Negotiation & Deal Making Interview with Jennifer Smith

This is an interview that I conducted with Jennifer Smith, who is the Marketing & Promotions Director at Townsquare Media Group in Northfield, NJ. Jennifer has been with Townsquare Media Group for 3 years, and before then she was at Millennium Radio Group, LLC for 11 years, where she held the same title. She has over 10 years experience in developing and implementing events, including sales and charity.

Townsquare Media Group is a diversified media; entertainment and digital marketing services company that owns and operates market leading radio, digital and live event properties across the U.S. The company specializes in creating and distributing original and motivating media experiences that connect communities with content they love, people they trust, products they want and things that matter (Townsquare Media group, 2014).

I’ve had the pleasure of working with Jennifer for the past three months, interning at Townsquare Media; and I must say she was the perfect candidate for this interview about negotiating and deal making.

GK: Hello Jennifer.

JS: Hello George.

GK: Thank you for giving me the opportunity to interview you; it’s greatly appreciated.

JS: Anything for you George. Thank you for choosing me for this interview.

GK: How do you separate the people from the problem when you are negotiating?

JS: I guess I would say that I would work with the people to be mutually beneficial for everybody. So, lets really look at what we are trying to accomplish, and we the people will work together and make it the most fabulous thing together. So, lets negotiate to make it a great partnership.

GK: Okay.  How do you handle positional bargaining tactics?

JS: That’s almost a similar question as the first. Okay. I bargain with clients or potential clients to get what I need to get accomplished. I usually showcase something to them to make them see that by giving me what I want is beneficial to them in some way.

GK: I thank you for giving me a little of your time for this interview.

JS: No problem George.

GK: This is my last question for you, being that you have to get to a meeting. Can you give me an example of how you worked toward mutual benefit when you were negotiating a deal?

JS: I just got off the phone negotiating a deal. We have this Insane Inflatable 5k Run, and it is eight days away, and I still don’t have a hydrating beverage. So, our sales team was working towards that, and it didn’t work out; so now it’s my turn to try to hydrate 2,500 people, with no budget. I reached out to a good partner, which is the first thing, I had to do (find a good partner). I had to showcase to them what benefits they would get from it, and we still only have eight days left. I had to do my best to bring things in the light to them, by making things as beneficial as possible to this partner in order to achieve what we are trying to get done.

GK: So, you’re basically presenting this to them in a way that it’s a win-win for both parties.

JS: Yes. You want to make sure everybody feels good in the end.

GK: Can I ask you one more question Jennifer?

JS: Sure.

GK: What tips do you have for new negotiators who are trying to do this?

JS: To have a plan before you try to negotiate with someone. It’s important to know what you’re talking about, and never talk around what you’re trying to get across. What I mean by that, is getting straight to the point, and be prepared for whatever the person or people that you’re negotiating with has to say, because most of them want to make sure that you know what you are talking about.

GK: Thank you Jennifer.

JS: Thank you as well George.

Reference:

Townsquare Media Group. (2014). Retrieved from http://www.townsquaremedia.com

"Managing Artists in the Digital World"

As we all know, the music industry has changed tremendously in the past decade, due to the takeover of digital media and technology. People are either purchasing their favorite artists music from digital outlets, or downloading their music for free through piracy on websites that allows you to download music, movies, and video games, etc. from their sites. This is one of the reasons why artists today, will never know what it would feel like for their music to reach platinum status. So, my question to you is, what’s the best strategy or plan for a manager whose managing an artist in this digital world?

An article I read in Forbes titled, “FourFearless Predictions for the Music Industry in 2014” stated that artist management reshuffling will continue. I believe this is due to artist managers’ lack of being technical savvy, meaning that, they are not capable of managing an artist in today’s digital world. Some of the biggest names in music have been switching managers, from U2 to Lady Gaga to John Mayer. What I see from this is that, it’s time for the young artist managers to step their managing game up, and get out there and network to get their contacts up. The only way to do this is to start attending seminars, music conventions, and showcases; basically wherever you can possibly get an opportunity to meet with the gatekeepers in this music industry. It is said that, if you do not have any connections with the gatekeepers in the industry, then your chances are very slim on reaching success in the industry.

Streaming and digital downloading has taken over the music industry as far as sales go today; the CD will soon be extinct. So, really what artist managers need to do, is do they’re research about these streaming and digital download services. Managers need to find out these services pay out. It is said that these services pay out 70% of what they take in, just like Spotify and iTunes; which is great for an artist, well an independent artist. The reason why I say it’s great for an independent artist more than an artist signed to a label is because an independent artist has less people in his/her pocket, if any beside him/her, and their manager.

