Power sources that you can use in expected/unexpected situations in negotiations

Power sources in negotiations are perceived as genuine authority traits with the sole purpose of influencing the final outcome of a deal. One-sided power is extremely rare, and to make sure that the power balance stays consistent throughout the meeting, business people are used to switching from one side to another in the hopes of altering the result. Understanding how power sources in negotiations work is vital, if you want the meeting to end in your favor. The tricky part is that one can use these power sources in expected/unexpected situations in order to win, and there are various factors that influence them.

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Control your behavior

Behavior is the number one attribute that you can use to your benefit in negotiations. The way you behave will directly influence an opponent’s perceptions about you. Power in negotiations can only be achieved when you are in control. Ergo, the way you act and interact with others is critical. Someone who’s aggressive and who wants to control a business negotiation can easily lose that power if the other party calls their bluff.

Most negotiators are more powerful than they think. There’s a connection between someone’s power source and their self-esteem; apparently, confidence gives you viable alternatives. In business marketing for example, the way you communicate influences an opponent’s opinion about you. Advertising your products by negotiating a deal can be extremely challenging if you don’t know the ins and outs of your business.

Don’t let emotions ruin negotiations

We are emotional creatures. Whether we like it or not, we have emotions and sometimes there’s no way to control them. However, one of main power sources in negotiations is known as emotional intelligence. It’s the ability to control our feelings in situations where we want to appear professional. The business field is one of those situations. As long as you can understand and manage your emotions, there’s a high chance to spot your opponent’s feelings and use them in your favor.

The marketing and advertising domain is one tough and competitive business field. Only the strongest and most courageous people can make it. Success can only be achieved if you can manage your destructive emotions. While it’s difficult to think when you’re anxious or envy, marketers are often put in unexpected situations they just have to deal with.

Analytical skills are vital in business

Marketing professionals must have excellent analytical skills. They will be reviewing all kinds of reports based on statistical analyses such as market share, market size, competitive activity, and consumer demographics. It’s paramount that you learn to interpret and understand the data in order to come up with a sensible strategy and negotiate the best deal.

 

Deal

Another source of power in marketing is creativity. You have to find a way to do things differently. Competition is fierce in this domain, and to really appeal to the senses of a negotiator and convince them to invest in your business, you must think outside the box.

Status – use your position wisely

Your formal position in a company can help you close a good deal. A marketing manager for example, is at liberty to call the shots, make decisions, agree to a certain business plan or not. As a power source, you have to use your position the smart way. Don’t abuse your status – that’s the golden rule here. Influence decisions, offer alternatives, negotiate better outcomes by offering alternatives, but give up the bossy attitude.

Every company executive with an important position can negotiate using power sources. The more you know about your business (and their business) and higher chance you have to reach a good deal. Knowledge is power in any business domain. It’s all about using that knowledge wisely.

A business negotiation is based on two main factors: the quality of the business relationship between all parties involved and the predisposition to bargain. When the parties involved are good communicators, it means that the power sources used are meant to satisfy their requirements equally. Are you ready to use power in negotiation wisely? As long as you’re not abusive of your status, chances are you’ll end up with a lot more than just a deal; sometimes, building connections can be more valuable than winning a 90% share of a negotiation.

By Steve Brown and TheGapPartnership!

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How marketing Initiatives Sharpen Your Organisation

Advertising is a facet of marketing and separate from other marketing concepts. Although most individuals use these terms interchangeably, it is important to remember that these business terminologies actually have specific distinctions that using one term in lieu of the other is like calling apples “oranges” or vice versa. Doing so is misguided or ill-informed.

So what exactly differentiates advertising from other marketing activity? To put it simply, while advertising can be mostly concerned with branding or imaging, other marketing is geared toward directly tapping target clients for the purpose of sales generation. Advertising can be about making a good first impression. Other marketing, on the other hand, is fueled by an organisation’s desire to do business.

