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Category: Personal Development

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Best Practices Investing Marketing Personal Development Sales

So Close But Still So Far: Discounting while Perspective Selling

Conclusion of a Five Part Series.

Are you selling with great perspective but still find your sellers discounting to win opportunities?  Don’t worry, you aren’t alone.  Selling with perspective (or insight, sometimes challenging) wins revenue by uncovering value. In the right hands, that can deliver benefits all over your company. In the wrong hands though, it means producing unprofitable revenue: making your company work just as hard for less reward.

Throughout this series, I’ve discussed perspective,  knowledge or insight that expands a customer’s understanding of one or more business issues. When a seller provides perspective, they apply customer-valued (not just any) insights and expertise about unanticipated outcomes. That might mean improving a decision, or achieving a previously unknown outcome.

Selling with perspective breaks sales professionals out of a death spiral.  That spiral: “since salespeople don’t add value to my decision, I’m going to self-inform. Then, I’ll invite them to bid on my self-defined solution.  As a result, they will have a hard time adding any value”. Using perspective selling to break out of the death spiral is critical. Great, even.  It helps win more opportunities, which is critical.

The thing is, a great perspective seller is most of the way to being able win those same opportunities at much higher margins—combined with higher customer preference.  Perspective selling while discounting iso close, yet so far.

I maintain that any company (including a non-profit, if you think about it) has the same fundamental mission — the core purpose of business:

Any company exists to generate higher customer value than it cost to deliver.

To recap, perspective selling allows sellers to uncover and develop additional value – the very essence of a successful business. Since value is the basis of price (OK, strike “is”. “should be the basis of price”), perspective sellers are perfectly positioned to sell value-based prices. They just need to take their game to the next level.

The Three Pillars/Legs of the Perspective Selling Stool… and Value.

Remember the three foundational “pillars” of expertise (or three legs of a stool) a seller should master:

  1. Business Acumen...This was the focus of part two. Basically, business expertise helps evaluate a prospective customer’s (or any company’s) operational efficiency and effectiveness, then identify value gaps.
  2. Solution Acumen. Feature/benefit selling is dead.  As discussed in part three, solution expertise improves perspective selling by translating a product or service into results/outcomes for a prospective buyer.
  3. Customer Acumen…In part four, we described world-class customer acumen.  It’s expertise in facilitating a group buying decision.  At elite level, sellers incorporate decision criteria players from any (even unusual) role with a valued outcome connected to their solution.

The ingredients of selling a value-based price are all right there above…emphasized in boldface.

Perspective (plus insight selling, and to a lesser extent Challenger Selling) harnesses the most compelling buying process: causing a customer to visualize unrealized, desirable outcomes for themselves. Adding on, valuable outcomes are the foundation of priceable value.  Finally, priceable value is the base of value-based pricing (Unfortunately, this isn’t as obvious as it should be. For proof, just look at how many dollars in discounts you gave out last year).

Can You Please Just Finish the Layup?

Done correctly, perspective selling is uncovers customer-valued outcomes throughout the entire selling process.

Unfortunately, most perspective selling doesn’t explicitly teach asking that one more question: “what will this outcome mean to you…monetarily”?  The exact wording of that basic question varies depending on personal style and situation but could sound like:

  1. What is [this situation] costing you every [year/month/etc.]?
  2. It sounds like that [situation] is causing [other department/role] to spend [hours/dollars/resources] on [current work-around]. Can you tell me about that or get me in front of them to ask directly?
  3. I just saw this at another company. For them, [describe improved outcome], resulted in X% reduction in [risk/cost/waste/etc.] and a [savings/cost avoidance] of $Y.  What kind of result do you think might be realistic in your situation?
  4. …you get the idea. Express the outcome as a result preceded by a [dollar/euro/yen/pound/yuan/rupee/etc.] sign.

Thankfully, this isn’t a “keep selling until you lose” situation.  Perspective sellers uncover value early and often — way before the proposal/price negotiation stage.  Remember, that’s the whole point of being an insight seller. It’s like great perspective sellers are leading a fast break with the basketball.  They only need to finish the layup by helping the prospect monetize their already-expressed valued outcome.

The Three Pillars of Perspective Selling and Value Price Selling are the Same. They’re Just Used Differently.

Now, re-read the boldface text on the three pillars above.  Next, go back and read the typical questions just above.  Then, notice how the three pillars help a seller:

  1. Understand the cost impact on the customer’s business? (hint: business acumen, possibly solution acumen)
  2. Predict a secondary/related business result, (business acumen, solution acumen), then recruit a new buying influence with something to gain (customer acumen).
  3. Refer a prior success (solution acumen) into the current prospect’s situation (business acumen), then start one persona on the path to monetizing the problem in their own world (business, solution, and customer acumen).
  4. …you get the idea. It takes all three legs of the stool to support both perspective and value price selling.

Perspective selling carries your conversation widely and effectively around an organization. However, Value price selling can carry your conversation more effectively into the C-suite.

Perspective selling uncovers and clarifies value drivers. In contrast, Value selling monetizes drivers.  Full Value Selling pushes sellers to monetize every single value driver they possibly can.

Perspective selling wins opportunities.  Better still, Full Value selling builds so much monetary value for your solution that your higher price is a better bargain to the customer than the exact same proposal sold only with perspective.

Selling value is one of those areas where less is less.

More value is more price. Importantly, price is profit.

Your company exists to generate higher customer value than it cost to deliver.

If you aren’t happy with your current results, could it be because your sellers are trained — and compensated (that’s another blog post, or several careers) – to go after exactly the outcome you pointed them toward?

Contact me if you want to talk about it.

To your success!

Categories
Growth Leadership Personal Development

Why Failing to Train Your Employees Costs a lot More Than You Think

Let me start this article by quoting a conversation between a CEO and a head of training.

The CEO says, “What if we spend all this money training our staff and they leave us?” And the head of training replies, “What if we don’t train them and they stay?”

