Featured Coaching Excerpt - Notes & Transcript, Part 1
Notable Quotable: "You'll learn much more about a deal with your ears than with your mouth. During a negotiating, really listen to what the other side wants, and then try to deliver it. People will almost always tell you the truth about what they desire; you just have to learn how to recognize it and act on it." - Jack Nadel
Lesson Nugget: We all have two ears and one mouth. Prioritize listening over talking.
Lesson Nugget: Sales is about looking for problems that your company can solve.
Notable Quotable : "In business your mantra should be "Listen. Think positive.Project energy."
Notable Quotable: "Leadership is solving problems." - Colin Powell (former United States Secretary of State)
Action Step: 1. Find your customer's problem.
2. Find a win-win solution.
3. Make a profit.
-There are thousands of problems you have in business.
-Jack, in your book, "The Evolution of an Entrepreneur," you talk about this concept called sales negotiation. And you say, silence is golden. And you actually write in your book, "you'll learn much more about a deal with your ears than with your mouth. During a negotiation, really listen to what the other side wants, and then try to deliver it. People almost always tell you the truth about what they desire. You must have to learn how to recognize it and act on it."
Break that down, my friend. What do you mean by this?
-That's an old theory. That's why you have two ears and one mouth. Listen twice for everything you say. The idea is that before you really make the sale, you got to find out what problem it is that you're solving.
So where competitors of mine, in the early days, came in with all kinds of samples of different items, I'd say, I've got an idea, and find the ideas that mean business. And then I'd say, well, tell me, what is the biggest problem you have?
Now I expected, for example, in this case, for the person to tell me, we need more sales. Obviously, need more sales. Biggest problem I have is accidents. Accidents. I have so many accidents in this plant that my insurance costs have gone way out of sight, I lose the services of very necessary help, and there is a lot of accidents.
So I said, fine, I'll go back with an accident prevention program.
-You said that? I'm coming back with one. Had you ever made one before?
-So you just came up with--
-Yeah. I formed incentives for doing certain jobs without an accident, or certain periods of time.
-But you listened. You found the problem. And you said, hey, guys, I'll come back here in a week or so with a solution.
-And here's the solution. I see your biggest problem is if you're losing a lot of lost fingers, well, we can avoid that. For how much we save in lost fingers, it's worth so much money, or so much whatever you want to offer as a premium or as a gift.
But getting at the problem, his problem, he's got all the sales he needs, he was just having these terrible injuries.
-What kind of business? I know you can't get into all the details, because of your relationships
-A machine shop.
-Machine shop. People were literally losing their fingers?
-Yeah, yeah. Literally, their fingers or their nails.
-I thought our videography department was unique, where people were losing their fingers.
-Different accidents. But the whole point was to make the company cognizant of that fact and giving them a reward for not having the accidents.
-In your book, you say this. You write, "in business your mantra should be, 'Listen. Think positive. Project energy.'" Break that down, my friend. What are you talking about?
-Well, listen. What's my problem? What's the biggest problem? I can't get to my biggest accounts. I can't see the people I want to see. I have a problem in covering my territory. There are thousands of problems you have in business.
So now I've got to think if I had that problem, how want I get around that, particularly using some of the stuff that I have that acts as an aid for that. And I will think positively, come up with the idea. And sometimes, you'll even do a little play acting. But you get the right thing done.
Now once you've got the right idea that matches that problem, it's pretty easy to sell.
-Your whole philosophy towards sales-- and we talk about it in a lot of different trainings--
-The best sale is always when someone asks you to write the order.
-I want to distill your-- so for anybody who hasn't watched your other episodes, I want to make sure that we distill what I'm learning from you here. And you tell me if I'm getting it wrong. But you seem like you're really adamant that you need to go in and ask, what's your biggest problem? And once you find out that biggest problem, you want to propose a solution where it's not just you versus me, but it's we're going to do this together, almost like a partnership or an alliance.
-And then you go through the details of when do you want to start and how much would it cost. But at that point, it's really just details.
-And then you know about the profits you're going to make. You know about the policies and the processes, and you know all that going in, you do your research before you pitch the deal. And so it's a win-win.
-It absolutely is a win-win.
-A win-win, every time.
-And that's what almost every deal has to be. When I construct a deal, it's never that I'm going to negotiate with you and get the better of you. I want it that you and I are going to talk about this thing, find out how best to solve it, and at the end of the day, you come out better for it and so do I. It's always a win-win.
-And that's what you've been able to do for 70 years. Because for 70 years, you created a win-win. You treated people the right way. We all make mistakes. But I'm saying more often than not, as much as possible, you wanted to create that win-win relationship, where people wanted to come and work with you again and again, because they had that relationship.
-Because it always worked. I never promised anything that I couldn't fulfill. I knew I could fulfill it. This is one thing.
And the other thing was to show how my solutions actually solved this person's problem. And show how it worked. And if you do that, everybody wins.
-Jack, I appreciate you unpacking this and making-- you make negotiation sound so easy, I might just-- as soon as we finish today, I might just go down the street and start negotiating with your neighbors here.
-What do you want from them?
-I don't know yet. I just want to live in Santa Barbara.