Saturday, September 7, 2019

Flip The Script: Getting People To Think Your Idea Is Their Idea By Oren Klaff (Summary)

Flip The Script: Getting People To Think Your Idea Is Their Idea By Oren Klaff
Hardcover
     Also Available Formats :- Kindle / Audible Audiobook / Paperback

The Main Idea

Nobody likes feeling like they have been pressured into making a purchase. We all hate boring sales pitches. Therefore, the best way to sell anything today is to guide the buyer to discover your idea or your product on their own. People naturally trust their own ideas, so if they believe it, they will get excited and basically sell themselves.

In other words, it's time to flip the script. Stop trying to persuade people to buy what you sell. Instead, plant your idea in their mind. Help them fall in love with it. Do that and you can turn the power to the buyer and let them decide for themselves.

To accomplish this will take five steps:

1) Achieve Status Alignment

2) Instill Certainly In The Other Party

3) Explain Your Big Idea

4) Make The Buyer Feel Safe

5) Leverage Their Natural Pessimism

I don't like being pressured into making a purchase. And I'm not alone. The moment we feel pressured to buy, we pull away. And if we're told what to do or what to think, our defenses go up. In other words, buyers don't put much trust in you and your ideas. However, everyone trusts their own ideas. Accordingly, today, products are bought, not sold. Oren Klaff

How To Gain One Million Followers

1. Step #1 — Status Alignment. Job #1 in flipping the script is to get the other person to take you seriously. You do that by giving them a status tip-off that you're on the same level as them.

2. Step #2 — Instill Certainty In The Other Party. Next you establish your credentials as an expert, and therefore you have the ability to forecast what is likely to happen in the future. The best way to do this is by using a "Flash Roll" — something which definitively highlights your level of expertise.

3. Step #3 — Explain Your Big Idea. The most effective way to flesh out your big idea is to do that in terms of the three W's:
1). Why do I care?
2). What's in it for me?
3). Why you?

Often a good way to achieve this is to use a sequence of some pre-wired ideas which already exist in the prospect's mind:

  • Winter is coming
  • 2X
  • Skin in the game

4. Step #4 — Make The Buyer Feel Safe. The best way to make the buyer feel so safe they end up pitching your idea back to you is to find their novelty sweet-spot. Show them your idea is really just plain vanilla with one difference.

5. Step #5 — Leverage Their Natural Pessimism. To contain the buyer's natural pessimism, list the obvious ways to fail. Build fences and then use a buyer's formula to teach them how to buy.

About The Author

Oren Klaff is an investment banking advisor, investor and author. His previous book, Pitch Anything, achieved bestseller status and has now sold more than 1 million print copies. Oren Klaff is a self-professed deal junkie and classic motorcycle enthusiast. He currently serves as managing director of Intersection Capital, a $200 million private equity investment fund, and he also acts as an advisor to several other businesses. Oren Klaff is a graduate of Florida State University and the University of Delaware.

Summaries.Com Editor's Thoughts

I can't honestly remember when I laughed so much while reading a business book. "Flip the Script" has some of the funniest stories I can recall reading for many years. I highly recommend that you get a copy and enjoy.

What makes it even better is that the underlying concepts are quite profound. Oren Klaff is saying that the best way to sell anything is to take a cue from the movie Inception and plant an idea in your prospect's mind. Guide the buyer to discover that idea on their own and get excited about it. It can be done, and he details the tools and strategies you can use to accomplish that. Brilliant.

This is the opposite of the normal sales training where you memorize power closes and learn how to handle every objection. Oren suggests that if you plant an idea in the buyer's mind and let them develop it on their own, none of that other stuff is needed. Buyers will just naturally want to go ahead because they will feel ownership. This is a very savvy approach to selling and influencing people. It's so logical that even Spock would be impressed. My hat's off to Oren Klaff. I think he has produced a business classic here. Highly recommended.

Amazon.com

The Bestselling Author Of Pitch Anything Is Back To Flip Your Entire Approach To Persuasion.

Is there anything worse than a high-pressure salesperson pushing you to say "yes" (then sign on the dotted line) before you're ready?

If there's one lesson Oren Klaff has learned over decades of pitching, presenting, and closing long-shot, high-stakes deals, it's that people are sick of being marketed and sold to. Most of all, they hate being told what to think. The more you push them, the more they resist.

What people love, however, is coming up with a great idea on their own, even if it's the idea you were guiding them to have all along. Often, the only way to get someone to sign is to make them feel like they're smarter than you.

That's why Oren is throwing out the old playbook on persuasion. Instead, he'll show you a new approach that works on this simple insight: Everyone trusts their own ideas. If, rather than pushing your idea on your buyer, you can guide them to discover it on their own, they'll believe it, trust it, and get excited about it. Then they'll buy in and feel good about the chance to work with you.

That might sound easier said than done, but Oren has taught thousands of people how to do it with a series of simple steps that anyone can follow in any situation.

