Do you know when you buy a product or make a business and don’t get satisfied? You probably will not go back to negotiating with the same company. The same goes for your customers. Don Hutson and George Lucas show some precious techniques to leverage your results in the book “The One Minute Negotiator”.
Know how to trade is a tool that could make all the difference in the development of your business or in the well being of your personal life. That is why it is so important to master and use trading techniques that are efficient and functional.
To do it, you must master a set of skills that will differentiate you from other negotiators! In this summary, we’ve separated the book’s main ideas to help you comprehend better what are these skills and how can they change your life!
Got interested to be that person? Stay with us in this reading!
About the book “The One Minute Negotiator”
“The One Minute Negotiator” (2010) teaches four viable strategies and shows how to choose the one that best fits the situation.
In addition to the obvious benefits, successful trading will reduce your stress level. You never go away thinking about what you should have asked for or received.
About the authors Don Hutson and George Lucas
The author Don Hutson is President and CEO of US Learning, Board Member of the Executive Books, and Speaker and Corporate Instructor. He is the author of twelve books, including “The One Minute Entrepreneur” and “The Sale”.
George H. Lucas is a senior consultant and board member of US Learning. He has conducted seminars on negotiations on six continents and is the author and co-author of several books, including “The Contented Achiever” and “Marketing Strategy”.
To whom is this book indicated?
This book is perfect for someone who wants to become a successful negotiator by learning to identify their personal trading trends and assessing the likely trends on the other side.
Main ideas of the book “The One Minute Negotiator”
- Most people suffer from a trading phobia: the fear of trading.
- Overcome this fear with the "EASY treatment process": engage, assess, strategize, and your one minute drill.
- To create strategies, select the best trading tactic for your specific situation.
- The four main negotiation strategies are to avoid, accommodate, compete, and collaborate.
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Overview: Part 1 - Negotiation Phobia
In the first part, Don Hutson and George Lucas show us through an example of the importance of knowing how to negotiate, because this has a great impact on the company's profits.
The book introduces us to a character, the salesman Jay Baxter. He and his wife, Laura, won a trip, on a luxury yacht moored in Miami, sponsored by their company.
Jay was proud to be among the 17 sellers on the cruise. He hoped the company would select him as Salesman of the Year. He also felt that the company would give him the dream job as the new regional sales manager.
However, the trip was not fun. Along with the other vendors, Jay had to attend a multi-week workshop on negotiation taught by an expert on the subject, treated as Dr. Patt.
The workshop was called de: Treating your trading phobia.
Jay met his friend Eduardo Carlos, another sales representative. Eduardo told him that the latest gossip claimed that another saleswoman, Cathy Simmons, would win the sales award and be nominated for the regional sales manager position. Jay was puzzled.
When he last checked the sales numbers, he was 8% ahead of Cathy. But Eduardo told Jay that the determining factor for this year's sales award was the contribution to the gross margin - where Cathy was well ahead.
That evening, all sales representatives and the company president Bob Blankenship met for a special dinner honoring the saleswoman of the year, Cathy Simmons, whom the president also named as regional sales manager.
Blankenship started the meeting by telling the representatives that they needed to focus on profitable sales rather than sales volume. Everyone had to become better negotiators to get more profitable prices for the company's products.
People share a common misconception that negotiation leads both sides to a middle ground. Nothing could be further from the truth. The middle ground, which usually means dividing the gap, usually leaves both parties unhappy.
Overview: Part 2 - Negotiate in EASY Steps
In this part, Don Hutson and George Lucas talk about how people can overcome their fear of negotiation, called a negotiation phobia, using the "EASY treatment process": engage, assess, strategize, and your one-minute drill. Follow these steps for each negotiation:
Engage - How will you treat the other side?
The four main negotiation strategies are "avoid, accommodate, compete and collaborate".
- Avoid: it's the strategy to always procrastinate. Competent negotiators quickly read the other side, because no one negotiates in an empty space.
- Accommodate: it is giving the other side everything he wants. The problem is that the other party will assume that he will always win.
