An Offer You Can’t Refuse

Negotiation. The outcome of a negotiation can often be determined within the first five minutes of a meeting. Now if you are Vito Corleone, sometimes you have leverage that makes the outcome inevitable. For the rest of us, the art of negotiation is a skill that can be honed and fine tuned. Here are a few ideas to help you in this process.

  1. Share your most effective information It is important to know your subject / product and to understand what is the most relevant piece of information that can work in your favor. If the outcome is often determined in the first five minutes, don’t leave your best bullets in the chamber.
  2. Find out exactly what the other side wants – The faster you can get the other side to reveal their opening position, the more effective you can be. Ask questions. Listen closely. Often there first disclosure is not the real need.
  3. Keep emotions in check – This is crucial. Just like Vito Corleone said, never let anyone know the emotions of a situation. This is like in poker, a tell, that reveals your hand. Strong changes in tone can reveal a desperation and that puts you at the mercy of the other person.
  4. Ask for more, settle for less – Ask for more than you expect, but make sure it is reasonable. In this way you set a line that you can move from but still have the other side understand that a deal is plausible.

 

About Jeffrey Berson

40 years in and around the industry has made Insurance a part of my DNA. I have had the pleasure of working with and for some of the greatest minds in our industry. My "Bersonal" View is an attempt to capture some of the best ideas, the best concepts and the best practices in a way that can lead to success for others. It will certainly be my point of view, so please...don't take it "Bersonal".
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3 Responses to An Offer You Can’t Refuse

  1. Jerome E Howard says:

    Jeff. As usual you are right on. You only get to make one first impression. Thinking of others first, showing that you care and have ideas that could interest and benefit, puts one in the position to ask for more…..more time, more information, more involvement by the other person. It flows naturally.
    Asking for more works. I was a brand new, very young, life agent for Phoenix Mutual in Hartford, just out of the Marines making cold calls on hearing aid dealers in downtown when I got the interest of one about planning for retirement. I ended up getting a $5000. Yr premium on a Retirement Income Life policy and a check for $50000 to pay 10 years premium ahead. This was more money than I knew existed in the world. My first home costs $10000.
    I asked because I thought you should and the client or would be client answered. He and she have been “answering” for over 60 years next March 2015………
    My best to you and yours. Jerry Howard

  2. Brian says:

    Great article!

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