And as you'll see in this book, Oren has been in a lot of different situations.

He'll show you how he got a billionaire to take him seriously, how he got a venture capital firm to cough up capital, and how he made a skeptical Swiss banker see him as an expert in banking. He'll even show you how to become so compelling that buyers are even more attracted to you than to your product.

These days, it's not enough to make a great pitch.

To get attention, create trust, and close the deal, you need to flip the script.

Review

“In Flip the Script, Oren Klaff gives readers powerful tools that will help them get what they want.  Instead of trying to convince people to buy what you’re selling, his techniques will show you how to create an entirely different dynamic. A game changing read.”
             - DAYMOND JOHN, co-star of Shark Tank and author of The Power of Broke and Rise and Grind

"Oren Klaff is one of the most engaging writers in the business world today. Flip the Script is hugely entertaining--you'll find yourself eagerly turning the pages, engrossed in Klaff’s remarkable tales of deal-making... then suddenly look up and realize he's just taught you a whole new set of complex sales techniques, and somehow made it fun."
              - MATTHEW DIXON, coauthor of The Challenger Sale

"Oren Klaff should have been a spy. He could recruit and sell anyone. The stories in this book will keep you on the edge of your seat and show you how a true master of influence operates.  In these pages, Oren shares the tradecraft you need to close any kind of deal."
               - JASON HANSON, former CIA Officer and author of Spy Secrets That Can Save Your Life

"Flip the Script is the rare book that shows you how to increase your influence, at work and at home. Oren Klaff's methods are both intuitive and completely actionable. This book is loaded with real-world examples, some radical, some surprising, but all incredibly useful."
              -  JONAH BERGER, author of Contagious

"Flip the Script is a riveting book.  This critically important handbook of influence principles is culled and perfected from Oren Klaff's remarkable career as an investment banker. Refreshing, insightful and above all, incredibly useful, this gives you the tools to create influence with integrity. It's a great read."
              - PHIL JONES, author of Exactly What to Say

"When you pit your idea against your client’s idea, they’re likely to choose their own, even when yours is the better solution. In Flip the Script, you’ll get a master class in helping your client discover the advantages of your idea for themselves."
              - ANTHONY IANNARINO, author of Eat Their Lunch and The Lost Art of Closing

About The Author

Oren Klaff is one of the world's leading experts on sales, raising capital and negotiation. His first book, Pitch Anything, is required reading throughout Silicon Valley, Wall Street and the Fortune 500, with more than 1,000,000 copies in print worldwide. He has written for Harvard Business Review, Inc., Advertising Age, Entrepreneur and has been featured in hundreds of periodicals, podcasts and blogs. He is an investment partner in a $200 million private equity investment fund and in his spare time is a motorcycle enthusiast.

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Sunday, September 1, 2019

The Bezos Letters: 14 Principles To Grow Your Business Like Amazon By Steve Anderson & Karen Anderson (Summary)

The Bezos Letters: 14 Principles To Grow Your Business Like Amazon By Steve Anderson & Karen Anderson
Paperback
     Available Formats :- Kindle / Audible Audiobook

The Main Idea

Amazon is the fasted company in history to reach $100 billion in sales! How did Jeff Bezos achieve that? The reality is Bezos leverages risk and has created an exceptional culture of experimentation and invention. He believes you don't grow if you're not willing to take risks, and he constantly evaluates Amazon's "RoR" — Return on Risk.

Fortunately for everyone else, Jeff Bezos has detailed and outlined his approach to risk and his growth strategies in his annual letters to Amazon's shareholders. Amazon has written these letters for the last twenty-one years. When you analyze them, it becomes clear there are fourteen growth principles which articulate how Bezos and Amazon use risk to their advantage. These fourteen principles fall into four growth cycles:

Return On Risk … ROR

1) Test

2) Build

3) Accelerate

4) Scale

Yes, every business takes risks, but haphazard risk-taking is like rolling the dice. You never know what's going to come up. But Bezos takes risks with intentionality, which most businesses, if aware, can also harness to achieve greater results. I believe what has fueled Amazon's growth comes down to Jeff Bezos' unique approach to taking and leveraging risk and his commitment to creating a culture for experimentation and invention. And it's all based on his views on success and, actually, failure.

Steve Anderson

How To Gain One Million Followers

1. Test. At Amazon, testing is a way of life. All team members are encouraged to try new things and see whether they improve the way Amazon does business. If something doesn't work, there are no punishments but if something does work, Amazon bets big. Most businesses try and avoid failures, but Bezos does the exact opposite.

2. Build. At Amazon, building is how you turn promising ideas into stable initiatives. They build to make sure what they invest in is something customers actually want. Amazon is always willing to sacrifice short-term gains in order to build a strong foundation for new products which will be around for many years.