The point of this adage is that if you spend a lot of money and they leave that is not great. But if you don’t train them and they stay, it costs you a lot of money.

***

Early in my career when I worked for CCA Global Partners, I supervised operations at a number of flooring stores that practiced a philosophy hiring philosophy that seemed logical. The company routinely hired salespeople who had worked at other flooring retailers, and then didn’t train them. The assumption was that experienced salespeople were “pretrained.” Training them would be costly and superfluous.

That assumption might have made sense, but it was flawed. The fact that those salespeople had experience didn’t mean that they came armed with the best selling skills. So, my team and I developed a blended program of live and eLearning that taught the comprehensive selling skills that our company needed. We trained salespeople on the products they were selling, on how to increase the size of the average order, on how to explain to customers what to expect when their new flooring was installed, and more.

The performance of the experienced people we trained was dramatically better than the performance of experienced people who were allowed to “learn on their own.” For every $750,00 in sales made by salespeople we trained, the “learn on their own” salespeople generated only $400,00 in sales, or only about 60% of what trained employees did. Another way of looking at it? Untrained employees contributed about 60% of what the trained employees did against margin (the amount of money they generated after subtracting the cost of commissions, the cost of goods sold, the cost of processing credit cards and other expenses).

And the advantage becomes even greater when you consider the additional cost of employment that include benefits, social security taxes, the cost of a desk and a phone, and other expenses.

In my years of analyzing training results, I have seen time and time again that the ROI on training is dramatically greater than most company executives believe it will be. In simple terms, if a trained worker becomes 100% productive and an untrained worker is only 60% productive, you are losing $40,000 in value on every $100,000 of business you conduct.

And here’s another statistic that should catch your attention. When you look at the amount of money that each employee contributes after commissions (the “contribution margin”), properly trained salespeople generate something on the order of $122,000 more for of $1 million in sales that your company makes. And when you tally those gains across a salesforce of five, 10, or more employees, you easily see that the gains are significant.

Why Trained Employees Generate More Income

There are many reasons. Trained salespeople . . .

  • Close more sales
  • Generate larger average sales
  • Sell fewer products at discounted prices, and more products at list price
  • Make fewer mistakes
  • Sell the right products, reducing the cost of returns and product replacements
  • Build customer relationships that result in more repeat business
  • Generate more positive reviews online
  • Increase your net promoter scores
  • Help keep morale and productivity high among all your employees, because people don’t like to work with untrained people who don’t know what they are doing

There are many more reasons why trained employees contribute more to the bottom line. Even if you have a company that attracts a small volume of walk-in traffic and only a small number of customers come through your door, for example, trained salespeople will increase profits for you, even if you do not increase the number of customers you attract, your business will still be up if you train them to sell each customer just a little bit more, to make higher margins.

Training Is Not Just for Salespeople

To cite another example from my years in the flooring industry, I was once responsible for creating a program that trained flooring installers the basics of customer service, such as explaining to customers exactly what to expect during the installation process. Thanks to that program, we took the percentage of customers who said they would not buy from us again from 13% down to less than half a percent.  We dramatically increased the likelihood of doing referral business by word of mouth advertising.

In Closing . . .

Not training is hugely expensive . . . far more expensive than training. In your company, I urge you to look for all the opportunities where proper training can dramatically increase profits, reduce waste and provide an outsized ROI for every training dollar you spend. If you start to look, I am willing to wager you will find many more opportunities than you expect.

Categories
Entrepreneurship Human Resources Management Negotiations Skills Women In Business

Do You Know the Hidden Source of Your Happiness?

“To unveil your sources of happiness, you must know where it lives.” -Greg Williams, The Master Negotiator & Body Language Expert

He spoke with his website designer. After the call, he felt a heightened sense of happiness. As he reveled in his bliss, he assessed his state of pleasure and reflected on why it was in abundance. He realized that those feelings stemmed from that conversation. He thought, “My website will be updated, which means my services and skills will be presented better. That will bring in more business and create more opportunities for me.”

Do you note when you’re happy? Are you aware of the hidden sources of your happiness? Sometimes, we’re happy and we’re not aware of it. It’s usually because we’re not attentive to what put us into an elated state. Are you aware of what causes that lack of recognition?

Continue reading and you’ll discover why it’s important to pay attention to your level of happiness and the benefits gained from doing so.

Know Yourself:

Do you really know what it takes to make you happy? Or, do you leave it to chance? If you relinquish such an important force to chance, without recognizing it, you’re neglecting your wellbeing.

The more attuned you are to your emotions, your dreams, and driving sources of motivation, the easier it’ll be to identify those variables. That means, regardless of your state of mind, you’ll be able to alter it. But to do that, you must be aware of how and when to exercise that control.

The more aware you are of the environments that challenge your happiness, the more opportunities you’ll have to avoid negativity. First, you must know yourself, know what you want, and focus on constantly moving in the direction of your needs and desires.

Accomplishments:

When you sense you’ve made accomplishments, you feel the momentum of progress. And that makes you experience happiness. Conversely, when you’re not making progress, you may feel like you’re in a rut. That diminishes your happiness.

If you’re more aware of your environments and the people in them, you can make better assessments about the probability of outcomes. That’s another reason you should surround yourself with like-minded people. They can serve to help you strive for higher achievements. Their actions can have a profound impact on you and your degree of happiness.

What does this have to do with negotiations?

When negotiating, your emotions sway from one end of the spectrum to the other. At times, they’re like a wild and uncontrollable ride. At other times, they’re akin to a pleasurable stroll on the beach. In either case, your emotions will dictate your actions. Thus, the more aware you are about what causes you happiness, the better you can control your emotions. With that, you’ll be in greater control of your actions when negotiating.

Happiness is truly a state of mind. If you’re more aware of the actions that lead to greater happiness, you’ll be able to induce that state more readily. You’ll also be able to use that skill in times when you might otherwise feel besieged by others, which could lead to unwanted outcomes.

