Have you ever felt that your college does not teach you important things you will need in the job market?
Often, technical or graduation courses are theory-bound and leave out practical questions.
In the business world you need to learn tips and techniques to sell, negotiate and manage.
If you want to learn from the advice and experiences of real life experts outside the walls of the academy, stay with us as we will show you a well-organized guide to success!
About the book
The book What They Do not Teach You at Harvard Business School (1984) is a guide to tips and teachings on sales, negotiation and management that only people with a lot of market experience know.
This book has more than one million copies sold, it is distributed by the publisher Bantam Books Trade Paperback and has 255 pages divided into 3 parts.
If you would like to know all the details of the book, the full edition is available for purchase from the link: What They Do not Teach You at Harvard Business School.
About the Author
Author Mark H. McCormack (1930-2003) was a lawyer and author of several books. In addition, he founded and, for several years, presided over the International Management Group (IMG), an international organization that offers consulting, marketing and management services for famous sportsmen and celebrities.
For whom is this book suitable?
The content of this book is recommended for business owners and business owners, managers and executives, and anyone who wants to expand their trading skills.
Main ideas of the book
The highlights of the book are:
In addition to your college education, you need to be streetsmart to sell, negotiate and manage well;
Older customers may be the best customers. The ideal time to sell something is when the buyer has already said yes to something else you have offered;
Giving a product or service for free can help you;
A long silence can be significant in a trading session. Do not rush to break it;
It is better to lose a sale than to abandon your principles;
Sometimes it may be critical to appear in person, instead of sending a memo or making a call;
Find ways to help others accept and embrace ideas, regardless of where they originated;
In written or verbal communication, be clear and concise;
Do not be afraid to admit that you do not know something;
Imagine yourself as a product. Use personal marketing. Think about how you would position yourself.
We will present this summary in three aspects: "secrets of successful sale," "the secrets of good trading," and "the secrets of successful management."
Overview: Aspect I - Secrets of Successful Selling
Many sellers will be happy to give advice on how the sale works. A typical lesson about selling would be: "Know your product. See many people. Ask everyone to buy. Have common sense”.
In this first aspect, the author makes some adjustments of these tips for the current global economic scenario.
Know your product ... and your industry: Your customers will compare prices before buying, then you should know your competition. In addition, knowing about your product is not enough. You need to believe in it as well.
See many people ... who are likely to buy: apart from meeting many people, you must know the right people.
Ask everyone to buy ... on time: you should ask people to buy it, but you should not be too pushy. Give space for your customers. Let them think that buying from you was their idea in the first place.
Common sense and caution: overconfidence can kill your sale. Do not chew.
Super sellers have a few more tricks of the trade. Let's talk a little more about them.
Hitting on old doors
Realize that existing customers may be the most promising prospects. They have bought from you before and if they are satisfied, they will be inclined to buy more.
Successful sellers knows how to bring new information or ideas
If you are a car salesman, do not take prospects on a second test drive. Instead, you offer them a financing plan.
Sometimes volunteering to do something for free is a way to get through the door.
Prospectuses can not refuse a free offer, claiming they have no budget.
So if you do a good job, they may pay well for what you did or you can look for a paid agreement in the future.
Show respect for your customers and your products
Remember who you're dealing with!
Entrepreneurs are sensitive to any clue that prefers their competitors. At a business lunch with a Coca-Cola executive, for example, do not order a Pepsi.
The Importance of Buying in the Sales Equation
Recognize the leverage you have as a buyer, such as the size of your application, whether you are paying in cash and whether your application can be the beginning of a long-term relationship.
Use your leverage before the sale materializes to negotiate the best terms.
Its effectiveness decreases drastically once you have paid.
Get the right information
Ask questions even though you already know the answers to see if your customer can reveal new information.
The more information you share, the more likely people will reciprocate.
Also, remember that people get quieter when they are further away from their offices.
Ask for information they should not give you, it will teach you a lot about their reliability. Do not hesitate to ask for numbers.
If they are not ready to discuss the cash values ??with you, they probably will not be ready to buy.
Overview: Aspect II - The Secrets of Good Negotiation
Trading skills will not come to you. They require hard work. In this overview, the author Mark McCormack presents the five basic techniques of negotiation you need to practice:
Silence: a long silence can be of great importance in a period of negotiation. Try not to break it, no matter how uncomfortable you feel.