3. Accelerate. To Amazon, accelerating is what you do once something has been tested and shown to work. You then figure out how you can creatively use technology to boost what you're doing. You also form a passionate team to drive and accelerate the future growth, making your company fast-paced and dynamic.

4. Scale. For Amazon, scale requires that you maintain an innovative culture which is willing to take risks on behalf of the customer. You have to focus on maintaining high standards, measuring only what matters, and most important of all make decisions as if it is your first day in business. You have to focus on the customer.

About The Author

Steve Anderson is a professional speaker, consultant, and futurist. He gives keynote presentations on the future of technology, how businesses can leverage the online world, and how companies can assess and use strategic risk to their advantage. His insurance agency, The Anderson Network, is considered to be a leader in the field of insuring productivity, technology, and profits. He is on the advisory boards of several insurance industry work groups and think-tanks. He is a graduate of the University of the District of Columbia and Taylor University.

Summaries.Com Editor's Thoughts

I really liked this book. There are several books that analyze Warren Buffett's letters to Berkshire Hathaway shareholders for clues into his approach to investing, but this is the first book I've seen that does the same for Jeff Bezos's letters to Amazon's shareholders.

The author, Steve Anderson, stresses that Bezos tries new things and is prepared to take risks. Bezos stated publicly that he is prepared to lose a billion dollars in order to figure out how to make billions more. You've got to admit that pretty gutsy!

The 14 principles that Steve Anderson distilled from those letters to shareholders are interesting in their own right. Obsessing over customers comes through loud-and-clear and so too does making high-velocity decisions. I particularly like the mindset of always acting like it's Day 1 and there's still unlimited opportunities that lie ahead. That's a great way to think and act.

Jeff Bezos borrowed $300,000 and quit his job to start the Amazon.com online book store in July 1994. That investment has grown like a rocket ship as Amazon has become the fastest company ever to reach $100 billion in sales, one of the first companies ever to be valued at $1 trillion, and the employer of more than 650,000 people (which is a number greater than the population of countries like Iceland and the Bahamas). That all suggests there might be something good in these principles.

Amazon.com

Amazon is the fastest company ever to reach $100 billion in sales and they didn't reach that landmark by staying in their comfort zone. Risk taking is the key that unlocked the door to growth at Amazon, but those risks were (and are) intentional, calculated, and strategic. Thomas Edison believed, "I have not failed. I've just found 10,000 ways that won't work." and Amazon's founder, Jeff Bezos, has always linked experimentation and failure with growth and success.

But "risk taking" can be costly (even disastrous) if you don't know how to use it to your advantage. Fortunately, Bezos has provided every business owner a "hidden in plain sight" roadmap for how he grew Amazon through his Letter to Shareholders (or as he named them, shareowners) that he has written annually for the past 20 years.

For the first time, Technology and Risk expert Steve Anderson has analyzed and distilled these letters to reveal the key 14 Growth Principles that unlock the lessons, mindset, and steps Bezos has used to make Amazon the massive success it is today.

Now, business owners, leaders, CEOs, employees, and managers can apply these same principles to grow their business to be more efficient, productive, and successful―fast!

Review

Anderson, a professional speaker on tech and business, takes a perceptive look at Amazon founder Jeff Bezos's annual shareholder letters, extracting 14 key "growth principles" that both the large corporation and "solopreneur" can use to scale up. Asserting that, "in some form or another," every principle can be found in each of the 21 letters issued to Amazon shareholders since 1997, Anderson begins with the intriguing "Encourage 'Successful Failure,' " a point made by Bezos in explaining why he doesn't regret high-profile flops like Pets.com. Principle 4, "Obsess Over Customers," is illustrated by how Amazon pushed third-party merchants hosted on the site to prioritize customer care via its advocacy for "Frustration-Free Packaging." Other principles include "Make Complexity Simple" (which led to Frustration-Free Packaging) and "Promote Ownership," which involves the dramatic differences in mindset between an owner and a "tenant," and the importance of getting employees to adopt the mindset of the former. Whether businesspeople can generate growth by adopting Anderson's recommendations will have to be seen, but they should certainly enjoy the stories and observations he shares about one of the world's most influential companies. (Sept.) - Publisher's Weekly

About the Author    

Steve Anderson has spent his 35+ year career helping the insurance industry understand, integrate, and leverage current and emerging technologies. From business management systems to social media, Steve analyzes what's happening now and explains its implications for the future. He was invited to be one of the original 150 "thought leaders/influencers" on LinkedIn and has over 300,000 followers. Steve currently resides in Franklin, Tennessee.

Karen Anderson, M.S. is an author, publisher, and direct response marketer whose fingerprints are all over New York Times, USA Today, and other bestselling books. For the past 30+ years, she's helped entrepreneurs and businesses clarify and communicate their messages, grow their businesses, and increase their reach using the power of a book. She grew up as an "insurance brat" and spent weekends with her dad looking behind buildings and parking lots checking for potential risks.

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