When you learn to control the occurrences that lead to greater happiness, you will have created space where more happiness can reside. That will make you the controller of your happiness quotient … and everything will be right with the world.

Remember, you’re always negotiating!

After reading this article, what are you thinking? I’d really 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 http://www.themasternegotiator.com/greg-williams/

#Happiness #Source #Emotion #Business #Progress #SmallBusiness #Negotiation #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions

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Entrepreneurship Health and Wellness Management

Reflection is the Better Part of a Champion

The Power of Looking In

I don’t know about you, but I want to be a CHAMPION – in life and in my leadership! My guess is that many of you do too, but leaders have a tough gig. You’re under the spotlight 24/7 trying to move your team in the right direction only to find others around you seem to be dancing to a different beat. That used to be me, the consummate go-getter, can-doer, workhorse type of leader I thought my employer wanted, until one day I realized that all of the hustle in the world wasn’t getting me where I wanted to go.

Unfortunately, many people, especially busy leaders feel the same way. Yet they fail to spend the time needed to truly reflect on their past to figure out how to change. It’s all too easy for driven, passionate people to get lost in the day-to-day grind.

Don’t get me wrong, I prefer being on the front end of the hustle and grind every day, but I also want to feel a bond or connection with who I am and the people I include in my life. To do this, I had to make time for the process of focused self-reflection on my goals, behavior and overall state-of-mind.

So why is the process of self-reflection essential? Because it helps to build emotional self-awareness. By taking the time to ask yourself the critical questions, you gain a better understanding of your emotions, strengths, weaknesses and driving factors which all lead to increased emotional intelligence – which for leaders is one of the most critical skills to have.

In simple terms, self-reflection is the process of taking the time to reflect on the past to help you to learn and grow into the future and avoid making the same mistakes over and over again. Sounds easy, right? Well, the process is, but the things you’ll discover in honest self-reflection can be painful as you face some of the hard truths of the past. But trust me, to improve the future, it’s well worth the journey.

Which brings me to December of 2017. My personal life was epic! I’d met the love of my life, I had great friends, a beautiful family, and I was healthy and happy – all was good on that front.

On the professional side, I had a kick ass corporate job doing what I love to do and making good money doing it. But something was missing – I was immensely thankful for my life and fully understood how blessed I was – but I wasn’t happy.

Of course, some of you might be thinking, “wow, this chick is ungrateful or even greedy” – but I assure you that wasn’t it. I felt like there was a higher purpose for my life. I didn’t feel like I was contributing all I could, and my work wasn’t fulfilling. I should’ve been happy – but I wasn’t.

Then, one night over a glass of wine – when all great conversations take place – I told a good friend of mine that I felt stuck and wasn’t sure how or what to change. Was it me or some outside force keeping me from my real purpose in life?

She suggested some self-reflection to figure out what was going on and gave me some guidelines on how to begin. Now, for the record, this is not something I was all that comfortable doing, most likely because it was foreign to me, but I trusted her, so I tried it.  What I discovered changed the course of my life and it just took four questions to get me there.

Am I on the path to my dream future?

Luck happens at the intersection of preparation and opportunity.

You have to prepare for that decisive moment that ultimately comes in everyone’s life when opportunity knocks. You’re either ready, or you’re not. But wait, if that’s true, why am I here? Stuck! I had prepared and prepared… for years! Still no opportunity. Or so I thought.

What I discovered through my own self-reflection was that opportunity had knocked, more than once, but I chose not to open the door. I was prepared yes, but I was letting those opportunities go by. I made up excuses as to why “now” wasn’t the right time. I wasn’t sure that I would be successful and told myself I needed more time. The reality was that I was just scared of failing. I’d taken risks my whole life without an ounce of fear. I’d failed as well as succeeded, so what was different about now? … I was older.

I told myself I needed to be sensible, the risk was too high. But I knew that nothing great comes without some risk. The choice we all face is; are we willing to accept the risk. In my case, was I ready to walk away from a corporate job that paid six figures, benefits, and insurance to take the leap and build my own business in speaking? If I wanted to get on the path to my dream future, the choice was mine – lady luck had nothing to do with it.

The great thing is, even when one door closes, and many did…. you can open it again. That’s how doors work!

Am I performing at peak performance?

If you were able to look into the brain of Nick Foles, quarterback for the Philadelphia Eagles, during their stunning win over the Patriots in the 2018 Super Bowl, you’d find many predictable mental strengths present. Peak performers know their purpose. They set and prioritize goals to fulfill that purpose. They have high self-esteem, they’re process, not outcome-driven, they don’t worry about making mistakes and can easily take risks, and they’re cool under pressure.

For me, I felt like I possessed all or at least most of these mental strengths so I should be able to say yes, I’m performing at my peak. I’m an intentional learner, always looking for new and innovative ways to challenge myself, so why did I feel stuck?

As I began to reflect and take a hard look the past couple of years, one thing stood out. I was always learning, but not always growing. I was stuck in my leadership role at work and began to narrow my focus. I stopped seeing new possibilities for myself and acted accordingly. I was mainly playing the “role” of peak performance. I was on stage every day, grinding it out 10-12 hours a day, but never looking outside of my own script. That had to change. I needed to find my tribe of people who know how to build the business I wanted. I had to be ok with the unknown and just improvise. It was time to get out of the sea of sameness and take my professional life from boring to badass.

Nothing great was ever accomplished by playing it safe. It was time to wake up, kickass & repeat – DAILY.

Am I living up to my own core values?

