner – one that suits your purpose. Another tactic is to have surrogates post positive attributes about you and your position.

 

Questions/Statements

The questions you ask, their timing, along with statements you make, can play a pivotal role in the flow and outcome of a negotiation.

 

Assumptive Questions – You can ask assumptive questions, questions that give the appearance that you may know more than you’ve disclosed (e.g., you’ve awarded this type of contract with a high dollar amount in the past, right?). By posing a question in that manner, the opposition can answer in the affirmative, hesitate in responding, or deny your assertion. Either way, you’ll gain information that you can use in the negotiation. And, a bonus will occur in causing the other side to wonder what additional insights you might have that you’ve not disclosed.

Implied Questions – Ask questions that imply an answer (e.g., why would you only focus on one company that might be involved in corruption, if you state you’re concerned about business fraud throughout the country?) The hidden implication is, you weren’t worried about business crime, you had other thoughts that motivated your actions.

Statements – To alter the momentum of your opponent, make false statements to which he has to respond. If he doesn’t retort, his point is clouded, and your comment becomes perceived as truthful. The point is, by having the other negotiator focus on your false accounts, he’ll have to extend time refuting them. That’ll give you more time to regain momentum in the negotiation. Just be cautious about how outlandish your assertions are. If they’re too far out of the realm of reasoning, you’ll appear buffoonish.

 

Always attempt to ask questions and make statements when they have the most significant impact on the negotiation.

 

 

Timing of Negotiation

There will be optimum times when you should negotiate. Such times will occur when you’re in a dominant position (i.e., you have something that the other negotiator must have quickly), the other negotiator is weakened by internal or external forces (e.g., they need to complete your negotiation to move to something more important). Whatever sources might cause you to have an advantage at a particular time, seek them out – and negotiate then. Doing so will enhance your negotiation efforts.

 

Single Versus Team Negotiations

The dynamics of a negotiation change whenever multiple people are involved. Even when everyone on your side or that of the opposing party is in agreement about how the negotiation will unfold, there will be occasions when someone says or does something unexpected. Prepare for such occurrences, and when they materialize, take advantage or squelch them.

 

When you’re alone negotiating against a team, spread your materials out. You want to take up space to combat the appearance of a numerical disadvantage. The intent is to convey mentally and visually that they’re more resources on your side than just you. Psychologically, this will give the appearance that you’re not alone. Also, to strengthen your persona, act with extreme confidence. Your silent message is, you’re not afraid because of the other side’s numerical advantage – you’re ready, prepared, and able to take them on.

 

 

Body Language and Nonverbal Cues

When people are in a nonstressful environment, they tend to relax. That’s why in non-crisis negotiations, you should be mindful of when discussions become stressful. There will be degrees of stress – they occur in most negotiations. But if it elevates to an unwarranted point, you should question why it happened and what’s causing it to ensue. The ‘why’ and ‘what’ will offer insight into having something exposed that the other negotiator might want under wraps.

 

 

Breathing – When face-to-face or engaged in phone negotiations, take note of the other negotiator’s breathing patterns. At the moment they become short and laboring, he’s entering into a mode of stressfulness. That may be due to his uncomfortableness about the discussion or something he senses that he’d rather avoid. And that’s the reason you should note it. You may be on to an aspect of the negotiation that warrants more in-depth inspection.

 

Word Choice/Speech Pace – The words a person uses conveys his thinking and how he chooses to represent his thoughts. Thus, when a person begins to speak more deliberately, ask yourself why he’s doing so. Question why he’s cautious about the word choices he uses, and what’s caused him to become more deliberate. Such clues will be the gateway from which more significant insights will follow. Note their occurrence and lineup.

 

Perspiration and Fidgeting – Another sign of stress reveals itself in self-touching (i.e., forehead, mouth, rubbing eyes, arms, hands, etc.) It can also be seen in someone needlessly fidgeting while standing or sitting. Again, note when this occurs, it indicates a mental shift in the perspective of the person displaying the action.

