You don’t have a good selling method if you think you just need to spend time talking “about anything and everything” with your interviewer.
He will realize very quickly, in a few seconds, your intention. Those who are particularly fortunate will pay more attention to this kind of behaviour to push you away.
You’ll be dealing with a multitude of objections. They will be much the same. It will be a signal to your interlocutor of his uncertainty. You will hear objections such as :
- I’ll think about it.
- I’ll call you back later
- I’m going to do some research
- It’s not a good time.
- and so on.
That means you still have work to do to convince him…
The first half of the selling method of the Wall Street wolf in theory
All the words you say will have only one purpose, keep your prospect on the line, as shown below, while guiding him/her progressively from the beginning to the conclusion.
Perfect sales without objections are rare. Usually your prospect will try to take control of the interview and get you out of the straight line.
Start ——————————————————————————————————— Conclusion
Now to take control of the maintenance, you have to stay between 2 limits. If you go outside those limits, then your customer has taken control :
- Either you take off from PLUTON (your prospect takes control)
- Either you go down to URANUS (When you discuss rain or shine with your prospect), i.e. a subject that has no interest whatsoever with sales.
Here is a more complete representation of Jordan Belfort’s, or should I say Wall Street’s of his selling method :
Start >–>—>—>—>—>—>—>—>—>—>—>—>—>—>—>—>—>—>—>—>—>–> Conclusion
If you leave the straight line but stay between the lines, in this situation you will be able to collect information. You have seven opportunities before you :
- First opportunity : You will be able to identify his or her needs, i.e. the problems he or she is encountering.
- Opportunity Two : You will be able to identify all of your prospect’s beliefs that can help you influence the sale.
- Opportunity Three : You will be able to find out about his or her past experiences with similar products. Either good or bad, you will probably discover how your prospect feels about previous salespeople.
- Opportunity Four : You will be able to identify the values, the things that are most important to your prospect :
- If your prospect is addicted to action and thrill seeking.
- If he or she is looking for growth.
- If he or she is looking for dividends.
- Fifth opportunity : You can learn about his or her financial standard such as the level of spending he or she needs to achieve a sense of pride.
- Sixth opportunity : You’ll be able to discover his frustrations. Anything that’s keeping him or her awake. You may be able to amplify his or her frustrations to help close the sale. This can help you close even the most difficult sales.
- Seventh opportunity : You can find out how much he or she has already tied up or invested in an idea and how much cash he or she has.
As soon as you are out of line with your prospect, you must perform 2 actions :
- Consolidate contact with your prospect
- Gather information by asking questions even if they seem intrusive, such as the liquidity available to your prospect
You should know that the serious stuff starts in the second half of the interview. It is during this phase that you will develop your argument and find out what is holding your prospect back from accepting the purchase.
The first part of the interview in practice
You must say the words that will converge towards your goal.
Your words should create an important certainty in the mind of your prospect
In this first part of the selling method, when you have the floor, you stay on the straight line. When your prospect has the floor, you are out of the straight line.
In this first part of the interview, here are the 3 principles to be respected :
- Immediately take over maintenance control.
- Seek information about your prospect but keep an excellent rapport with him/her.
- You will ask him once if he wants to place an order. You will start the second part of the interview from the first objection.
Let’s go into a little more detail about what you need to do for each of these principles :
- You start the maintenance by taking control right away. Collect as much information about your prospect as possible. To achieve this, write down your questions in advance. By doing so, you will be able to ask many more questions and gather all the information you need.
- With all your questions, you can build a special relationship with your prospect and this is absolutely crucial. Your questions will become more and more intrusive during the interview.
- You are going to ask your prospect a first time if he or she wants to place an order. As soon as he or she states the first objection, then you move on to the second part of the interview.
The second part of the interview in theory
In the selling method, you must be prepared to respond to your prospect’s objections and make a second presentation at the end of the first part of the interview to increase his level of certainty. You need to touch him with your words, both logically and emotionally to reach a 10 and get the best chance of closing a sale.
objection = smoke screen
You are going to use what is called the “loop” to transform, through your persuasion, any objection into a possibility to increase its level of certainty. This will prevent him from turning his attention to gently steer you towards closing the sale. You can link the loops together to significantly increase his level of certainty.
Click HERE to learn how to succeed in sale by persuasion thanks to the technique developed by the famous Jordan Belfort of the Wolf of Wall Street. “How to succeed in sale by persuasion ?“
You’ll be dealing with very different prospects :
- Those who are very difficult to convince
- Those who are in the in-between
- Those who are easy to convince
You can find out what separates them by probing the sum of their personal beliefs. They are :
- Decision-making in general
- The purchase decision
- The ability to trust others
The sum of their experiences and all their beliefs contribute to what is known as the “threshold of certainty” that the prospect must exceed in order to feel comfortable enough to buy.
A prospect’s “action threshold” contributes to the fourth fundamental principle of Jordan Belfort’s method. As you may have already realized :
- Easy sellers have a “low threshold for action“.
- Difficult to convince people have a “high threshold for action“
If you are able to lower a prospect’s “action threshold” then you will be able to convince even the most difficult people.
In the end, the pain will be enough motivation for your prospect to decide to buy the most powerful one. All human beings rush to whatever they think will relieve that pain. Pain will create urgency and is an effective way to convince the toughest potential buyers.
The second part of the interview in practice
Most of the time, you will have to ask your prospect if he wants to place an order at least 2 or 3 times and wait for his answer.
Every time you hear an objection, you will have the opportunity to loop the loop. Each time you loop, you will be able to increase your prospect’s level of certainty.
In general, your prospect will raise 3 to 4 objections and it is from the first objection that you know that the second bet of the interview starts.
You’re going to have to use the fifth fundamental principle to succeed in selling, which is called the “frustration threshold“.
To use it, you must first discover your prospect’s frustration points and their origins. Once you have learned this information, you will be able to position your product as the “cure” for their frustration and point of pain. You will also orally draw them a picture of their future by demonstrating to what extent your product will make their pain points disappear as well as the level of pleasure they will be able to feel.
Let us recapitulate the 5 principles of the method of Jordan Belfort alias the wolf of Wall Street from the beginning of the interview until its conclusion to put all the chances on your side and conclude the sale :
- Your prospect must love your product
- Your prospect must have confidence in you and have a good contact with you
- Your prospect must trust your company and have a good feeling for you
- You need to lower your prospect’s threshold for action
- You need to increase your prospect’s frustration level
To conclude, even with the best method in the world, it is impossible to convince a prospect all the time.
With great power comes great responsibility. Sometimes for ethical reasons, you will have to decide not to try to convince a prospect
Nevertheless, once you have mastered the selling method, you will be able to convince all those who can be convinced.
To go further…
Jordan Belfort In : Way of the Wolf : Straight line selling: Master the art of persuasion, influence, and success [Online] Paper book format available in French on : < https://amzn.to/2ZDcSAZ >