My values and beliefs weren’t formed merely by a mission or vision. They’ve emerged naturally and over time. Through hours teaching and coaching, more years leading teams, and hundreds of hours of debates and discussions with coaches, mentors and other leaders from around the world. My core values aren’t merely elements of a deliberate business strategy. They’re the result of a tireless ongoing pursuit of excellence. And, they’re simple – they define the RHYTHM of my life and leadership:

  • Respect: There is zero tolerance for disrespect. All ideas, opinions & conversations are welcome.
  • Humor: Humor has a significant effect on leadership. It connects with people on an emotional level. If they’re laughing, they’re learning.
  • Yes – Find a Way: You get one at-bat in this thing called life, so don’t waste time thinking “I can’t,” find ways to say “YES, I can!”
  • Trust:  You can’t build relationships with people who don’t trust you so creating positive relationships built on trust is the key to success.
  • Humility: True humility is staying teachable, regardless of how much you already know. Growth requires learning, and learning requires humility.
  • Mastery: Focus 100% of your time and energy into mastering the art of influential leadership.

As I began to look at my core values, it was apparent that I had fallen short on a couple of them. The first was in finding the YES. I preached a good sermon on this one regularly but had failed to follow through on it myself which resulted in me not walking the path that I’d dreamed of. The second was HUMILITY. I was becoming unteachable because I was so focused on my role and what it provided me that I wasn’t growing outside of it. I had to learn to let go because true growth always leaves something or someone behind.

Am I using my talents to the fullest extent?

In the classic movie “It’s a Wonderful Life,” Jimmy Stewart plays a small-town man who dreams of making his fortune in the big city. When he learns that’s not going to be possible, he begins to feel hopeless and depressed. A guardian angel named Clarence was sent to show him what life in his small town would be if he’d never been born. By being deprived of his talents, the small town was completely different and much darker.

Now, this story is fiction, but it’s relevant to everyday life. When we share our talents, the world literally becomes a different place. There’s no point in having a talent if you don’t share it. I am blessed with the gift of gab as my Dad would say so teaching and speaking just comes naturally for me.

As I reflected on my career, I realized that I’d moved slowly, over the years into a leadership position that was more of an administrative, decision-making type of role and less and less of one that utilizes my real talent. I was leading projects, teams, deadlines, and meetings and doing less of what I loved. Our gifts and talents are considered our strengths, and I wasn’t using mine.

I believe that every person has an innate ability that is uniquely theirs, and if it’s not used to better the world, it’s wasted.

The beginning of a new year

Now here it is, 2019 and last year was remarkable. I left the corporate world, moved to a new city, I’m creating a beautiful life with the love of my life, and yes, I’m finally building my own speaking business. I’m not gonna lie, this past year has been a wild, scary ride, but nothing great is ever easy.

And I can’t wait to reflect on this year, look at my successes and failures, and make the needed course corrections so I can build an even bigger legacy in 2020!

Because…

Reflection IS the better part of a champion.

 

Photo Credit: Nathan Anderson @ Unsplash

Categories
Best Practices Entrepreneurship Industries Leadership Marketing Personal Development Sales Technology

Virtual Reality and Subliminal Marketing

Virtual reality (VR) has become a reality, as nearly every tech company has created a product that features it, and it is now seen by many as mainstream. Facebook-owned Oculus Rift, PlayStation VR, and the HTC Vive are just a few examples of household names that have launched us into the future of the immersive experience.

There is little doubt that VR has the potential to revolutionize the entire entertainment, tourism and even learning industries if audiences adopt the concept of strapping a device to their heads. At the same time, there will be those who feel instantly compelled to compare the technology to such fads as the first 3D television.

However, if the masses embrace VR as predicted, should we be concerned that this completely immersive experience could lead us once again down the dark road of sinister subliminal advertising?

Applied to VR equipment and other, similar technology, subliminal advertising has the increasing capability of wielding a much deeper impact on the unknowing user. given the vast, immersive characteristics of the VR environment. Consider one concept we’ve seen, where music apps and a smartwatch claim to play subliminal messages at a frequency overlaying music that cannot be detected by the ear, but only by the subconscious brain. This seemingly harmless idea could be incredibly valuable to savvy advertising agencies, as well as to candidates running for office.

Removing the everyday distractions of modern life and locking consumers away in an entirely immersive experience is every marketer’s dream — so before “plugging in,” we should all consider the potential implications of the use of this unregulated technology to manipulate us.

When we take a closer look at the advertising that surrounds us, it’s obvious that subliminal messages are real and powerful, as seen in one 2015 example created by a Brazilian advertising agency. The advertisers placed a billboard of people yawning at a busy metro station in Sao Paulo. This “contagious billboard” was fitted with a motion sensor that automatically detected when commuters were passing by and then displayed a video of somebody yawning.

The campaign aimed to convince passers-by that they were tired by using infectious yawning. The billboard followed the yawning video with this message: “Did you yawn, too? Time for coffee!” If it is possible to convince busy commuters to buy coffee by broadcasting a subliminal message, can you imagine the power potentially wielded within an immersive virtual reality experience that is completely free from distraction?

The gathering of data from our online purchases already allows subtle messaging for influential purposes, so the adverts that pop up and the messages we receive are certainly no accident or coincidence. Everywhere we turn, we are unwittingly subjected to product placements in video games and movies, but we congratulate ourselves on being able to see the messages and resist their pull. However, would we be as resistant to such messages if they appeared while we were completely immersed in virtual reality?

There is an enormous responsibility for any advertising agency considering bringing any form of advertising or marketing to virtual reality. If the consumer experience is in any way tainted by the out-of-date and detested marketing messages from our past, consumers will fail even to adopt the medium.

The main problem is that the current method of advertising is broken, and billions of dollars are wasted on ads that are either not seen or deemed irrelevant to a consumer’s lifestyle. This change in customer behavior is ushering in a new era of marketing called “targeted display advertising” (TDA) that uses consumers’ own data to deliver personalized ads that resonate with them.

Organizations finally have a handle on big data, and they will be able to leverage our mobile devices to learn what we’re interested in even before we clearly know ourselves, based solely on our browsing histories.

As we drift between devices and screens, we have surrounded ourselves with wave of white noise that has become a frustrating obstacle for any advertiser striving to stand out amongst all the distractions. However, a headset that removes any form of outside interruption by pumping sound into a consumer’s ears and preventing his or her eyes from wandering could make subliminal messaging hard to avoid.