 

Negotiation Baiting

Baiting is a strategy employed by savvy negotiators to pull the opposing negotiator into a disadvantaging position. You’d use it by baiting that negotiator to adopt a perspective that appears out of step with commonly held beliefs of the masses or whomever you’re attempting to sway. By positioning him in that manner, his views also seem to be outside the bounds of normalcy, and thus he appears less appealing.

 

Reflection

In every environment, there’s a cascade of information to glean about an individual. That’ll give you great insights into how you might motivate that person to adopt one action versus another. By using the prior suggestions, you’ll have a less challenging time in persuading someone to implement your perspective. And everything will be right with the world.

 

Remember, you’re always negotiating!

 

Listen to Greg’s podcast at https://anchor.fm/themasternegotiator

 

After reading this article, what are you thinking? I’d like to know. Reach me at Greg@TheMasterNegotiator.com

 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here https://www.themasternegotiator.com/greg-williams/

 

 

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“Negotiator Do You Know How To Combat And Use Manipulation” – Negotiation Tip of the Week

“There’s nothing wrong with manipulation, as long as you’re the one controlling it.” -Greg Williams, The Master Negotiator & Body Language Expert (Click to Tweet)  Click here to get the book

“Negotiator Do You Know How To Combat And Use Manipulation”

 

Warning: The following information will enhance your awareness of how to manipulate people. The intent is not to provide you with details for that purpose. Instead, the resulting ideas aim to allow you to protect yourself from those that would use manipulation tactics against you.

Recognizing the forces of manipulation is a necessity when dealing with people. Because, while you’re intentionally or unintentionally manipulating others, other people are manipulating you. The latter leads to the mood you adopt when interacting with people, the impact that it’ll have on future interactions with your allies and those that oppose you, and the shifting path that it might lead to per your future. Thus, you should always be mindful of the effects that manipulation will have on everyone in an environment – because future situations will be altered based on the reshaping of your current circumstances.

The following are ways to recognize when manipulation is prevalent, along with how to use and combat it.

 

  • Addressing Manipulation

 

  • Recognizing mindset – Before you can contest anything, you must be aware of what you’re confronting. You should be mindful of the potency of someone’s attempt at manipulation (i.e., weak, non-threatening, substantial, imminent threat, etc.) to assess the force you’ll need to combat it. While making that assessment, consider your current mindset, those of your challengers, and where your mental perspective will be after your response. By doing that, you’ll be adopting a long-game strategy, which will hopefully allow you to avert knee-jerk reactions to situations. Because, the latter can leave you in a position of re-action, versus being proactive and causing others to respond to your stimuli.

 

  • Priming mindset – To assist in your efforts of making others reactive to your stimuli, consider how you can shape their opinions and perspectives before they have substantial interactions with you. You can accomplish this by

 

  • being viewed as challenging the opposition that opposes your target audience

 

  • the alignments you have with other thought leaders of their ilk – those that they respect and aspire to be like

 

  • being perceived as a supporter of the efforts of those whose alignments you seek

 

The arching point is, you have to control your message and persona to be effective when combating manipulation or being manipulative.

 

  • Forms of Manipulation

 

  • Silent
    • Silent treatment – Recall the last time someone gave you the silent treatment. If it was someone of significance in your life, you probably experienced some form of dread. You may have wondered what you’d done, what might occur next, and what action you should be prepared to adopt. For sure, you went into thought mode. And that’s the effect that giving someone the silent treatment can have on your target. It can put them into a state of uncertainty. But, be aware that such treatment can also force your subject into the opposing camp to seek comfort from such treatment. So be attentive to when and how you use it.

 

  • Body language gestures that can enhance the projection of silent manipulation

 

  1. demeanor – calm acting in upsetting situations (e.g., either you or they get riled up, while the other party is calm and detached, leaving the other exasperated)
  2. display – displaying inappropriate or untimely smiles, smirks, frowns, etc., to convey a sense of foreboding or intimidation
  3. spatial – occupying someone’s personal space to make them experience uneasiness

 

  • Social proof – Seek to have positive aspects about yourself, your position, and your perspective in environments that your target frequents. That will shape how they perceive you and your actions, which is to imply that they’ll be more amenable to following your leads.

 

  • Guilt – Seek to make the subject feel guilty. Accomplish this by having your target’s peers side with your opinions. The silent message becomes something must be wrong with you (i.e., the target). Only the uninformed have such beliefs.

