Some people think selling is a dirty word.
But selling is everything.
Selling is not only ethical but necessary.
The economy functions because there are people being persuaded to buy, vote, and contribute.
A business might have a great product but it won’t succeed if they don’t know how to sell the product.
It’s not surprising that 10 out of 53 billionaires who started their career in an organization that was not their own started in a sales position.
The world needs people like Steve Wozniak and Steve Jobs working together.
The Story of Straight Line
It was the year 1989 and Jordan Belfort was having a meeting with his team.
He had changed the business model from selling stocks to people with an average income to the richest 1% of America.
Jordan’s closing rate was 50% and his best friend’s (Donnie Azoff) was around 30%.
But the other team members weren’t able to close a single sale.
Of course, it was extremely hard for a group of inexperienced salesmen to close the wealthiest investors in America.
They were discouraged and wanted to quit.
Jordan Belfort was frustrated with them and said, “Don’t you understand! Every sale is the same”.
Every sale is the same because the prospect is uncertain about:
- Your product
- Your integrity
- Your company
Here’s a summary of what I learned from the 10 Modules:
#1 The 3 Basic Tenets of Straight Line Persuasion
1. Develop rapport on both a conscious and an unconscious level
Developing rapport is not about talking about your or your prospects’ lives.
At first, you make them realize that you’re an expert. And that you can help them achieve their goals. At that moment they will want to do business with you.
2. Gather intelligence effectively
The problem with many salespeople is that they talk more than they listen. They think it helps them take control of the sale. But it doesn’t work.
You should ask questions to understand what exactly his needs are. You are qualifying the prospect to see if he needs your product. If it doesn’t, then you should find another person.
3. Control the sale by keeping them in the Straight Line
The perfect sale when the client agrees with everything you say and is ready to buy rarely happens.
The prospects will try to move you off the line and change the conversation. So, your goal is to keep him within the boundaries of the line in a way that empowers him.
#2 The Art and Science of prospecting
Prospecting is not about finding people who might buy your product but weeding out the people who are not interested or don’t qualify.
If you don’t prospect effectively, you’ll end up pitching to people who won’t buy. And it will affect your confidence in your ability to sell.
Let’s say there are 100 people divided into 4 archetypes:
1. Ready: These people need your product. And they have to decide quickly.
2. Still shopping: They want to buy your product, but maybe not today- it might be next month or more. At this moment they have the power.
3. Curious: These people are thinking about buying your product but are apathetic about it. They might buy today or tomorrow- they basically don’t care.
4. Won’t do it: These people don’t need your product.
You should give a presentation to only those who need your product.
#3 Mastering the Art of Tonality
This is my favorite module.
Tonality is the easiest to master and at the same time is the “Secret Sauce of Persuasion”.
You say a few words and the attached tonality gives a more powerful meaning which influences someone on an emotional level.
You will go through the script and say every word with the right tonality.
You’ll establish that you care, you’re a reasonable person, and you’re trustworthy, and empathetic, in the first paragraph.
Hi, is John there? (excited)
Now we’ll infer the Microargemments. You raise your voice a little at the words, “Global Capital”, “Tampa, “Florida”. It’s like saying, right, you know us?
This is Jordan Belfort, calling from Global Capital, in Tampa, Florida. How’s it going today? (I really want to know)
Great! (Happy to hear that).
Now if you recall (the tone of mystery), you attended a seminar last Thursday night over at the Marriott Hotel (right?), with one of our top traders (right?), James Arnell (right?). Does that ring a bell?
Ok, great (enthusiastic).
Now (upbeat), the reason for the call today (drop your voice to imply scarcity) is that you’re one of the last of the group who hasn’t enrolled yet.
If you have 60 seconds (Pause), I want to share an idea with you, got a minute? (The reasonable tone)
You should also say some words grouped together: “How’s-it-going-today”, “oneofour”.
Another thing to consider is body language when saying certain words.
For example, if you are trying to transmit sincerity you show your palms.
Or, when you say, “if you recall” narrow your eyes a little.
Even though you might speak over the phone, the physiological triggers will help you capture the tonality.
#4 Being a Leader and a Visionary
Goals are very important to maintain focus on a certain outcome. But there’s something much more powerful than setting a goal, and that is… your vision for the future.
People don’t buy into goals but everybody is thirsty for a vision.
#5 The Inner Game of Sales
You’ll become successful when you are willing to do whatever it takes, as long as it is ethical and is productive to humanity. And it starts by changing the way you think about yourself and what it takes to succeed in life.