Before becoming paranoid about what’s to come, it is important to understand how this technology can also be used for the greater good, too.

Virtual reality can make a positive difference in our lives by opening up fantastic opportunities for learning, rehabilitation, teaching and tourism. But I would like to see more conversations and debates about how subliminal marketing messages should be used in that environment, to help solve any problems before they occur.

What are your thoughts on the immersive experience virtual reality delivers to audiences, and about the benefits and downsides of its being leveraged to deliver subliminal messaging?

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

Do You Want to Know How to Negotiate Better?

“You should only seek to negotiate better if you seek to acquire better outcomes in life.” -Greg Williams, The Master Negotiator & Body Language Expert

Are you aware that they’re specific components that go into a good negotiation? Those components determine the probability of a negotiator’s success. If you would like to know how to negotiate better, note the components that follow.

Observe Body Language and Nonverbal Signals:

Being able to accurately detect body language and nonverbal signals allows a negotiator to hear and see the unspoken thoughts of the other negotiator. Most negotiators can detect when “something’s off”. But most miss more signals than they catch.

As the basis to reading body language, understand that one’s body always attempts to stay in a state of comfort. Thus, when a stimulus causes it to be out of that state, the body reacts to being out of balance. Therefore, to note when the body transfers from one state to another, note its cause.

Pre-Negotiation Probing Questions:

Negotiations are about control. It flows between you and the other negotiator throughout the negotiation. You can control that flow through questions.

Before engaging in the negotiation process, ask yourself deeply seeded probing questions (e.g. what you’re seeking from the negotiation, why do you want the outcome, what will you do if you can’t achieve it, what does a winning/losing outcome look like, etc.). The purpose of this is to uncover hidden thoughts that might drive your actions at the negotiation table. You should also put yourself in the shoes of the other negotiator and pose similar questions from his perspective.

Negotiation Strategies:

Be prepared to address the following occurrences in the negotiation.

Opening: Start by making sure that you and the other negotiator know what you’re negotiating for. Do this at the beginning of the negotiation by stating your understanding. You’d be surprised at the number of miscommunications that occur due to the negotiators not being on the same page.

Dealing with offers:

The first offer – Depending on your negotiation abilities, you can make the first offer – it will set an anchor. The tradeoff about making or not making the first offer really lies in your abilities to out-negotiate the other negotiator, due to the anchoring effect that the first offer provides.

Counteroffers – Make counteroffers with the degree of deliberation required for the situation. If the offer has a substantial bearing on the negotiation, don’t give the impression of countering it with haste. Remember, you’re conveying subliminal messages through your actions throughout the negotiation.

Take it or leave it – Don’t make this offer unless you’re serious about exiting the negotiation. This type of offer has a sense of hardening a negotiation if it’s not accepted. It also places you in a difficult position if you must retreat from it.

What if – The ‘what if’ offer can be used to test the other negotiator. It’s akin to being behind a shield. Because, if the other negotiator does not accept your offer, you’re not obligated to commit to it. Plus, you gain insight into his thoughts per what he will or will not accept.

Closing – You should be very vigilant in the closing phase of the negotiation. It’s the point that some negotiators make concessions to keep the deal together. Thus, savvy negotiators will take the opportunity to make a ‘slight’ request at that time. All the time, they’ve been planning for just this moment to do so.

As you know, they’re many moving parts to a negotiation. Thus, the more you can flow with the altering terrain that occurs, the greater the chances of success. Utilize the insights above and you’ll heighten that probability … and everything will be right with the world.

Remember, you’re always negotiating!

After reading this article, what are you thinking? I’d really 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 http://www.TheMasterNegotiator.com/greg-williams/

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Categories
Growth Management Personal Development

The Power of Great Mentorship

Building a business, managing change and transition in our personal and professional lives, and entrepreneurship are all difficult — they amount to some of the most challenging things that many people will attempt throughout their lives.

How do we consistently rise to meet the challenges in front of us? The answer is simple; have a mentor.

Transformation and growth can dominate our lives, and appear overwhelming, especially when things don’t go according to plan. Mentorship holds the answers to these problems.

There are two reasons to have a good mentor, ideas and accountability.

A mentor is a person who is going to keep you going, hold you accountable, and ensure that you’re doing what you said that you’re going to do. Secondly, they are there to bounce ideas around. When you’re stuck, when you need help, when you need another set of eyes to look at a problem, a mentor is there to bounce those ideas off of and find a more robust, all-inclusive, solution to the challenge that you’re facing.

This idea of mentorship resonates well because it solves the problem of how to effectively meet our most significant challenges. We cannot do it alone.
Seemingly insurmountable challenges in leadership, change, and transformation happen all the time. A recent survey published in the Harvard Business Review from VitalSmarts found that, while under pressure, managers:

  • 53% of leaders are more closed-minded and controlling than open and curious.
  • 45% are more upset and emotional than calm and in control.
  • 45% ignore or reject rather than listen or seek to understand.
  • 43% are more angry and heated than cool and collected.
  • 37% avoid or sidestep rather than be direct and unambiguous.
  • 30% are more devious and deceitful than candid and honest.
Figures from VitalSmarts – https://www.vitalsmarts.com/press/2018/11/the-manager-effect-1-out-of-3-managers-cant-handle-high-stakes-situations-and-as-a-result-their-teams-are-less-successful/

These results are intolerable. These pressure points are the hallmarks for great success, not points to be misstepping.

I wonder, if these managers had a solid mentor by their side how much more effective they would be at overcoming their challenges.
Because we all need help, no one should undertake a great challenge alone. And we all need that space to go and bounce ideas off of, have a little accountability added into our routines, and sometimes, to go and vent that things are not well right now.

By having this space, people can:

  • Remain open and curious.
  • Stay calm, collected, and in control
  • Gain a greater understanding of their situations
  • Provide direct support and guidance to their teams
  • Feel secure in remaining candid and honest

Leaders need to do all these things. A great mentor offers the space and insights to allow it to happen.