Marketing and strategyIn these times of economic flux, it is not always easy for organisations, especially smaller ones, to sustain both advertising and other marketing efforts. Marketing often requires major investment, and is apparently counterproductive to cost-reduction initiatives, which most businesses are keen on nowadays. With this said, it is crucial for organisations to prioritise, with objectivity and a sense of practicality. Zeroing in on business development with limited funds call for creativity and persistence—these are competencies essential to marketing. Arguably, marketing should be favoured as opposed to just advertising, at least during times when both cannot be sustained financially.

Here are ways to strengthen marketing efforts:

  • Get to know your market:

Sales simply mean having people to pay willingly for whatever you are offering. For these potential customers to even entertain shelling out their hard earned money in exchange for your product or service, they must, first and foremost find your offer/s personally relevant. Producing market-specific or market-relevant products or services is the first step to business development. This can be done by accomplishing thorough market research that will not only create an exhaustive profile of your target market, but also, reveal their specific wants and needs.

  • Employ multi-media marketing:

Customers access information from all types of media; from television to laptops to mobile devices. The options run the gamut. For your business development efforts to be noticed by prospective customers, it is best that you keep up with their communication proclivities. It is not enough to sustain marketing efforts via email marketing when employment of social networks can be just as competitive and results-driven.

  • Referral:

Although this can be considered as a traditional marketing approach, it is never obsolete. Referral marketing is a reliable means for a business development driven organisation to actually reach its target customers. There are many strategies inherent to this approach, including Pay for Performance, Incentive-Centred Referrals, and the likes. Moreover, make sure to reward, or at least show some appreciation toward failed referrals. A simple thank you email or note will do and this does not require monetary investment.blog mkg

  • Networking:

One way to ensure that business development is on full-throttle is to engage every team member in the initiative. This means that everyone should be in-the-know with regards to current marketing efforts, and are equipped with at least the basic sales competencies, so as when they are out doing business or personal functions, they can efficiently take on even unexpected sales opportunities.

 

BlogText by Nicholas Hill, a modern thought leader and international Trainer of strategic leadership skills and management training.

Managing Director & Principal Trainer for The Hill Consultancy Ltd.

@nicholashill

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How to negotiate properly to make your business grow

What does a business need to be successful? Are you making the right decisions? Are you taking risks? A lot of people assume that top-notch negotiators are hostile and adversarial. The truth is, you don’t have to be liked in business, and you just have to be fair. Negotiations are vital for entrepreneurs who want to make their business grow, so buckle up and let’s have a closer look at some really efficient tips that will help you close the sweetest deals.

Negotiations – the perfect marketing strategy

The principles we use in marketing usually work in negotiations too. Basically, if you know your way around the advertising world you can bargain too. Don’t take everything for granted though as you might get burned.  A good deal for you and your business doesn’t mean a bad deal for your opponent. Find mutual ground and reach an agreement that can suit both of you equally.

What do you want from a negotiation? Before setting foot in the meeting you have to know what you want. How strong is your pitch? Do you know your company inside-out? Having a good understanding of your bottom line prevents entrepreneurs from abusing opponents, and it prevents you from being too greedy.

Tip: never ask for more than you came in for. Greed can become your worst enemy in business, so it’s best to be fair and ask for what you deserve.

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You can’t win if you’re not open-minded. Dealing with board member policies, procedures, salaries, and lots of paperwork is not easy, so arm yourself with a great deal of patience.

The key to successful negotiations is to understand the market first. Who is your audience? How do you awake their interest? Entrepreneurs should understand that the business world is one tough battle field. You have to master three main arts to win it all:

  • The art of persuasion – convince your audience to buy without pressuring them
  • The art of communication – efficient communication skills make you trustworthy
  • The art of negotiation – great negotiation skills will help you gathers lots of worthy investor

How do you make a business plan work?
Experienced entrepreneurs are ok with the idea that some business plans are meant to fail. How do you make yours succeed then? It’s simple – people devote too much of their time to crafting the perfect business plan. Stop doing that; instead, focus on getting your idea started, crack down on vision, and develop a plan as you move forward. As your company and brand grow, size will eventually offer you some predictability.