 

 

  • Verbal

 

  • Flattery – When people sense sincere flattery from you for them, it creates an attraction in you from them. To enhance your manipulation efforts, compliment others for an achievement or accomplishment that they’ve made and do so in the manner that suits their personality. While some individuals seek praise in front of others, some prefer more subtle acknowledgments. Know the form that best fits the target you’re bestowing adoration upon to maximize its effect.

 

  • Coercion – When you’re in a position of authority or supremacy over someone, it can be easy to coerce them to bend to your will. The challenge becomes, if you make someone engage in actions by that means, they may hold grudges against you, and seek ways to ‘even the score’ at a later date. Thus, you will have created a future problem for yourself. If you feel compelled to coerce someone into acts that they’d rather avoid, understand the potential ramifications of your actions.

 

  • Recognizing And Using Silent Forms of Manipulation

 

  • Gradual movements – Move gradually; it attracts less attention. It’s easy to become susceptible to being manipulated. That’s especially true when it occurs over an extended interval of time. During such times of the manipulation’s effects, you and your environment become normalized. That means you accept what transpires in your environment as being ordinary. You perceive manipulative occurrences as being non-threatening. Thus, you become numb to the travails that manipulation may thrust upon you, while you sit calmly and not adopt actions to protect yourself.

 

  • Employment – To combat the protracted form of this manipulation, be observant about the day-to-day occurrence that suggests you alter your opinion about a matter. And if you wish to use this form against others, distract them from paying attention, while you employ your manipulative actions.

 

Reflection

To combat any form of manipulation, you have to be aware of its presence, the structure it exists in, and the intent that it makes to alter the current situation or environment. By identifying those factors, you’ll have a better position to manage the environment you’re in and use the effects of manipulation to your advantage.

Keep in mind that people don’t like the sensation of being manipulated if it’s to their detriment – but they don’t mind when it’s to their advantage. Thus, to enhance your efforts to manipulate others, have them perceive your actions as being favorable to them. Do that while being mindful to ward-off the efforts of those that would manipulate you to your disadvantage. And everything will be right with the world.

 

Remember, you’re always negotiating!

 

Listen to Greg’s podcast at https://anchor.fm/themasternegotiator

 

After reading this article, what are you thinking? I’d like to know. Reach me at Greg@TheMasterNegotiator.com

 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here https://www.themasternegotiator.com/greg-williams/

 

 

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Your Value Focus Journey: Sell…and Price…At Elite Level

Part 3 of a 4 part series

The ability to sell the value of your offer–then price it–is what pays for all of the value your company works so hard to produce.

Customer value is the kernel within “customer focused” that moves customer decisions, and you need to focus sharply on value. In the first article in this series, I introduced three domains in which any journey toward value focus should operate. Last week, I discussed the first of those three domains, organizational alignment around customer value, and what different achievement levels look like.

Your customer value focus journey also needs to progress in a second domain: your organization’s selling capability. Working in the sales performance domain is coming up with answers to the question:

How well is everyone in your organization able to build, sell, and price customer value.

I use the term buyer enablement (walking the customer through their journey, a value-centric take on sales) domain.  As you progress from average to “elite value-based seller”, skills deepen, and the number of participating roles widens radically.  I use three key components of customer value engagement to describe this domain:

  • Build: Uncovering and discovering value gaps, expanding them, and causing the customer to envision outcomes of having those gaps resolved.
  • Sell: Aligning the seller’s solution with desired customer outcomes.
  • Price: Facilitating the customer process of monetarily measuring the desirability of outcomes, then conducting a win-win pricing dialogue.

The most elite performers, those who employ radical value focus, are able to execute more sales at more profitable value-based pricing.

In this article, I describe the telltale indicators of whether you’ve moved beyond average to Good, Great, or Elite, describing characteristic behaviors at each level.

I’m also grafting in some of the research basis for these three performance levels, using a highly respected research house.  Of the 12 organizational behaviors of world-class sales organizations identified by CSO Insights in their 2019 Sales Best Practices Study, (SBPS) three of them belong in this domain.