Mentorship is the key, and every great leader, entrepreneur, or anyone who is facing change and transition should have one. It is the outliners where we see our greatest successes. We are all good at accomplishing the day-to-day. It is when things change, or the unexpected occurs when we face our most significant challenges. The fundamental truth is that we don’t know what we don’t know. Mentorship fills these gaps, educates us on what we don’t know, and gives us an outlet to create an action plan to fill these spaces. We all aspire for greatness, but the critical skill we have to develop to get there is how, and who, to ask for help.

You can find our podcast conversation on mentorship and growth with Ed Marsh on The Leadership Update Brief on C-Suite Radio.

Ed Brzychcy is former U.S. Army Infantry Staff-Sergeant with service across three combat deployments to Iraq. After his time in the military, he received his MBA from Babson College and now coaches organizational leadership and growth through his consultancy, Blue Cord Management.

Categories
Entrepreneurship Personal Development

Confirmation: Much More Than Just a Courtesy

Today, Silicon Valley is Main Street Disneyland for worldwide technopreneurship. All of the top universities that teach entrepreneurship highly respect Silicon Valley. They want their students to immerse themselves in the wonderful world of Facebook, Google, Stanford University, and all those other techie destinations, if only for a couple weeks or so.

Many international students study engineering—they have a highly technical education. This relatively narrow focus is applauded in the fairytale land of VCs, burn rates, startups, and unicorns. But what could we offer these students that will set them on the right path toward entrepreneurial success?

We don’t have a technological background. We aren’t even VCs. We have a handful of clients that use complicated software and high-tech products, but we are far from their technical advisors. We are, however, their business advisors. We guide them to make better business decisions. We help them stay on track toward their ultimate goals. It’s what we have the most experience in.

So, when we thought about these international tech students in Silicon Valley, we figured out that the best thing we could do was to share a different set of skills that they need in order to find success—these are soft skills. Usually, they aren’t taught at technical schools. And they typically aren’t shared by the idolized VCs who got rich off of their technology alone.

Soft skills can expand your terms and credit, reduce turnover rates, and transform your customers into brand advocates.

One of our most popular talks, in fact, is “How Soft Skills Earn Hard Cash.” During this talk, we discuss how soft skills can benefit your 3 key business relationships: Employees, Vendors, and Customers. We encourage empathy—putting yourself in someone else’s shoes—as the skill that lays the groundwork for all others to follow.

Here’s an example. A soft skill that seems to be fading away these days is simply acknowledging and confirming. Let’s talk about Bill, a recent Engineering graduate. He just received funding for his tech startup business.

When Bill is asked to execute a project or to do some research, he doesn’t let the requestor know that he received the request. He doesn’t let them know when he’ll be finished, and he doesn’t let them know in advance if there will be a delay.

By not confirming, Bill thinks that, whether he gets to the assignment or not, he is forcing the requesting party to reach out to him to see if he completed it or abandoned it. This could take some pressure off Bill, but it looks bad for his business, no matter how tech-savvy he might be.

Many people who aren’t trained in soft skills will go on to complete the assignment but not confirm. That way, if they happen to prioritize something else instead, they figure it’s OK since they haven’t committed. Plus, the requesting party might forget about it altogether. But if they do complete the project and don’t report, they can say, “Oh yea, that project, I completed it last week.” It’s almost like they think status reporting and confirmation aren’t necessary because others should know they can count on them—“Just trust me!”

But this work style causes anxiety for the requesting party and ultimately hurts their relationship with Bill.

Now the client, vendor, or employees are much less likely to consider Bill for special situations because they think he’s unresponsive and unreliable.

Bill better hurry up and get more financing from the VC (and give up more equity, too). This is because he will have to pay top dollar for everything, have limited or zero credit, and he’ll have a higher turnover rate.

Bill’s techie startup could take a nosedive, just because he missed the chance to build trusting relationships with people he relied on. An effortless soft skill, like timely status reporting and confirmation, develops the type of trust that can cut business costs. And this is but one of the many crucial soft skills that could help any business thrive.

And as far of the Silicon Valley tech-campus tour is concerned, we take them on a tour of the wine country and redwood forests after they’re finished seeing all the glass, concrete, steel, and conference rooms. We share our tried-and-true lessons that prove soft skills can earn hard cash. Want to join us?

For more, read on: http://c-suitenetworkadvisors.com/advisor/michael-houlihan-and-bonnie-harvey/

Categories
Growth Personal Development

PR & Marketing Secrets for a Successful Book Launch

The 7 Absolute Musts to Boost Book Sales

Finally! You finished your book and it is ready to publish! You’ve spent months – possibly even years – perfecting this literary masterpiece and now that the hard work is over, it’s time to sit back and let the royalties roll in…

If only it were that simple.   

Whether you decided to self-publish or if you chose the traditional route, if you launch your book without a marketing plan, the truth is FAR fewer people will read it. With over 4000 books published each day in a growing crowd of competition, it takes careful planning and an action-oriented marketing strategy to get your book the attention it deserves. Even if your publishing company has its own marketing department, remember, no one will fight for your book as much as you will.

So now that the launch date is set (or almost set) what do you need to do?

Google provides an overwhelming list of book launch to-dos, but our team of book marketing experts whittled it down to the 7 ABSOLUTE MUSTS for a successful book launch. The following advice shows both self and traditionally published authors how to stand out from the crowd and get more eyes on their book.

1. Create a Launch & Marketing Plan:

Your launch plan is a blueprint to your entire book launch. It outlines what you need to do, when you need to do it, and the resources, people, and tools you will need to get it all done. A successful book launch begins with a marketing plan. (Luckily for you, the following list is everything you need for your marketing plan.)

2. Create a Media Kit:

When a journalist or reviewer asks about your book, you need to be prepared. The purpose of a media kit is to grab the attention of journalists and producers and make them want to write a review, article, or do an interview with you. The media kit should be a one-stop shop with all the information needed to get this done.  