Understand your audience if you want to grow your business
When an entrepreneur sells a service or a product, it means that he’s making a promise to the people who are interested in their business. If you can’t understand your audience it will be impossible for you to keep your promise; in the end you’ll let everyone down. Find the geographic and demographic location of the people interested in your business, and try to figure out their activities and hobbies to target them better.

Most entrepreneurs make one vital mistake when trying to market their business: they try to sell before analyzing the market. How do you know an idea is a good idea if you don’t know your competition? For example: if you’re an entrepreneur selling shoes online but you can’t differentiate yourself from the other thousands of similar online stores, it will be impossible for you to develop an efficient marketing campaign and gather loyal customers. Figure things out and think outside the box. Bright ideas matter the most, however they don’t come easy.

Are you ready to negotiate and help your business grow?Whether you’re bargaining with vendors, customers or investors don’t forget the number one rule of negotiation: preparation. As long as you have a clear, straight and honest answer for each question that comes your way, chances are your business is a winner. Don’t be afraid to take a risk to see what happens. Your best teacher is the last mistake, so learn from it.

Text by Jason Phillips, Comvort Negotiation/Business blogger.

TheGapPartnership

@Jason2109Jason

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Customer Reference Programs: Making satisfied customers talk

What do you offer your leads after a trade fair? Ideally, he is presented with a reference example that leads to instant conviction.

Using satisfied customers as references for PR & Marketing

When it comes to convincing new customers, references still form the crucial basis. This is something every marketer and every sales person is aware of. Especially after trade fairs best practices and case studies are vital instruments in turning new contacts into new customers.

Satisfied customer! Yes!

If companies are yet reluctant to integrate satisfied customers in their Sales and Marketing Communication, this often has one reason: fear of the customer. Because the customer might be currently unhappy. Because he could be bothered by the request for support. Because he might not agree with the text of a reference brochure. Because the customer’s communications department will not release information anyway. Because there is no one who could write a substantial text, not to mention interviewing the customer at eye-level. Or because….Well, of course: these are all serious obstacles blocking the way to a reference flyer, a success story press release or a best practice video.

But here comes the good news: These obstacles can be overcome by experience and planning. A professional reference program presents the right solution. Integrated in the sales process, it brings order, transparency and commitment into communication. If someone is well informed, then nothing goes wrong. – At least, this is what I have experienced: After successfully closing reference projects, our customers are always happy – as are their customers, too.

Annegret

 

 

 

 

 

 

Text by Dr. Annegret Haffa. @drhaffa
http://www.haffapartner.de
Click here to access the Agency Blog

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Blogs Emerging as News Release Platform

Press releases are press releases, and blog are blogs. Never the twain shall meet? That depends…

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More than half (60%) of PR executives said they have not used blog type news releases without a formal news release, according to an exclusive study conducted by marketing communications agency MWW.

Among those PR executives who are using a blog style release without the accompaniment of a formal news release, 44% of the respondents said they plan to use more blog style releases in the future while only 6% said they would use them less.

“It’s not blogs versus news releases, that’s the wrong discussion,” said Ephraim Cohen, executive VP of technology and digital content at MWW. “The discussion should be around formats, and when to use one, or the other, or both.”

The online study, which was conducted in December and January, garnered a total of 42 responses. Nearly 80% of the respondents work in communications for a company or PR agency, with 42% in a management or supervisory role.

Despite the tremendous growth in social platforms, formal press releases still hold sway with stakeholders, according to the survey.

“It’s a formal documentation of the news, whereas a blog is a place to further the dialogue to what’s in the news release, and then, if it’s appropriate, extending to other mediums such as video,” Cohen said.

He stressed that traditiional and new media outlets alike still expect a formal press release for news and information. “As expectations change our delivery of news will change, as well.” PRN

Source: MWW

Ephraim Cohen, ecohen@mww.com.

 

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