I read and article on Billboard’s website, where Vector Management’s Nick Stern stated, “As we move into a world where the dollars from the streaming services add up -- and overall revenue from the sale of music continues to decline -- it's time we all took a step back and figured out how to make this business run more effectively. There is just no reason labels can't update their systems, and there is no reason why we shouldn't be privy to the terms of their deals with the streaming services.  This is now an all-digital world - there are no returns, no packaging deductions -- it shouldn't be that difficult.” What the problem is is that artists now prefer to go independent rather than be a puppet for these labels, and that’s why the labels are taking their time updating their systems. Artist(s) today are only looking for major labels to distribute their music and that is it. 

So, what I’m basically trying to say to artist managers is, if you want to stay on the boat and not get kicked off the boat, you better make sure that your up to date with this new music industry and everything digital about it. If you cannot help an artist expand their career as far as the digital world goes, you could possibly be without a job, sooner than you think.

"Life's All About Negotiations"

 Negotiating is when you try to reach an agreement or compromise with others. We, as human beings have been negotiating ever since we were kids; but it’s something that we didn’t realize, because the word “negotiate” has never really came up when we negotiate; what we usually use is the term “going back and forth with each other.”

 In my course this month, which is Negotiating and Deal Making, I’ve learned so much about things that I’ve been doing my whole life, but until I became old enough to know about them, I didn’t know I was using these skills; and this is only the second week of this course. In a video I watched about negotiating, from the authors of the book “Getting to Yes”, Roger Fisher, William Ury, and Bruce Patton, they spoke about how negotiating is not to meet a persons position; it’s to satisfy their interest. “Positions are the things that you say you want, the concrete things that you demand, and your terms and conditions.” which was stated by William Ury. He also stated that, “Interests are the underlying motivations, the needs and concerns, and lastly your fears and aspirations.

 As far as deal making goes, any deal can be closed, if your deal is in the nest interest of the party that you are negotiating with. Positional bargaining is something that goes on everyday, in almost any industry business wise as well as in everyone’s lives. The reason why I say this is because positional bargaining is when neither party can agree on anything; each party wants the other party to favor on what their interests and positions are. Another video that I watched, where Stephen Stuart, President of the Humanist Society of Victoria (Australia) spoke on BATNA or Best Alternative to a Negotiated Agreement; the course of action that will be taken by a party if the current negotiations fail and an agreement cannot be reached. He also spoke about other key strategies as far as negotiating goes from the book, “Getting to Yes”, which made me realize how popular this book was and how negotiating is one most the most natural strengths a human being can possess when it comes to business and life in general.

 If you didn’t pay attention to nothing else in this blog, please pay attention to this. When negotiating with someone when doing business, the most important thing to do is recognize dirty tricks. You have to be able to handle dirty tricks; the reason why I say this is because in the business world, businesses are going to try dirty tricks, whether you believe it or not. Never think you’re the first they used the dirty tricks on; it’s that they get away with using dirty tricks when negotiating with certain parties. To see how certain businesses try to get away with using dirty tricks, check out this video. You may learn something from it; I know I did.

 Watching these videos that I spoke about in this blog has taught me that when negotiating, the key to having a successful agreement between the two parties is to stay focused, sharp, prepared for dirty tricks, and never settle if neither you or the other party is happy.

"Educated and Still Struggling for Employment"

Am I the only person with a bachelor degree who cannot find employment? This is a question that I ask myself everyday; I mean everyday. It’s been almost 3 years since I’ve graduated from college with my B.S., and still haven’t landed a job in my field of interest yet. Can somebody please tell me something? Does a college degree matters in the world today? Hold up; let me rephrase my question. Does a college degree matter in the world today, if you don’t have any hands-on experience doing whatever positions your submitting your resume for? If it does matter; then maybe I’m in the wrong industry which is entertainment, because I’ve tried to get my foot in the door to so many companies I have lost count a long time ago.

  I’ve came to a conclusion, that the reason I haven’t found employment yet, is due to the area I live which is southern New Jersey, where entertainment only lives in the casinos. Sometimes, to find that particular dream job that you want, you have to relocate to another city or state. The reason I say this, is because believe it or not, you applying for a job with a company in another city or state, that is about one hour to about maybe two hours away commute; whether you feel and is determined to do whatever you have to do to make it to that employer everyday, it won’t happen. Why? The reason is because that company or business looks at you as a risk factor. The bottom line is that they would rather hire somebody locally before they hire you; and that reason would only be because that individual(s) lives closer. So, with that being said I’m ready to relocate to a city or state where the possibilities are high for me to pursue my career in the entertainment industry; basically anywhere other than where I’m at now.