The basic information you should include in your media kit is:

  • Contact Information: Your name, email address, phone number.

 

  • Book Facts: Website, release date, retail price, purchasing information.

 

  • Book Details & Author Info: Brief author bio, and a short book description or synopsis. (Remember, brevity is key. Your bio and the book synopsis should only be a few sentences each.)

 

  • Attention Grabbers: This is where you can get creative and really sell your book!  Why do people want to read it? Does it fill a void or respond to a current trend or need? Perhaps you want to include a bulleted list of interview talking points, or a few article headlines or pitch ideas. At the very least, include a few sentences describing the main reason to buy.

 

  • Reviews / Awards: What are people saying about your book? Has it won any awards or gotten positive feedback? The media should know! The review doesn’t have to come from a famous critic or top news outlet – but if you have one, that’s great! –  A positive Amazon or Facebook review works perfectly.

 

  • Images: One or two high resolution photos of the book cover and one author headshot.

 

  • Media Release/ Press Release: Almost all of the above items can be included in a media release or press release. A press release is formal in tone. It is written like a news story and includes information that is more factual than promotional. Even if you are not sending it out on the official wire (through a service like PRweb), there are specific style and formatting guidelines you should follow to ensure journalists can read your information quickly and easily. In contrast, Media releases are less formal and more visually appealing. They can be sent via email to media contacts and in our experience, these are the best way to get interviews and print placements.

There are a variety of different ways to organize the above information in a media kit.  Some authors make giant media kits filled with every document, pdf, and picture related to the book. Others include only the nitty gritty. We recommend organizing the information into 2 PDFs (one fact sheet and one media release) and several images.

3. Get your Social Media in Order:

You likely already have a personal profile on Facebook, but creating a public author page is also important. This tip might sound obvious, but because we see so many authors make this mistake, the case for public profiles had to be included in this list. So here it is:

In general, public pages have better tools for advertising and promotions and they have more capabilities and plug-ins which will give your fans (or anyone who views your page) a better experience. Pages give you the ability to add “call-to-action” or “buy-now” buttons, review pages, landing pages, and so much more. They provide in-depth statistics and insights into your fans’ behaviors so you can better target ads.

In addition to just looking more professional, Facebook pages are optimized so that people can find you more easily (and since many people today use Facebook like a search engine, this is important.)

4. Website and/or Sales Page:

You don’t need to be an internet wiz or spend a fortune hiring HTML coders, but a good landing page is crucial for book sales. Your website should include a compelling description of the book, photos, reviews, and information about you as the author. Above all, it should contain all purchasing information and links with a clear “call-to-action” to buy.

5. Get Book Reviews:

Reviews aren’t just important, they are vital. Reviews give books greater visibility and a greater chance of getting found by more readers. They provide social proof that your book is worth buying. Your reviews will go in your media kit, on Amazon, on your website, and more. You’ve probably received ringing endorsements from your friends and family – (and if you haven’t, or if you haven’t gotten them in writing, what are you waiting for?!)

Remember, the more people that read your book, the more reviews you will get. Send advanced copies of the book to everyone in your close network and ask them to review on Amazon, Facebook, or other social platforms. Even a positive feedback sent via email is great for your arsonal of endorsements.

Amazon and Facebook reviews are great. What’s even better? Reviews from trusted news sites or medias authorities. To get your book reviewed or featured by established media outlets, send advance copies of your book and media kit to book critics, bloggers, and review sites. If you don’t have access to a media list or database like Cision, you will have to do some Google research to find the right person to speak with. Also, be sure to include a personalized note explaining who you are and why you think they would be interested in your book.   

6. Get the Word Out – Media Attention:

Media attention is the best way to boost sales and get the word out about your book. Doing author interviews (radio, podcast, tv), writing a newspaper opinion piece, or getting quoted in a magazine will give you more credibility and social proof than anything else.

A compelling media pitch is key to landing these placements. Your pitch should outline why your story would be a great fit for their show (or magazine, news site, etc) and what their audience would gain from what you have to say. Remember, unless you are reaching out to the media with an explicit request for them to review the book, your pitch can’t sell the book too hard. (Pitches that are too promotional get sent to the sales department to buy ad space.)  Instead, your pitch should sell you and your message and they should be customized to fit to the outlet/contact that you’re pitching.

Once you have a killer pitch, make a media list of who to send it to (include outlets on both the local and national level.) Again, if you don’t have access to a media list or database like Cision you will have to do some Google research to find the right person to speak with (usually a journalist, editor or producer.)

7. Recruit a Launch Team:

When launching a book there is so much that needs to be done. The above list includes only the most important items and even this list is overwhelming! That’s why you need a launch team. Whether they are hired help or volunteers, your launch team will help you pull everything together (from soliciting reviews, booking interviews or media appearances, scheduling bookstore events, organizing the launch party, and promoting on social media…even just hearing you vent.) Recruit a few close friends and/or hire a professional to ensure things run smoothly and you make the most out of your big day.  Remember, behind every successful author is a great support team.

Have marketing questions?  Want to strategize? Need to vent?

Farrow Communications has got your back.

Call us at 866-949-6868 or click HERE to schedule a free strategy session.

Categories
Best Practices Entrepreneurship Industries Marketing Personal Development Sales

PR & Marketing Secrets for a Successful Book Launch

The 7 Absolute Musts to Boost Book Sales

Finally! You finished your book and it is ready to publish! You’ve spent months – possibly even years – perfecting this literary masterpiece and now that the hard work is over, it’s time to sit back and let the royalties roll in…

If only it were that simple.   

Whether you decided to self-publish or if you chose the traditional route, if you launch your book without a marketing plan, the truth is FAR fewer people will read it. With over 4000 books published each day in a growing crowd of competition, it takes careful planning and an action-oriented marketing strategy to get your book the attention it deserves. Even if your publishing company has its own marketing department, remember, no one will fight for your book as much as you will.

So now that the launch date is set (or almost set) what do you need to do?