#6 The 5 Key Elements of the Straight Line System
There are 5 key elements you need to consider:
1. The art of sifting
You might tell people all the wonderful things your product will do for them, but there are other issues that stop them from buying. As a result, you shouldn’t throw the best pitch right away.
2. The Action Threshold
It is the unconscious set point that somebody has to be motivated in order to take action.
Through life experiences, people build up resistance or limiting buying beliefs, which led to a higher set point for buying.
For example, past experiences where the company didn’t stand behind their promise, or even advice our parents gave us to not buy.
We can lower the action threshold through the use of:
- Language patterns
- Belief busting
- Making logical cases
3. Tipping the Scales
Imagine the action threshold as a big scale.
The fulcrum in the middle of the scale is the person’s action set point, with all the positives (Good things happen if the decision is made) on the left and all the negatives (bad things happen if you decide) on the right.
As you go through Straight Line from open to close, you’re knocking out negatives, building up positives, and changing clients’ beliefs about buying all at the same time. Until you reach the point when the client says “yes”.
4. The Sales Funnel
What are exactly your goals?
For example, let’s say your goal is to make $200,000 a year. And you make on average $2000 on commissions.
Now, you need to calculate how many dials or appointments you need to make to reach the objective.
5. Three Things in 4 Seconds
You’ve probably heard the phrase “You only get to make a first impression once”. Well, that’s true.
As soon as people hear your voice they create a mental picture of you in 4 seconds.
So, it’s crucial to establish that:
You’re enthusiastic as hell – It gives the impression you have something great to offer.
You’re Sharp as a tack – If they don’t think you’re sharp as a tack, you’re wasting their time
You’re an authority figure and a force to be reckoned with – People are taught to respect and listen to authority figures from a young age.
#7 The Art and Science of Qualifying
Asking the right questions requires skill and practice.
Asking the right questions will help you get crucial information about specific client needs.
You need to keep in mind:
1. Identify the client’s “why” – These are the logical and emotional reasons behind the choices they make.
2. Memorize questions in order – Start with general questions and then work toward the specific questions for your industry.
3. Ask permission to ask questions – E.g “Just a couple of quick questions so I don’t waste your time.” or “Just a couple of quick questions so I can better serve you”.
Ask Invasive Questions
An example is, “How long have you been thinking about trading, or buying this car”.
This will elicit important information so pay attention.
After qualifying, you will know if your product is right for him and that he can afford it.
If he meets both criteria, you can continue your pitch.
#8 Creating Presentations that close anyone who’s closable
Here you’ll learn how to box someone in.
It means that you’ll eliminate all the reasons for them to not buy, and have them admit they should be buying.
You should also learn how to position the three 10s:
1. They LOVE your product
2. They like and trust you
3. They trust your company
He also explains:
- Tonality patterns for closing
- Body Language
#9 The Art and Science of Looping: how to turn objections into closes
Looping is where you capture the three 10s. Instead of moving down the straight line, you stop and go back a little bit. You take another shot of capturing the three 10s.
The product is rated as a 10. If the client doesn’t think so, then you’re selling to the wrong people.
Looping requires you to talk less about the product and more about yourself and the direct benefits for the client. It also involves talking about your company’s integrity and what you can do for him in the long term.
As you talk, each loop gets tighter until you hit a specific objection.
At that point, you answer the objection and ask for the order. This is where the client starts to buy.
#10 Creating Customers for Life and Generating Massive Referrals
There are 5 techniques to turn clients into customers for life:
1. Never duck a phone call. If you make a mistake then tell the client.
2. Send them to your competitor. If you can’t help your client then send them to someone who can. They will remember you because not many salespeople go to great lengths to help the customer.
3. Remember their family. After you close him, find out if he has kids, when their birthday is and what interests he has.
4. Use gifts. It plays with the reciprocity rule. You give small gifts based on their hobbies.
5. Write thank-you notes. “thanks for the gift, it was great” won’t have much impact compared to something like, “I absolutely loved the gift you sent me. It looks beautiful sitting on the centerpiece of my table”.
Cons of Buying SLP
Jordan has included some self-help material. And while it might be a huge help for beginners, it won’t be life-changing information if you’re an experienced salesman.
Pros of Buying SLP
– Jordan Belfort has proved himself as a world-class closer.
– He explains clearly and enthusiastically so you won’t have a problem absorbing all that information.
– Straight Line Persuasion is an elegant and efficient sales system. It is designed to train anyone no matter their social or intellectual background.
– You get 1-year access to Jordan’s mentorship program, where he will send you monthly intensive training videos about a specific topic.
– 30-day money-back guarantee.
Check out the book by Jordan Belfort…