 One thing for sure, is that we cannot forget about internships. Some companies may or may not keep after your internship is up; but the great thing about it is that you were given the opportunity to get hands on experience. On Forbes.com, Dan Simon interviewed Sean “Diddy” Combs, where Dan Simon asked Diddy about him being an intern and starting from the bottom; and Diddy said that being an intern was invaluable, and that he loved having a chance to understand every aspect of the business by working his way up.

 For some individuals, after they graduate from college, they want to go get their career started by finding a job; basically so that they can get started at paying off all the loans they had to borrow to go to school; and to be honest, that is very understandable. Landing a job right out of college would be great if everyone could do; but that’s not the case for everyone. To be honest, most of the ones who land a job after school, they have gotten the job based of who they know, and not what they know. Yes, that is how the game is played, and has been played like that for centuries. Most of the CEO’s at some of the biggest companies in the world don’t have a degree from college; but expect their employees to be college graduates with a certain amount of years experience. Just speaking facts.

"An Eye Opener"

  After reviewing some of the great speeches on TED.com, a site that I think individuals should visit at least once in their lifetime, I came across one speech that really was a game changer in my eyes. The speech is called, “Do What You Love (No Excuses)” by GaryVaynerchuk. Has something or someone ever caught your attention, to where it made you stop everything you were doing, and made you just watch or listen? Well, that’s how Gary Vaynerchuk had me with this very motivational speech. He actually gave me a little more of a reason to push my skills and talents to the max; sky's the limit. As far as my success goes, I’ve always had patience, but as for my passion, to be honest that’s where I lacked. Why? Because there has been so many things that I’ve always wanted to do in life, especially in this entertainment industry.

  As human beings we all have faced self-doubt, but most of us won’t admit to it.  After graduating from Full Sail University in 2011, receiving my B.S. for the Entertainment Business, I had never been so proud of myself. Post graduation, I felt it was time to pursue my career in the entertainment industry, but who would’ve known that I wouldn’t be given the opportunity to prove myself as a professional from not one company in the industry. What I have learned in life is in the world today; companies do not respect an individual who has a degree, but no experience. Companies will hire experience before education any day. I’ve always been told that also, it’s not what you know; it’s whom you know to get ahead in life; and thus far I see that it's without a doubt a fact.

 At times not being giving an opportunity from so many companies in the past 3 years has made me want to give up; but the word “QUIT” is not in my vocabulary; I just couldn’t allow myself to be defeated. Entertainment is what I love, and my mission is to make a huge impact in its industry, so that’s what I’m going to do. This is why Gary Vaynerchuk’s speech caught my attention, because we as people are granted only one life, so I am most definitely am going to do what I love to do, without having any excuses. Networking is most definitely the key to success, but there are some individuals that you network with that may be intimidated by your knowledge or your drive, that there's no way in the world you better think that they're going to help you get to that next level. That’s the reason why I chose to go back to Full Sail University, and get my Masters, because if none of these companies will give me the opportunity, then bettering my knowledge about the industry that I have so much of a passion for is a necessity for me; because I will make it independently; especially with the drive I have to reach my highest peak of success and master this entertainment industry.

Thank you Gary Vaynerchuk, for your motivational speech; you can best believe it opened my eyes wider.

"I Love Hip Hop"

How can you say that you hate Hip Hop music? Have you even taken the time to listen to some of the music? I mean what’s really your reason for feeling this way? Did you have a bad experience with it? Ok, I get it. You can’t relate to it right? Please make me understand, I begging you to. You know what? I apologize; everyone is entitled to his or her own opinion.

  These are questions that I want to ask individuals, when I overhear them talking down on Hip Hop music. Even though Dubstep is the #1 genre in America today, Hip Hop has changed the world, especially the entertainment world. This genre has come a long way, and the reason why I say this, is because back in the day you would’ve never heard Hip Hop music on commercials, let alone movies, well only the ones that had an all black cast, and even sporting events whether your watching the sport on TV or attending the event; now it’s touching the world and has also brought all races together, believe it or not. I have been to Hip Hop concerts where blacks were outnumbered tremendously; and I must say that it made me proud, because I’ve seen how far this genre has come.  

  Don’t get me wrong now; all Hip Hop music is not good, but hey there are songs in any genre of music that an individual(s) who loves that genre will dislike certain songs. Today, musicians and artists from all genres are coming together mixing genres to make hits; and it has been a success. We all knew Hip Hop could be mixed with any genre, when Run-DMC and Aerosmith came together in the 80’s and made the song “Walk This Way,” mixing Hip Hop and Rock-n-Roll together; it was a hit, and might I add a classic. Hip Hop has definitely earned its respect in the past 3 decades; and I believe will soon be the #1 genre in America. You know the hip-hop world is doing it’s job anytime Sir Elton Jon, says that he wants to incorporate Hip Hop in his music; now that’s BIG, and the reason why I Love Hip Hop.