Google provides an overwhelming list of book launch to-dos, but our team of book marketing experts whittled it down to the 7 ABSOLUTE MUSTS for a successful book launch. The following advice shows both self and traditionally published authors how to stand out from the crowd and get more eyes on their book.

1. Create a Launch & Marketing Plan:

Your launch plan is a blueprint to your entire book launch. It outlines what you need to do, when you need to do it, and the resources, people, and tools you will need to get it all done. A successful book launch begins with a marketing plan. (Luckily for you, the following list is everything you need for your marketing plan.)

2. Create a Media Kit:

When a journalist or reviewer asks about your book, you need to be prepared. The purpose of a media kit is to grab the attention of journalists and producers and make them want to write a review, article, or do an interview with you. The media kit should be a one-stop shop with all the information needed to get this done.  

The basic information you should include in your media kit is:

  • Contact Information: Your name, email address, phone number.

 

  • Book Facts: Website, release date, retail price, purchasing information.

 

  • Book Details & Author Info: Brief author bio, and a short book description or synopsis. (Remember, brevity is key. Your bio and the book synopsis should only be a few sentences each.)

 

  • Attention Grabbers: This is where you can get creative and really sell your book!  Why do people want to read it? Does it fill a void or respond to a current trend or need? Perhaps you want to include a bulleted list of interview talking points, or a few article headlines or pitch ideas. At the very least, include a few sentences describing the main reason to buy.

 

  • Reviews / Awards: What are people saying about your book? Has it won any awards or gotten positive feedback? The media should know! The review doesn’t have to come from a famous critic or top news outlet – but if you have one, that’s great! –  A positive Amazon or Facebook review works perfectly.

 

  • Images: One or two high resolution photos of the book cover and one author headshot.

 

  • Media Release/ Press Release: Almost all of the above items can be included in a media release or press release. A press release is formal in tone. It is written like a news story and includes information that is more factual than promotional. Even if you are not sending it out on the official wire (through a service like PRweb), there are specific style and formatting guidelines you should follow to ensure journalists can read your information quickly and easily. In contrast, Media releases are less formal and more visually appealing. They can be sent via email to media contacts and in our experience, these are the best way to get interviews and print placements.

There are a variety of different ways to organize the above information in a media kit.  Some authors make giant media kits filled with every document, pdf, and picture related to the book. Others include only the nitty gritty. We recommend organizing the information into 2 PDFs (one fact sheet and one media release) and several images.

3. Get your Social Media in Order:

You likely already have a personal profile on Facebook, but creating a public author page is also important. This tip might sound obvious, but because we see so many authors make this mistake, the case for public profiles had to be included in this list. So here it is:

In general, public pages have better tools for advertising and promotions and they have more capabilities and plug-ins which will give your fans (or anyone who views your page) a better experience. Pages give you the ability to add “call-to-action” or “buy-now” buttons, review pages, landing pages, and so much more. They provide in-depth statistics and insights into your fans’ behaviors so you can better target ads.

In addition to just looking more professional, Facebook pages are optimized so that people can find you more easily (and since many people today use Facebook like a search engine, this is important.)

4. Website and/or Sales Page:

You don’t need to be an internet wiz or spend a fortune hiring HTML coders, but a good landing page is crucial for book sales. Your website should include a compelling description of the book, photos, reviews, and information about you as the author. Above all, it should contain all purchasing information and links with a clear “call-to-action” to buy.

5. Get Book Reviews:

Reviews aren’t just important, they are vital. Reviews give books greater visibility and a greater chance of getting found by more readers. They provide social proof that your book is worth buying. Your reviews will go in your media kit, on Amazon, on your website, and more. You’ve probably received ringing endorsements from your friends and family – (and if you haven’t, or if you haven’t gotten them in writing, what are you waiting for?!)

Remember, the more people that read your book, the more reviews you will get. Send advanced copies of the book to everyone in your close network and ask them to review on Amazon, Facebook, or other social platforms. Even a positive feedback sent via email is great for your arsonal of endorsements.

Amazon and Facebook reviews are great. What’s even better? Reviews from trusted news sites or medias authorities. To get your book reviewed or featured by established media outlets, send advance copies of your book and media kit to book critics, bloggers, and review sites. If you don’t have access to a media list or database like Cision, you will have to do some Google research to find the right person to speak with. Also, be sure to include a personalized note explaining who you are and why you think they would be interested in your book.   

6. Get the Word Out – Media Attention:

Media attention is the best way to boost sales and get the word out about your book. Doing author interviews (radio, podcast, tv), writing a newspaper opinion piece, or getting quoted in a magazine will give you more credibility and social proof than anything else.

A compelling media pitch is key to landing these placements. Your pitch should outline why your story would be a great fit for their show (or magazine, news site, etc) and what their audience would gain from what you have to say. Remember, unless you are reaching out to the media with an explicit request for them to review the book, your pitch can’t sell the book too hard. (Pitches that are too promotional get sent to the sales department to buy ad space.)  Instead, your pitch should sell you and your message and they should be customized to fit to the outlet/contact that you’re pitching.

Once you have a killer pitch, make a media list of who to send it to (include outlets on both the local and national level.) Again, if you don’t have access to a media list or database like Cision you will have to do some Google research to find the right person to speak with (usually a journalist, editor or producer.)

7. Recruit a Launch Team:

When launching a book there is so much that needs to be done. The above list includes only the most important items and even this list is overwhelming! That’s why you need a launch team. Whether they are hired help or volunteers, your launch team will help you pull everything together (from soliciting reviews, booking interviews or media appearances, scheduling bookstore events, organizing the launch party, and promoting on social media…even just hearing you vent.) Recruit a few close friends and/or hire a professional to ensure things run smoothly and you make the most out of your big day.  Remember, behind every successful author is a great support team.

Have marketing questions?  Want to strategize? Need to vent?

Farrow Communications has got your back.

Call us at 866-949-6868 or click HERE to schedule a free strategy session.