Secrets of Great Deal Makers
Top deal makers see conflict as an opportunity. If people are passionately engaged in the process, there is a good chance of reaching consensus. In order to do so, a deal maker must learn as much as he or she can to appeal to the other party's self-interest.
Deal makers are better than anyone at seeing others' points of view and communicating with all parties to clear away the obstacles. It isn't about how a case is presented; it's about how intelligence is gathered and then about a dialogue that leads everyone to a logical and comfortable business conclusion.
Yes, there are tales of industry titans going head to head, getting the deal done two minutes to midnight. It's a nice bedtime story, but power brokers don't wing it. They gather intelligence, assess the needs and desires of each of the stakeholders, and then articulate the benefits to each. They have so much intelligence that they can handle objections and keep the conversation on course.
Why People Buy
Before one can understand why people buy, it's important to know why they don't buy. Regardless of whether "buy" means actually signing a contract or just buying into ideas, people don't "buy" when the seller or negotiator talks about his or her own problems, issues, needs, or concerns.
There is one word — above all words — that professionals must have top of mind in order to persuade others. It's the most important word in persuasion. The word is "why." Until the question "Why would you want to do this?" is answered, there is no sale — no sale of an idea, property, or service.
Five Steps to Gathering Intelligence to Make a Deal
Finding out "why" — the true concerns, questions, needs, and plans of a potential buyer or decision maker — can be broken down into five steps:
- Asking great questions
- Going to a deep level
- Being genuinely curious
- Listening between the lines
- Analyzing logic and emotion
One of the most valuable tools in persuasion is a good question. As Jeffrey Gitomer puts it in The Little Red Book of Selling, "Good questions get to the heart of the problem, need, or situation very quickly, without the buyer feeling like he or she is being pushed."
Great beginning questions are open-ended — they don't give the other party a chance to say "yes" or "no." Great questions should elicit information that is top of mind.
Effective deal makers aren't afraid to ask what may seem like difficult or probing questions. Rather than avoiding them, they ask them as soon as they can. If the other party doesn't want to answer, he or she will say so.
Serious businesspeople — especially decision makers — appreciate an honest, productive discussion. They want to get down to brass tacks.
Great types of questions are those some refer to as situational. They might start with:
- Tell me about…
- Could you help me understand...?
- Would you show me...?
- What is the biggest, greatest, toughest...?
- How would you describe your most...?
- What should I know about...?
Good questions take the conversation where it should go — to a deeper level. This takes the discussion beyond jargon and discussion of facts.
Great deal makers use the above situational questions by asking the other party to explain why the situation exists or what caused it to develop. Next, they follow with questions about impact, such as "What is the result of this situation?" or "How has it affected you, this deal, or your decision?" Finally, they ask about desired outcomes. What would be ideal for the other party?
In the process of asking these questions, great businesspeople build trust. People appreciate being asked and being heard. Retail is a relationships business, so trust is essential currency in any transaction.
Being Genuinely Curious
Without curiosity, questions sound "canned" — a big turnoff. Questions must show intellectual vigor, genuine interest, and deep understanding.
When someone is genuinely curious, people know it. Curiosity stems from asking the above questions and getting into the details. Deep conversations should trigger some passion for knowing and understanding. This passion comes through in great deal makers. It is difficult to fake curiosity because people know it when they see it.
Listening Between the Lines
Paying attention to the verbal and nonverbal responses to any question is absolutely essential. Great communicators listen to tone, pitch, pauses, and inflection to read emotion. They watch body language, facial expression, and other indicators. These are far more reliable than what people say.
Every smart professional knows that it's important to listen carefully. But what some people miss the mark on is listening to not only what the other person is saying but also what he or she is not saying — what that person appears to be questioning, thinking, or feeling.
Elements of good listening:
- Concentrating and focusing intensely on the other person
- Not interrupting — a rule well understood but constantly broken
- Suspending judgment until the other party is finished speaking
- Repeating key words and phrases to acknowledge listening
Some people respond more to cold hard facts; others act on gut feelings and respond more to emotion. It's important to appeal to both logic and emotion in a conversation or presentation. Most people operate in the two worlds simultaneously; they want hard evidence and then want to check their gut reactions.
Some sample logic words are research, study, investigate or investigation, inquiry, quantify, measure, and verify. Sample emotion words are feeling, gut, hunch, inkling, instinct, thought, reaction, and sense.
Next Steps
Of course there is more than the discovery phase to doing a deal, but without discovery, none of the rest of it matters. A broker, banker, lawyer, developer, contractor, buyer, or seller can prepare an outstanding presentation on a project and deliver it with fanfare, but if he or she hasn't done this work, it won't matter.
The art and science of persuasion really begins with questions and a curious mind. When one gathers intelligence and builds relationships of trust, the pieces begin to fall together. Mastering these communication skills sets the stage for highly productive conversations that lead to very profitable business.
About the Author
Suzanne Bates is president of Bates Communications, a communications consulting firm that helps business leaders and executives speak with authentic voices of leadership and get competitive edges in business. Her firm's clients include Fidelity, Mellon, State Street, EMC, Blue Cross, Interactive Data, and Cabot Corporation. Suzanne is also the author of Speak Like a CEO: Secrets for Commanding Attention and Getting Results (McGraw-Hill, 2005), which has been translated into Russian and Chinese. Prior to starting her successful consulting firm, she was an award-winning television news anchor and reporter. She can be reached at
info@bates-communications.com or by visiting www.bates-communications.com.
Contact Information for Bates Communications
40 Grove Street, Suite 320
Wellesley, MA 02482
781-235-8239
www.bates-communications.com
