Saturday, October 23, 2010

Profit X - Powersports Business Las Vegas Pt.7

Keynote Presentation - 4 Strategies for Expanding Your Market Share

Lunch time on Sunday, sponsored by Manheim Specialty Auctions. Keynote speaker Dave Mitchell takes the stage and asks the audience if they had any expectations on his presentation for the day. Most of the audience shakes their heads left to right, because everyone was chewing on something. Dave replies that "no" is a good answer because he does some of his best work when there are no expectations. The title of his presentation had nothing to do with what he was talking about. It was better. It was "The Power of Understanding People".

Dave began by telling us his background, with a specialty in corporate human resources, and he had a good deal of experience understanding people. He called a volunteer from the audience, stood him on stage and told him that in a few moments he would like for him to recall something dramatic from his past. He then proceeded to tell the audience that the volunteer was experiencing what we all have experienced in the past, commonly referred to as stage fright. He says right at this moment our volunteer is experiencing high anxiety, a racing heart beat, sweat is beginning, and his body is giving him a fight or flight reflex. Meaning he is having a hard time putting things together in his head to recall any drama from his past. After explaining all the symptoms the volunteer was having, he went face to face with him and asked him to recite the alphabet. The volunteer got it wrong. Funny!!

He gave us four basic types of people, and gave us a comparison, and ways to recognize and appeal to them.

The Romantics
The Warriors
The Experts
The Masterminds

Romantics Vs. Warriors
-Emotional Sensitivity vs. logical sensitivity
-Indirect communication vs. direct communication
-Honor bar vs. aggressive negotiators

The Romantics:
-Trust their feelings about people and situations
-React strongly to emotion
-Value interaction among people
-Show appreciation of others and responds to praise

Recognizing the Romantics:
-They are personable and talkative
-Loyal and trusting
-Quick to praise you and rarely criticize

Appealing to the Romantics:
-Respect their feelings
-Praise them
-Develop a relationship and communicate specific expectations

The Warriors:
-Are Competitive
-Have a strong desire to win (in negotiations)
-Are Analytical
-Are often seen as driven and goal oriented
-Focus on one upmanship (always wanting the best of the best)

Recognizing the Warriors:
-They get to the point quickly
-May appear more irritated then they are
-Talk loud and fast
-Want an answer fast
-Negotiate aggressively

Appealing to The Warriors:
-Be direct
-Do not try to manage them
-Like to be treated professionally
-Wants a confident salesperson
-Be assertive

Experts versus Masterminds
-Details vs. "Big Picture"
-Cautious vs. Risk Taker
-Security vs. Excitement

The Experts:
-Trust what is certain and concrete
-Value Common sense consistence and reliability
-Tend to be specific and literal
-Give detailed instructions
-Present information in a step by step manner

Recognizing the Experts:
-They often have a great deal of knowledge about the product
-Very specific with their questions and requests
-Disappointed if things don't go exactly as they were told.

Appealing to the Experts:
-Be specific and provide details
-Respect the rules
-Respect their knowledge
-Be knowledgeable
-Be Patient
-Keep Promises

The Masterminds:
-Value features and benefits
-Likes to know how the benefits will effect them
-Tend to be impractical
-Can appear to be disorganized and absent minded
-Takes risks

Recognizing the Masterminds
-Conversation may go off on other tangents
-They will challenge you
-Charming and enthusiastic
-Uses language like "What if" or "would it be possible"
-Not as specific and more general in their questions and expectations

Appealing to the Masterminds
-Acknowledge and consider their ideas
-Be flexible
-Be enthusiastic
-Allow them to try new things

He went further in detail by explaining that inside the head of every person is a tool box and inside the tool box was a set of tools a hammer, pliers, screwdriver and a wrench and that when you deal with a customer its up to you to figure out what type of tool that customer is using. You'll have to reach into your toolbox and use the right tool to compliment the customer.

Dave's presentation was filled with humor and energy, he never lost the attention of the audience. His comparisons were directly related to the types of customers we (I) see everyday. For every comparison, I was able to put a customers face to. It was a great way to close out the Profit X for me. I enjoyed it.

That's "My Take"

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