Latest / Real Donald Trump Wisdom / The Art of the Deal - Chapter 2: Trump Cards - Elements of the Deal - Get The Word Out (1987)

Transcript

The Art of the Deal - Chapter 2: Trump Cards - Elements of the Deal - Get The Word Out (1987) · Real Donald Trump Wisdom

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  Hey guys, back for another episode of Trump's
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  The Art of the Deal. We're in Trump Card's Elements
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  of the Deal. Get the word out. That's one of
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  Trump's favorite philosophies. It's to promote
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  your work, promote yourself. He says, you can
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  have the most wonderful product in the world,
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  but if people don't know about it, it's not going
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  to be worth much. You need to generate interest
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  and you need to create excitement. He says that
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  Usually people hire PR firms or consultants to
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  handle their image or their outside communications.
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  But he says it's never as good as doing it yourself.
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  As we can see from his tweets, from his books,
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  from his communication style, he is direct. And
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  this is something that works absolutely in his
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  favor. He says, one thing I've learned about
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  the press is that they're always hungry for a
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  good story. And the more sensational, the better.
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  It's in the nature of the job. And I understand
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  that. The point is that if you are a little different
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  or a little outrageous, or if you do things that
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  are bold or controversial, the press is going
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  to write about you. I've always done things a
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  little differently. I don't mind controversy.
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  And my deals tend to be somewhat ambitious. Also,
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  I achieved a lot when I was very young and I
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  chose to live in a certain way. The result is
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  that the press has always wanted to write about
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  me. I'm not saying that they necessarily like
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  me. Sometimes they write positively and sometimes
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  they write negatively. But from a pure business
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  point of view, the benefits of being written
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  about have far outweighed the drawbacks. So he
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  makes the point that whether in good or bad,
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  of course, you prefer good publicity in general,
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  but that being talked about made him who he is,
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  made his work known. He's going to give a few
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  examples here. It's really quite simple. If I
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  take a full -page ad in the New York Times to
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  publicize a project, it might cost $40 ,000.
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  In any case, people tend to be skeptical about
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  advertising. But if the New York Times writes
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  even a moderately positive one -column story
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  about one of my deals, it doesn't cost me anything,
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  and it's worth a lot more than $40 ,000. The
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  funny thing is that even a critical story, which
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  may be hurtful personally, can be very valuable
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  to your business. Now he's going to give an example.
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  about Television City. So he announced that he
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  was going to build the tallest building in the
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  world. And at the time, most people didn't even
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  know about the plot of land he got. So the land
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  on the west side of Manhattan, near the Hudson
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  River. But the New York Times talked about it,
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  whether in good or bad, to criticize the scale
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  of the project. The effect it had is that it
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  got the world to know about the fact that He
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  had that land and that was his plan. So that
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  made things easier for him down the line, even
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  though television city wasn't built at the end.
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  There were other developments with those lands
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  and it was ultimately a very successful project
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  for Trump. So he benefited, as you said, like
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  from this free publicity. The fact that he got
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  the journalists, the media, the television shows
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  to want to talk about it, this gave him a lot
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  of attention and created value for his product.
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  He says, the other thing I do when I talk with
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  reporters is to be straight. I try not to deceive
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  them or to be defensive because those are precisely
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  the ways most people get themselves into trouble
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  with the press. Instead, when a reporter asks
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  me a tough question, I try to frame a positive
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  answer, even if that means shifting the ground.
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  For example, if someone asks me what negative
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  effects the world's tallest building might have
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  on the west side, I turn on the tables and talk
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  about how New Yorkers deserve the world's tallest
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  building, and what a boost it will give the city
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  to have that honor again. When a reporter asks
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  why I build only for the rich, I know that the
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  rich aren't the only ones who benefit from my
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  buildings. I explained that I put thousands of
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  people to work who might otherwise be collecting
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  unemployment and that I add to the city's tax
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  base every time I build a new project. I also
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  point out that buildings like Trump Tower have
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  helped spark New York's renaissance. So Trump
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  is saying that you always have to... pitch the
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  positive side of the project. We know by now
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  that reporters can be vicious, can have an agenda,
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  can try to ruin someone's credibility. We've
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  seen it many times. Trump basically, whatever
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  the question is, he's going to give the answer
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  that he wants to give. He's not in. in elementary
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  school where the question is the question he
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  understands like the question can be a question
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  that has an agenda and he answers with the positives
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  he answers with the way he sees things and with
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  the benefits that he's trying to provide and
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  with the positive consequences of what he attempts
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  to do right so he doesn't give in to the question
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  of the reporter. He says what he wants to say.
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  He says, now, the final key to the way I promote
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  is bravado. I play to people's fantasies. People
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  may not always think big themselves, but they
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  can still get very excited by those who do. That's
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  why a little hyperbole never hurts. People want
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  to believe that something is the biggest and
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  the greatest and the most spectacular. I call
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  it truthful hyperbole. It's an innocent... Form
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  of exaggeration and a very effective form of
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  promotion, right? So there's no need to detail.
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  The biggest, the greatest, the most spectacular,
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  right? These are things that are often in Trump's
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  language. We understand what Trump means when
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  he says it. He does say it often. He says it
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  about many things, but we understand what he
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  means. And often he is very close to being right.
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  The scientific weighing of what he says, right?
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  Yeah, people like to do the fact checking and
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  take him for very minute details. But on the
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  ground scheme of things, he is correct. He is
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  directionally correct. And his communication...
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  makes it such that it's simple to understand.
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  It's supposed to understand where he wants to
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  go, right? When he talks about America's golden
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  age or make America great again or like the greatest
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  comeback in history, we understand what he means.
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  And we don't say, is it the second biggest comeback
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  in history or the third biggest? We understand,
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  right? So he doesn't get lost in the minutia.
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  He goes straight for... He appeals to people's
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  fantasies and he calls that truthful hyperbole,
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  right? That's the way he promotes himself. And
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  he's correct that without promotion, without
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  letting the media talk about you, without being
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  a known presence, there is no way, there is simply
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  no way for him to get known. We live in a very
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  social world. It's important for your work, for
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  your reputation, for your character to be known
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  out there. The way to do it is to get the word
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  out. So this is the lesson for today's example
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  of the art of the deal. Thank you.