I’ll plug them in below with the note “CSOi 2019 SBPS”, then their description of the behavior they surveyed for.

Good Sales Culture

Good sales organizations know that the sales process delivers more reliable results than “hire, onboard and hope”.  Good sales organizations develop playbooks and selling processes to track selling stages.

In addition, they implement a selling methodology to keep selling processes aligned with customer buying processes.

Perhaps more importantly, good performers consistently and proactively use — and preview — call plans to prepare for great sales calls. Call plans are one key marker beacon that you have a good sales culture. (CSOi 2019 SBPS:  We effectively use call planning tools to prepare for customer interactions).

Forecasting at good companies is based upon a combination of qualification criteria, gut feel, and progress through the selling process (increasing probability as an opportunity progresses through the sales funnel).

Profitable sales are usually not a point of emphasis in good companies. Pricing and discounting is seldom rigorously controlled. There is probably a nominal process, but the triggers for approving discounts/price exceptions are easy for certain salespeople to game. Companies at this level seldom formally track who is discounting, how much, and to which customers. As a result, they can’t even analyze the severity and scope of their discounting behavior. Compensation plans may include a profit component, but there is no formal system in place for sellers to be capable of consistently selling value.

Great Sales Culture

Where good companies use persona-based methodology tools as team selling tools, great companies make sure that all conversations add value to the customer’s buying process. (CSOi 2019 SBPS: We Consistently conduct mutually-beneficial sales calls with customers and prospects).

Great companies also leverage everything learned about each persona into handoff tools between (for example) sales and implementation teams – and/or account management.

Sophisticated account management methodologies, and executive interaction tools are used by great sales cultures to broaden and deepen relationships. (CSOi 2019 SBPS:  Our Sellers Effectively Communicate Value Messages that are relevant to buyer’s needs).

Forecasting rigor improves at this level: from feel and selling process completion to opportunity fit (varying degrees of precision here) and some estimate of customer engagement in their own buying process (CSOi 2019 SBPS:  We have a rigorous forecasting process that drives forecast accuracy).

Pricing and discounting rigor may develop at this level. There is probably a formal process, but discounts/price exceptions are probably still concentrated suspiciously. Even great companies seldom formally track who is discounting, how much, and to which customers, and it may not even be a point of emphasis. Compensation plans may include a profit component, but there is no formal system in place for sellers to be capable of consistently selling — then capturing (via price) — value.

Elite Sales Culture

In elite sales cultures, proactive call planning matures.

  • Instead of good sales calls only by salespeople, everyone who touches the customer is able to have at least a simple value discovery interaction.  Most companies find the idea of engaging all customer-facing roles in value discovery radical. Elite value cultures take advantage of the trusting relationships built throughout the customer organization.
  • Conversations are designed to facilitate a customer process of monetarily measuring the desirability of outcomes, then conducting win-win pricing dialogue. Such conversations inform value-based pricing, negotiation, and discounting/price exception processes. I can’t understand why this is so radical for so many organizations, but…it is.

Pricing and discounting rigor flourish at this level. There is a formal process in which discounts/price exception decisions are informed by accurate assessments of customer value. There is an objective system, understood by everyone in the company, for pricing decisions. Elite companies formally pricing/discounting behavior, with analytics on how much, to whom (which customers, which salespeople, which territories/regions, etc.) and on which types of opportunities pricing exceptions occur.  Compensation plans almost always include a profit component, and salespeople know how to maximize both their incomes and corporate profitability.

Underneath it all lies enough customer-world business insight so that your customers know that everyone who touches them understands their business and is trying to help them grow it.

Where Are You in Your Journey?  And Where Would You Like to Go?

Sales capability is one of three domains in your journey to elite value focus.  It goes hand-in-hand with the other two: Company-wide alignment around value and Value-focused Enablement…the topics of my other two articles.

Comment below, like, and/or share. As always, reach out if you have more in-depth questions, or read the accompanying articles…then call me. We can talk about where you are in your journey and where you’d like to go next.

To your success!

The value you create for your customers means nothing if they don’t know it…or if you can’t sell it…or if you can’t capture a price premium for it. Do all three, and you have a rare capability.

 

 

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