The Negotiation School

Ever wondered why face-to-face negotiations can be game-changers? 🤝 I once sat across from someone whose non-verbal cues spoke louder than words. A certain color change was all the warning I needed to know when he was upset! Curious about the telltale sign? Dive in here to see how to spot tell tale signs in a negotiation – https://bit.ly/3RZBMrv

Ever wondered why some suggestions get a unanimous "yes" while others fall flat? 🤷‍♂️ It's not just about where you want to go, but how you pitch it. Let's take dinner plans, for instance. Three ways to suggest a restaurant, but only one might get everyone on board. Can you guess which one? Dive in to uncover the art of persuasion – https://bit.ly/3RZBMrv 🍽️

Ever thought about the secret ingredient to a successful negotiation? 🤔 It's not just about what you say, but where you say it. There's one environment that stands out above the rest. Can you guess which one? Dive in to discover the ultimate setting for sealing the deal. 🤝

I really treat Zoom Meetings it as if I were trying to do it in person. I try to be as present as possible. My camera is always on. I've always got my shoulder squared to the camera. I make sure that I'm not talking too loud or too softly. I'm not fidgeting for my phone. It's all kind of picking up. And basing it on what would happen if I were in the room.

Ever wondered about the art of negotiation? It's not just about what you say, but how you say it. Whether it's email, phone, Zoom, or face-to-face, each method has its own nuances. Take email, for instance. It's perfect for confirming details, but can you trust it for crucial negotiations? 🤔 And what about those texts you send? Think they're foolproof? Think again. Dive into the world of strategic communication and discover the secrets to sealing the deal. 🤝

When I go on client visits I always wonder how to address the competition. Should I bring it up or not? If I bring it up will it make me look bad or give me an opportunity to see if they already met with them? My staff always told me not to mention the competitors but sometimes I did.
I think I was able to close more deals once I figured out how and when to mention the competitors. Timing is everything but so is how to talk about them. Will I be able to learn what they like about my competition or will I end up becoming a salesperson for the competition? Its always a challenge. But I think I finally found the best way to do it that gives me the most leverage and knowledge.

Negotiations can be tough. Sometimes, it feels like you're hitting a wall. But remember, just like in basketball, when you're trapped, you pivot.

Spot the Need to Pivot
If the client gives short answers or avoids eye contact, it's time to change tactics.

Know Your Strengths
Before changing direction, understand your options. What other offers can you make? What's your best backup plan? This knowledge helps you pivot confidently.

Make the Move
Pivoting might mean shifting the conversation. If they're stuck on price, talk about value. If they're unsure about the work scope, discuss timelines. The aim is to move to common ground.

Check and Confirm
After pivoting, see if the mood's better. If it is, summarize the new understanding to ensure both parties are on the same page.

Stay Focused on the Goal
Pivoting isn't just about change; it's about moving closer to a win-win outcome.

So, in tough negotiations, don't hesitate to pivot. It might just be the game-changer you need.

I initiated and closed one of the biggest deals for our company, and I had a strategy from the start. I knew the executive vice president, the main decision-maker, would eventually want to discuss the deal. But I didn't expect his call to come a week early.

At the outset, our CEO was keen to meet this executive directly. Against my advice, we had the meeting. Our CEO, trying to seal the deal and asked the executive, "How much is this worth to you?" I immediately knew this was a misstep. The executive vice president took advantage of the fact that he was talking to the CEO and asked for everything. This caught the CEO off guard and they became somewhat defensive. Not a good situation. The reality was that the Executive VP was not going to make the decision as he preferred his own team to come to him with deals, not the other way around.

My approach was different. I had studied the company thoroughly. I knew their culture, their people, and their operations. Instead of going head-on, I decided to work with different divisions first. This strategy worked. The executive vice president, appreciating my method, personally invited me to finalize the deal.

When the top decision-maker calls you in, that's when you know you're on the right track. This is why RESEARCH is so important. Understand exactly who you’re making a deal with, understand their culture, the way they work, the roles of each executive. When you research your prospects, you build a better strategy of how to close a deal with them.

In the early days of my career, I recall a particular sales call that left a lasting impression on me. I was in the cable industry at the time, and one of our clients mentioned an investment they had in a neighboring cable system. They suggested we pitch our services there.