Patience: Sometimes doing nothing is the most effective strategy in a negotiation. Only the passage of time can change circumstances.
So sit down until people calm down, problems settle on their own and new ideas come up.
Sensitivity: Be aware of the other person's perspective, needs and desires.
Curiosity: You can learn a lot about people by observing themespecially outside the professional environment.
Show yourself: make sure you meet people in person, instead of calling or sending a memo.
Money is certainly important, but non-economic factors are also critical.
For example, if your company has great quality or prestige, many people will be willing to give up money in exchange for an increase in their reputation.
Think long term. Respect the traditions of a company and keep a confidential transaction before closing the contract.
The ideal outcome for a negotiation is a "win-win" situation in which both parties feel satisfied.
Sometimes a client is much more satisfied than the other. In a "mediocre" agreement, both clients are satisfied, but not much. Such deals can have unexpected consequences.
For example, if people agree on a price, even if they feel their services are worth more, the quality of that service may decrease. Even if they are unaware they have made work less effective.
Overview: Aspect III - The Secrets of Successful Management
In this aspect, we will show you how to build good management within your organization.
Beginning entrepreneurs usually go through three phases.
In the first phase, income is very critical.
In the second phase, entrepreneurs are increasingly worried about cutting costs to make a profit.
In the third stage, they begin to manage the money reinvesting the money in their companies to make them more valuable.
It is about this Ted Turner was referring to when he said, "I've never been too worried about making a profit. My goal is to create value. "
Construction value generally means growth. However, an expansion should make sense to your company and should in fact be profitable.
It is important to always be generating many ideas. A tendency to reject ideas that are not yours is not good. Get rid of that attitude inside you and your employees.
So be open to new possibilities and be creative in finding ways to help others accept and follow through with good ideas.
As a manager, you will confront two types of people in your organization: heroes and winners.
Heroes are highly visible and tend to gain recognition. Winners are the people who do an excellent job behind the scenes.
Do not forget them. Work hard to motivate and recognize the winners. People who do glamorous jobs are more visible, but internal experts are critical to the company's success.
Also, if you need to fire someone, prepare everything for a smooth transition later.
This may mean alerting clients or assigning additional responsibility to another person before resigning.
In the book “The hard things about hard things”, the author Ben Horowitz says that managers should explain that layoffs result from company failures, not personal failures of employees, and that they must make clear that decisions are non-negotiable and should fully explain the compensation packages.
Be generous with people who are leaving, maybe even help them find new jobs. If you treat them fairly during the termination, they will not speak badly about your company after they leave.
Corporate culture can help your business achieve excellence.
Communicate to potential employees that your company is world-class and that you expect exceptional performance, encourage teamwork, have potential leaders working at lower levels so they really know the company and make sure your employees know where the company is walking , quantify your goals, have clear corporate values ??and honor them, tell your company's history to emphasize your class and values, and define corporate models.
As a manager, you will have to hire, retain and fire employees. Try to find the best people.
If they are more skilled than you, this is even better. Do not hire someone other than the most successful candidates.
To keep them, be sure to put them in the right jobs, pay what they are worth, give them their own projects, and provide regular feedback.
Be sensitive about your employees. Notice their satisfaction, no one leaves without giving you subtle clues.
As a boss, focus on adding value, including highlighting the best in your people rather than exercising your power.
Always ask yourself if you need to be involved, if not, let your employees do the work themselves.
There's a difference between being the boss and being bossy. Recognize your own areas of expertise, avoid inefficiencies, set a good example and give people clear goals.
Okay, but how can I apply this in my life?
When sending an email or any other message, do not confuse your reader with complicated phrases. Keep them short and simple.
This is also true for verbal communication.
Avoid overinterpreting the body language of the other person; instead, use better tips such as exact phrases ("I can do this" instead of "I'd like to do this").
Be organized. It does not matter what time management system you use as long as you use one. Also, plan in advance and respect other people's schedules as well.
Always evaluate yourself. Imagine yourself as a product. So think about how you would position yourself. Would you have high or low price? Practical or elegant?
Apply marketing principles to yourself and use them to progress.
Be aware of your weaknesses, but do not be proud of them.
Cultivate these crucial characteristics in yourself: honesty and integrity, mental endurance, stubbornness, consideration and maturity.
What do you think?
So, did you like the summary? I will wait for your feedback in the comments.
In addition, the full edition of the book is available for purchase below: