Episode #138: Donald Hatter
You Can’t Sell and Negotiate At The Same Time
Donald Hatter is an author, a motivational speaker, a contributor to Forbes and a sales and marketing professional who has more than twenty five years of relevant experience. He is the author of the International bestseller ‘Ten Things Great Sales Leaders Don’t Do’, which details ten common mistakes that sales professionals make and how to avoid them. One of the chapters is exclusively dedicated to correcting some errors made while negotiating.
[01.14] Donald defines Negotiation – as a strategic discussion that resolves an issue in a way that both parties find acceptable
[01.27] Donald explains how negotiation is important for business – in order for deals to get done they are always negotiated to one extent or the other, so understanding and becoming much better at that process will help you in generating more revenue and will help you in your career in general. It’s a great skill set to have and it’s extremely important.
[01.53] Why don’t some salespeople don’t like to negotiate and what can we do to change this – Donald feels that generally people who don’t like negotiating don’t know that negotiating effectively is all about leverage, the more leverage you have the easier it becomes.
[03.06] How do you plan and execute a high stakes negotiation – Donald shares that when he is negotiating he is constantly doing a few things, one is trying to increase the perception of his value, to make the prospect or client think that what he has to offer is extremely valuable for them. Donald is also trying to look for ways to increase his leverage, always looking for additional information that will at some point help him in the negotiation process.
[05.04] What are the attributes of a good sales negotiator – Donald feels that self awareness is a huge attribute. Being able to understand where you are in the process, understand what the prospect or client thinks of you and to understand how much leverage you have really helps you in the negotiation process.
[05.40] Donald discloses his top negotiation tools and strategies – rather than sharing a particular tool Donald reiterates a term of strategy that you need to recognise that you can’t sell and negotiate at the same time. Once you have sold the idea of using your company to your prospect or client try not to close too early. The more time prospects or clients have invested in the procurement process the more leverage you create.
[07.19] Donald shares his top three negotiation Do’s and Don’ts – Don’t get too anxious, sometimes you simply just have to wait, do more to increase the perception of your value. Don’t close too early, understand timing and thirdly don’t give things away for free – when they don’t end up buying in your time line but then come back at a later date and ask for that discount down the road. Donald’s do’s evolve around the perception of understanding your value – do whatever you can to increase their perception of your value. Do focus on the problems that you are solving and how much not solving those problems are costing your client or prospect. Do show that you are able to deliver what you are offering.
[10.23] Donald shares his favourite negotiation story – when he was working to secure a deal with Walmart, knowing that Walmart aggressively knock down prices with their vendors to be able to offer competitive pricing to their customers. Donald used various strategies to help gain leverage which resulted in securing the deal.
More About Donald
What was the last book you read?
‘Make It Rain’ by Areva Martin
Who / What inspires you?
I am inspired by watching others helping people when they don’t have to.
What aspect of your own Social Media are you most focused on improving at the moment?
– I am focused on delivering quality content to as many people that are receptive of it as possible. Not everyone is interested in what I have to say, but many are. Trying to find all those that are interested is an ongoing challenge.
Watching my children compete, playing golf
How can our listeners contact with you?
www.donaldhatter.com is the best way, but LinkedIn is always an option