Concession Strategy in Negotiations


Never forget your concession strategy. With new information, you may need to adjust the strategy often, but whether you are, make your concessions count. Whether you make concessions along the way or at the end of deliberations, think of them as tools in the negotiations, not required give-aways. And don’t think you have to make a concession each time the other side makes one, but try to make your concessions only when the other side gives too. Don’t worry about being seen as stubborn—you will be respected for your consistency. Generally it is a good idea to let the opposite side volunteer its own concessions rather than suggest them yourself.

Whenever making concessions, keep them small. Each inch should make good mileage. The other side needs to have something to chip at—giving too much too soon doesn’t allow the process of negotiation. Old hands recommend accompanying each concession with sweat and tears, emphasizing the importance and generosity of the concession. Whether the style of your arguments, they must contain the necessary content.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Lectures, Line of Sight

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Communication Skills


Effective communication skills from the foundation for successful management. They are so fundamental that we sometimes forget their significance or assume we are skillful. Communication skills enable you to lead others. you cannot lead without being able to communicate your ideas well. People will not go with you unless you have established with them your ability to lead. That requires trust which is a by-product of effective two-way communication.

 Effective communication includes both speaking and listening, informing others, and fostering open communication. When you master these skills, you harness a great deal of power—the power to get things done through others.

 Effective communication involves:

  • Knowledge who needs what information and communicating that information in a consise, timely way
  • Choosing and effectively using the most appropriate communication medium – oral or written – for who will receive the information and how it will be used
  • Knowing how to listen effectively
  • Helping others communicate effectively, to ensure that communication occurs among all organizational levels and with all needed people

There are five communication skill areas:

  1. Speak effectively: Speaks clearly and expresses self well in groups and in one-to-one conversations.
  2. Foster open communication: Creates an atmosphere in which timely and high quality information flows smoothly between self and others; encourages the open expression of ideas and opinions.
  3. Listen to others: Actively attends to and conveys understanding of the comments and questions of others, listens well in a group.
  4. Deliver presentations: Prepares and delivers clear, smooth presentations; carries self well in front of a group.
  5. Prepare written communication: Conveys informaion clearly and effectively through both formal and informal documents; reviews and edits written work constructively.

 My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Lectures, Line of Sight

Unrestrained Empowerment: Value Killer


A bank performs many different functions, but in the long run it has value for its customers only if it handles their money accurately and safely. Therefore the foundation of every role within the bank, whether it is trader, investment adviser, or teller, is the need to do it accurately and safely. To show employees exactly what it means to be “accurate” or “safe,” the banking industry has defined regulatory steps, and each bank has its own internal guidelines. The bank’s employees must adhere to these. This isn’t the only part of their job, but it is the foundational part. Any manager who forgets this, who gives his employees too much room to maneuver, runs the risk of destroying the bank’s value.

All roles demand some level of accuracy or safety, and therefore all roles require employees to execute some standardized steps. Great managers know that it is their responsibility to ensure that their employees know these steps and can execute them perfectly. If that flies in the face of individuality, so be it. Unrestrained empowerment can be a value killer.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight

Defeating Fear with Preparation


Preparation helps defeat fear. Winning prizefighters prepare for a bout by selecting a sparring partner who has a boxing style similar to their opponent.

A football coach helps defeat fear and builds team confidence through exhaustive preparation. Films of the other opposing team in action are reviewed, “special” plays are practiced over and over again, and restrictions are placed on players’ activities all because, in an even contest, confidence is the deciding factor and confidence comes from preparation.

People are afraid of selling more than any other occupation. And again, preparation is a key to overcoming the near paralysis people have in making a sales presentation. People fear looking stupid, hearing the prospect say “No,” being embarrassed, forgetting what they want to say about the product, asking for the order, and not making the sale.

The only way to gain the high level confidence needed to sell successfully is preparation. And preparation is knowledge—knowledge of what you sell, knowledge of how your product will help the prospect or client, and knowledge of the person you’re selling.

Know your product or service. Know exactly what it can do for the prospect. Be so well prepared you can answer any question that comes up. Know construction, desirability and guarantees. Know the limitations, when not to use the product.

