The Power of the Word “No”
The Miller Mindset: Episode # 0024
Welcome to “The Miller Mindset” podcast, a weekly podcast where we explore the power of positive thinking and its impact on our lives. Join me, Chris Miller, as we dive into such topics as goal- setting, overcoming obstacles, and developing a growth mindset. If you’re looking to improve your life and reach your full potential, then this podcast is for you. Don’t miss an episode. Be sure to subscribe today! On today’s show, we’ll be discussing the power of never giving up and what the word “no” really means in a negotiation.
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How Do You React to the Word “No”?
If you have ever been in a situation where you were trying to close a deal but the other party kept saying no, then you know it can be frustrating and discouraging. What if I told you that “no” doesn’t always mean the end of the negotiation however? In fact, it is often just the start of one.
It’s true. That first “no” you get can be the opening you need to begin a new opportunity to get engaged in the discussion. It can be a chance to re-evaluate your approach and come up with a new solution. It can be a chance to learn more about the other party’s needs and find a way to meet them. It can open the door to creativity and to ask for more information. Information is the key to success in negotiating a deal. He who has the knowledge, has the power.
The key is to never give up. Persistence is one of the most important traits to have in any negotiation. If you believe in what you’re offering and you know that it’s the right solution for the person you are offering it to, then don’t let a few “no’s” stop you. Keep pushing forward and find a way to make it work. Don\t do them the disservice of walking away without helping them out. If what you are offering is going to make things better for them, you owe it to them to make sure they understand that, and see your vision.
But it’s not just about persistence. It’s also about understanding the power of the word “no”. When someone says “no” in a negotiation, it’s not always a definitive answer. In point of fact, it rarely is. It can be a negotiating tactic, or even more likely, just an automatic response. It can be a way to test your commitment or it can be a way to get you to stop asking because they are starting to give in and are getting ready to say yes. It can even be a way to see if you’re willing to compromise or give them a better deal. Any any one of these cases, the doorway is actually being opened for you; not closed.
There are times when you shouldn’t give up on closing the deal just because someone says “no”.
Here are three examples of when not to pack it in:
#1 – When the “no” is a reflex or knee-jerk response: Sometimes people say “no” without giving it much thought or consideration.
My kid, as an example asks me for extra, last minute stuff while we are out shopping for groceries all of the time. “Dad, can I get this too.” Usually it is some dumb little thing or some huge “sugar bomb” snack, but not always. At any rate, my initial reaction is almost always “No” because I’m calculating costs in my head to make sure the register doesn’t try to charge me more than what it should.
There are companies out there that do this on purpose and think we’re all too dumb to notice. And yes, I have called them out on it on many occasions. That’s not the point though.
The point here is that my “No” isn’t really based on much conviction. It is just an automatic response because all of us have been pre-conditioned by life to react this way. In the majority of cases, all he has to do is ask me 1 or 2 more times and I change my tune from no to “yes”. I am not alone there.
#2 – Sometimes the deal can be right, but the timing seems off: It’s possible that the timing of the deal appears that it isn’t right for your prospect person.
They may see your vision for how great the offer is, and how it can help them, but sometimes don’t have the cash on hand to get it or perhaps need approval from a higher authority. In this case, it may be worth revisiting the conversation at a later time when the circumstances have changed, so just set an appointment to pick it back up later. A different technique, and one I tend to favor, it to use that moment to drill down on their pain point some more, and ask them what their biggest issue this would solve for them would be. When you have your answer, quickly restructure the deal for them to just take care of that one key issue at a lower price point that they can handle. That will often get you the “yes” you are looking for, and once you have them, and they “see the benefit for themselves” you can upgrade them to the full scope of the original deal later.
#3 – When the prospect is looking for a deal: If the prospect you are in front of likes the offer, but their still saying no because it’s too expense to justify the cost in their mind.
This means you haven’t built enough value in their mind to justify the price you are asking for. It doesn’t mean your deal is toast. They’re willing to negotiate. That means they’re still interested in the deal. In this case, you can take 2 paths to change your “no” to a “yes”.
One – You can try exploring different options and finding a solution that works better for them at a lower price point, sort of like I mentioned a minute ago.
The other option is to build more value in their mind. Show them the benefits in greater detail, and relate those benefits directly to their situation.
Years ago, I built so much value in a product demonstration I was doing that when I handed the prospect the price which was $1,650 her mind saw $16,500 and she was still ready to buy it. Luckily for her, I only let her pay me the $1,650.
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Well, that’s our show for today folks. Go forth and be fearless out there and the next time you hear the word “no” in a negotiation, don’t give up. Take it as an opportunity to learn, adapt, and find a new solution. Remember, “no” doesn’t always mean the end. It can be the beginning of something great.
I hope you enjoyed the show today, and perhaps you got something useful out of it. Don’t forget to subscribe if you haven’t done so already so you don’t miss a thing. You can also see this episode in blog form if you like, and sign up to receive email alerts when new episodes are released at themillermindset.com. Until then, I’m Chris Miller, reminding you to always keep smiling.
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On the Next Episode:
Next time, on The Miller Mindset, we’ll be be talking about coming back from failure, and I’ll give you neat little trick to get your head back in the game. That’s next Tuesday, September 19th at 2pm EST; so Don’t miss it.
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Also, check out:
Episode 16 – Mindset for Impact Growth: https://www.themillerfirms.com/podcasts/the-miller-mindset-know-your-mindsets-impact-on-growth-performance/
Episode 13 – Overcoming Your Fears to Live Your Dreams
Episode 12 – Unlocking Long-Term Business Growth made with an Adaptable Mindset
Episode 11 – Perseverance Mindset: 1 Simple Trick to Make You More Effective in Negotiations
Episode 10 – The Power of the Mind: Training Your Brain
Episode 9 – 3 Steps to Overcome Procrastination with the Right Mindset
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