Seeing it as a warm lead, I was introduced to one of the owners. I walked into the meeting with confidence, thinking a referral would make this a straightforward pitch. But upon entering his office, I was met with a massive sign that simply read "NO."

Being young and determined, I took it as a challenge. I spent the entire meeting trying to turn that "NO" into a "YES." Despite my efforts, the conversation stagnated. Looking back, I realize my error wasn't in my pitch, but in my approach. I believed I could change his mindset.

Today, with the wisdom of experience, I'd approach such a situation differently. Instead of trying to change the world, I'd align with it. I'd acknowledge his stance and find a way to navigate the conversation towards a mutual agreement. From there, I would have a chance to move the deal forward.

My journey into negotiation began at the age of 12. Like any kid, I'd ask my parents to buy me things. My father would set conditions: "Swim 10 laps in the pool, and you can have it." So I did, and I got what I wanted. This taught me early on: everything's negotiable.

Growing up, I realized that you can achieve anything, but you need a strategy. As a teenager, I'd test boundaries. I'd ask my parents about curfew, and they'd say, "Come home whenever." But when I'd stroll in at 3 a.m., suddenly it was, "Be back by 1 a.m." I learned to gauge limits.

I also discovered the art of counter-offers. If my parents wanted 10 laps for a reward, I'd propose 5 laps plus an extra chore. Often, they'd agree. I realized that if I presented an alternative that seemed equally valuable, they'd bite. This was my early introduction to the power of leverage and strategy.

By the time I was college-bound, I was already a seasoned negotiator. I understood the importance of thinking ahead and being strategic. Now, as I navigate the challenging real estate market, I lean on these skills. While many struggle, my strategies give me an edge. It's all about leverage, and understanding its power is crucial.

I love watching crime shows. But most likely not for the reason you think.

Two of my favorite shows are Law and Order and Suits, now on Netflix.

What I love about the shows is watching them win with information. Sometimes they are trying to do a deal or find a criminal but they cannot find a motive. In Law and Order they want to find a clear reason why someone could have committed the crime. In Suits sometimes they want to do a deal but cannot find strong enough reasons to get the other party to come to the table.
In both cases they want to make something happen so they will say that there must be more information we have not yet found . We must be able to prove the case or close the deal.

If they're not getting what they want, they try to figure out there must be more here. There must be more.

So they look for more information so they can use that information as leverage to get the people to do what they want.

In Law and Order, they always ask, do they have a motive, right? Well, what is motive?

Motive is motivation. So when they say motive in law and order, if they have somebody, but he doesn't have a motive.

Most of the time they do one of two things. Either they do more. They say, we really think he did it, but we can't find his reason.

So they send the cops back out to talk to everybody and their cousin. Right. And they still say he didn't have a motive.

But when we were out, we discovered this woman who worked in the bodega. And she was acting a little weird.

And we researched her and found out she had a fight with this guy. Oh, maybe she has the motive.

So they look for the people with the motive or the motivation. Instead, what is the motivation of your prospect?

How are you going to get them to say, This product is perfect for us…I must have this NOW.

Information is a driver of a successful deal.

When I look back on many of my deals, especially the largest ones.

The research influenced my decisions and choices.

If I had not done the research, I might’ve made decisions that either cost me money or could’ve killed an entire deal. It’s this kind of deep research that got me exceptional success in a personal deal.

My largest personal deals ever – I did a deal with one of the largest companies in the world.

The research that I did for this deal, helped me get leverage to get that deal done.

Never underestimate the power of research in your dealmaking process.

Are you asking the right questions in client meetings? Asking the right questions is enormous. Enormous. Yes. Most people do not ask the right questions. So therefore they get answers that don't get them to the root motivation of the prospect and they don't close the deal. And then somebody else asked the right questions and they close the deal.

Leverage is huge. People try. You know, I can't tell you how many times like I teach negotiations for Northeastern and people think the best way to fix a deal is they come in with alternate deals to the same client and it's just silliness or they need to understand this.

They don't care about you. They're never going to understand that. And they don't think of it in terms of leverage.

In the world of negotiations, leverage isn't just about understanding your client's needs; it's also about creating options for yourself. When I teach negotiations at Northeastern, one of the key principles I emphasize is the power of having multiple deals on the table. Why? Because the more options you have, the less dependent you are on any single deal. This is where real leverage comes into play.