Know how your product or service will help your prospect. Your customer is the law of self-interest in action. As a salesman makes a presentation, the customer is asking, “How does this relate to my problem? How would it benefit me?”

The third confidence builder is knowledge of the prospect. You don’t sell to machines, you sell only to people. Just as you feel confident and have no fear when you’re around people you know well, you’ll have confidence around prospects when you know more about their personal interests, personality, personal responsibilities, or responsibilities, and family.

To act confidently in a sales situation, prepare yourself with knowledge of what you sell, how it will benefit he prospect, and who the prospect is. But more than knowledge, practice is required to gain confidence needed in selling. Practice your presentation with people who act the role of a customer. Practice before a mirror, or better yet, film yourself on a video camera. Watch your mannerisms, list to your voice, and observe your expressions.

You’ll destroy fear and build confidence in selling through preparation. In any activity, confidence comes in direct proportion to preparation.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight

Delighting the Customer


Companies need to delight customers to gain a competitive edge. The delight is referred to as a profoundly positive emotional state that results from having  one’s expectations exceeded to a surprising degree. The type of service that results in delight is “positively outrageous service”—that which is unexpected, random, extraordinary, and disproportionately positive.

A way that managers can conceive of delight I to consider product and service features in terms of concentric rings. The innermost bull’s eye refers to attributes that are central to the basic function of the product or service, called musts. Their provision isn’t particularly noticeable, but their absence would be. Around the musts is a ring called satisfiers: features that have the potential to further satisfaction beyond the basic function of the product. At the next and final outer level are delights, product features that are unexpected and surprisingly enjoyable. These are things that consumers would not expect to find and are therefore highly surprised and sometimes excited when they receive them. For example, in your classes the musts consist of professors, rooms, syllabus, and class meetings. Satisfiers might include professors who are entertaining and friendly, interesting lectures, and good audio-visual aids. A delight might include a free textbook for students signing up for the course.

Delighting customers may seem like a good idea, but this level of service provision comes with extra effort and cost to the firm. Therefore the benefits of providing delight must be weighed. Among the considerations are the staying power and competitive implications of delight.

Staying power involves the question of how long a company can expect an experience of delight to maintain the customer’s attention. If it is fleeting and the customer forgets it immediately, it may not be worth the cost. Alternatively, if the customer remembers the delight and adjusts her level of expectation upward accordingly, it will cost the company more just to satisfy, effectively raising the bar for the future. Delighting customers does in fact raise expectations and make it more difficult for a company to satisfy customers in the future.

The competitive implication of delight relates to its impact on expectations of other firms in the same industry.if a competitor in the same industry is unable to copy the delight strategy, it will be disadvantaged by the consumer’s increased expectations. If you were offered that free textbook in one of your classes, you might then expect to receive one in each of your classes. Those classes not offering the free textbook might not have high enrollment levels compared to the delighting class. If a competitor can easily copy the delight strategy, however, neither firm benefits (although the consumer does), and all firm may be hurt because their cost increase and profit erode. The implication is that if companies choose to delight, they should do so in areas that cannot be copied by other firms.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight

Attention Spans


Busy people have short attention spans, so get to the point. Assume that you are there to listen and you’ll talk less. Don’t start with your life story; don’t drag out a presentation; and unless you are a playwright, forget the dramatic buildup. All you’ll succeed in doing is irritating people, or worse, making their minds wander. Also, learn the attention spans of the people you deal with.

 

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight

Sticking to the basics


At a major power-tool company, drill sales weren’t up to projections, and the marketing director had brought in consultants and managers from marketing, engineering, manufacturing, and sales if they could figure out why. Frustrated that the session wasn’t getting anywhere, asked: “Why do you think people buy our drills?”

 

One consultant said it was the price. Others mentioned the company’s reputation for quality and service, the packaging and advertising, the easy availability and good warranty—all good answers.

 

“Hold on! Wait a minute!” the marketing director interrupted. “I’m beginning to see the cause of our problem. We have forgotten what business we are in. the real reason people buy our drills is because they want to make a hole! I think we’ve gotten too fancy. We’ve got to stick to the basics and sell them a tool that makes holes.”

 

When marketing started emphasizing how well the product drilled holes, sales increased 15 percent over a six-month period.

 

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please contact www.asifjmir.com, Line of Sight

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