- Compete: it's a zero game strategy or one that means: I win; you lose.
- Collaborate: it's a win-win strategy. That is, the two sides win. For this to work, both parties must put their true needs on the table. This is the ideal strategy.
Assess - What is likely to happen?
Monitor and review the "behavioral style trends" from the other side in four categories:
- Analytical: they are number crunchers and they want as much data possible before making decisions. They often use the avoid strategy;
- Conductors: they usually employ a highly competitive strategy. If you can stand firm and avoid the initial demands, they quickly shift to a collaborative stance;
- Expressive: they are those who have short periods of attention. For best results, come to terms with them before they lose interest and move on to something else;
- Friendly: they seem to like you a lot, but they can feel the same way about everyone involved. Friendly people hate to make decisions and are, as such, classic avoiders.
If you've never negotiated with that counterpart before, try to figure out how they make their deals with their customers and suppliers. The way they treat them is how they treat you.
You can learn a lot about a company by checking its website. Is the company open and transparent? Does it provide useful information about itself? If so, expect it to be collaborative.
If, on the other hand, the company is highly secretive and is not willing to share much data, expect it to take a competitive stand.
If you are not sure how the other party will negotiate, start with a collaborative attitude. If they are not willing to work with you, become competitive quickly.
Strategize - Which approach will work?
Your next step in the EASY process is to consider how you will handle this particular negotiation.
When the other side avoids trading, this may indicate that they are no longer interested in doing business - for example, if a prospect does not return your calls anymore. All sellers are accustomed to objections, which are useful if they indicate that your prospect is still considering your proposal.
Use competitive strategy when the other side refuses to collaborate or when collaboration is not worth the time or the problem. Collaboration is the win-win strategy that you should strive to pursue in most cases.
Everyone wins, and a collaborative outcome preserves positive relationships, the core of doing business. Try to work collaboratively on the negotiations that take place internally within your organization.
The last thing you want to do is damage a relationship with another business unit in your company. You may need to work with that unit in the future.
Your one minute - Take a one minute break
The last part of the EASY process is the Y - "Your One Minute".
Take a break before your negotiation to stop and think about the three steps of the EASY process: engaging, asses, and strategize. Doing so, ask yourself: Does this require negotiation? What strategy do I usually use in this type of negotiation? And on the other side?
Considering what I am dealing with, what is my best strategy? Think of things in a systematic way. When you do this, you will have a better idea about how to proceed during the actual negotiation.
If you think carefully about each step, you will begin to negotiate better. Your fear of negotiation will dissipate because you demystified the process and became more skillful.
Going through each step is essential to being a good negotiator. In contrast, poor negotiators employ various tactics during negotiations without thinking about their overall strategies, a clear mistake.
Overview: Part 3 - A Great Return to Jay
To conclude, Don Hutson and George Lucas present the ending story of Jay.
Remember our character at the beginning of the book? Jay promised himself to put into practice the trading principles he learned in his sales. He did, and got great results.
At the next year's awards dinner, Jay won the seller's award of the year. In addition, he learned to use his trading knowledge not only in business, but in all areas of his life.
What do other authors say about it?
To Mark H. McCormack, author of “What They Don’t Teach You at Harvard Business School”, the ideal result to negotiation is the win-win, in other words, whey both parties feel satisfied with the deal.
To Mitch Antony, in his book “Selling with Emotional Intelligence”, professionals negotiators are capable of find solutions in situations where other people just find obstacles. Their secret is to look beyond their desires ans necessities, looking at their partner’s objectives.
Finally, in the book “The Sales Bible”, the author Jeffrey Gitomer advises: use humor to break the ice. If you make the client feel more comfortable and relaxed, you already took a huge step to close a deal.
Okay, but how can I apply this to my life?
- Adopt EASY steps in your negotiations.
- Get to know the four types of strategies that exist.
- Observe and analyze the "behavioral style trends" of who is on the other side of the negotiation.
- Create strategies for your approach.
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