Jim Weigl is the founder
and president of Virginia Toy &
Novelty Company located in Virginia Beach, Virginia (866) 708-8697 and has
been in business in over 15 years. The company is the designers, developers,
and direct importers of novelty, glow in the dark, flashing light-up, and
impulse merchandise for anyone interested but particularly for carnivals,
amusement parks, drive-ins, businesses, etc. Jim is very passionate about what
he does and is in current negotiations with SeaWorld and other major
entertainment companies across the nation and the world. Jim is in constant
negotiations with different people and businesses every day so I asked him a
few questions regarding his negotiation style and different tactics that worked
for him along the years.
Jim, you talk with a lot of important people in big positions in the
entertainment industry. When a problem arises, how do you separate the person
from the problem?
Wow Kenya. That’s a good question.
To me it’s pretty simple to stay focused on the task at hand. Just the other
day I met with a credit union who wanted to purchase some products from us as redemption
items for their annual event downtown. They normally purchase from us every
year and they always want a product that will light up the sky when it gets
dark. Unfortunately this year the dynamics changed a little because there will
be two other events going on that same day, the helicopter will not be in
attendance to capture the event live on TV, and there will not be as many people
as last year especially since its three week before Christmas. In addition, one
of the items they purchased from us last year had poor battery life and people
were complaining that it didn’t last as long as they expected. I could have
mentioned that they should of only had the display items on and shift the
blame, but I quickly addressed the issue of the battery life by briefly
explaining how certain products generate more battery depending on the
brightness, and refocused back on their original goal of having an item that
really lights up the sky.
Sounds like they had a lot going on but you managed that well and kept
them on task and interested in the current year’s event. So explain to me how
you go about obtaining information from your clients so you know what items to
recommend.
Ask questions. Sounds like you’re
referring to objective criteria or something along that line. Since we started
off with the credit union, let’s continue there. So I already knew that they
spent $23,000 last year and had issues with the product’s battery life. When I
go to these negotiations, I bring a few items with me to show them. I bring
some items I know they will not want and I bring some items that I believe they
can use and of the items from the previous year. While I am showing the
products, I ask questions. Some questions I already know the answers to and
some I do not. I always want the client to feel they are in control of the negotiation
although ultimately I am in control, which is the reason I ask questions I
already know the answer and bring products I know they won’t want. The
questions I ask require a yes answer, so I want the client saying yes but also
want them to think they are in control by showing products I know they do not
want. After I showed them the items and asked questions, they began talking and
I began listening. The more they talked among themselves, the more I listened.
By listening I learned that attendance may be lowered this year and that there
will be only one location to hand out the items compared to two locations in
previous years. Also, I heard of budget cuts that could impact their decision
on certain items and the quantity of items. Knowing these facts helped with the
negotiation because it revealed their price point, the number of products
needed for the event, and the quality of light needed to produce without losing
battery life.
That is interesting information and did not think to present things I
knew for sure would get denied while asking only yes answer questions. So what
is your view on unethical or illegal tactics like “dirty tricks” to persuade a
client to make a decision in your favor?
I did an interview last year with Inside
Business, which is a business journal for Hampton Roads, Virginia, and a
similar question was asked. I think the question asked something on the lines
of what gets under my skin or something to that affect and my response was
dishonest people. I started this business really on my living room floor and
sacrificed a lot to get where I am today. I just do not tolerate dishonest
people and if I notice one of those dirty tricks, I make sure I let the other
party aware that I am on to them in a professional, non-evasive way. Once I
acknowledge what is going on, they usually shift gears and get back to the
interest of the meeting. I once met this guy who wanted to purchase one of our
patented items in bulk, but wanted to sell it on eBay for a profit. I explained
to him that we have a patented agreement and what you are trying to do is not
worth the headache or trouble.
