In this summary of the book "Way of the Wolf", the controversial founder of brokerage Stratton Oakmont explains step by step the sales system that drove the boom of his company, portrayed in the Martin Scorsese film.
If you watched "The Wolf of Wall Street", you know Jordan Belfort, played in the film by Leonardo DiCaprio.
Continue with me to know the details of this sales system!
Launched in 2017 with the title "Way of the Wolf," the book is a guide on how to influence people to overcome the barriers and obstacles that prevent them from making a buying decision.
Throughout its 12 chapters, the author explains the creation of his method of sales: Straight Line system. In addition, he cites several examples of his journey, including those that did not work.
Jordan Belfort was the founder of Stratton Oakmont, one of the Wall Street's most dynamic and successful insurance brokers. At its peak, it made $50 million a year.
Currently, Jordan is the author - he wrote two other books: "The Wolf of Wall Street" and "Catching the Wolf of Wall Street". In addition, he travels the world giving motivational talks.
The principles in this book can be used primarily by salespeople and sales managers.
Also, it is important for anyone who wants to master the art of persuasion, which can help convey their needs, feelings and hopes more convincingly.
The main points of the method created by Jordan Belfort are:
In this summary, we will go through the principles of each of the 12 chapters of the book. So, shall we go?
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In the first chapter of the book, Jordan introduces the concept called "Three Ten", which is a scale that measures the current degree of certainty of a prospective buyer, ranging from 1 (absolute uncertainty) to 10 (absolute certainty).
The idea behind the concept stems from the fact that the buyer needs to be certain about the value that that product represents to him, just so there is a possibility that he wants to buy.
The concept is based on three factors:
Jordan Belfort believes that every sale is the same, regardless of the different needs, objections, obstacles and particularities of each sale. In the background, they are all the same.
It was from this idea that the author built his own sales system: the Straight Line system.
This system aims to conduct the negotiation to close the agreement in a more assertive way, just as a straight line connects two points through the shortest possible distance.
Therefore, it is important that every action, every response and every attitude of the salesperson is made with one goal in mind: to lead the customer through the straight line until closure.
According to the author, the differential of this system is to use the objections presented by the buyer as an opportunity to increase their degree of certainty about the sale, walking naturally to the closing.
Next, the author explains the importance of first impression for the success of the negotiation. He states that the buyer takes four seconds to read and judge you.
Therefore, Belfort indicates 3 essential practices that must be present within the first four seconds of presentation:
In Chapter 4, Jordan explains how a great salesperson can use the practices cited above to make a good impression: through tone and body language.
He suggests that only 10% of communication is done with the words themselves. In the other 90%, we pass messages through the tone of voice and body language.
That is why it is so important to always pay attention to the way in which you are pronouncing the words, which must be said clearly and assertively.
Your sales success relies on your ability to maintain an emotional state that blocks troubling thoughts and emotions, allowing you to achieve your goals more easily.
Jordan Belfort calls this ability of "state management." To succeed in this approach, there are four essential foundations:
Jordan uses neuro linguistic programming (NLP) to achieve these elements. This programming considers the human brain as a computer, so it can be programmed to make changes according to the circumstances.
In this part of the book, the author explains in more detail how he uses NLP to manage his positive state. He suggests the following steps:
In this chapter, Belfort delves deeper into the tone of voice to be used during a negotiation. According to him, words drive their buyer logically, while their tone does the service in the emotional field.
He explains that there are several influencing tones, but focuses on the ones that should be used close to the closing of the sale:
Next, the author delves deeper into more advanced body language techniques. He explains that only body language is not enough to accomplish the sale, but a misguided body language is enough to make you miss an opportunity.
One of the most important elements of body language is eye contact. Research indicates that you should establish eye contact with someone for at least 72% of the time, otherwise the other person will not trust you.
In addition, he cites the importance of active listening, which consists of using gestures and facial expressions that indicate that you are understanding and feeling what the other person is talking about.
That way you can achieve one of your trading objectives: establishing a connection with the buyer.
Jordan Belfort defines sales prospecting as an art. So it is not a simple thing to do. So he suggests the following tips on what he calls "straight-line prospecting":
In this part, the author goes on to talk about the straight-line prospecting technique, now providing ten rules to follow:
Throughout chapter 11 of the book "Way of the Wolf", the author discusses the importance of a high-level sales presentation because it is with it that you will demonstrate the value of your proposal to the buyer.
Of course, he has his own method of presenting his products, called the Straight Line script, of course. He defines eight distinctions that make his method differentiated:
In the last chapter of the book, Jordan explains that a sale only begins, in fact, when the client makes his first objection. From there, you can use these objections as opportunities to develop more creative ways of solving the customer problem.
In addition, the author also cites the concept of "threshold action," which is the degree of collective certainty that a person needs to reach to feel comfortable buying (remember the Three Ten?).
The lower this level, the easier it will be to sell to the person. Therefore, it is important to always try to lower the action threshold, making selling easier. According to Jordan, there are four ways to do this:
In the book "The 25 Sales Habits of Highly Successful Salespeople", Stephan Schiffman points out that you should not use tricks such as stating that the person has just won a lottery.
Successful salespeople inspire confidence, the brand of a good leader has vision, deserves respect, is responsible, has a clear sense of direction and confidence.
In "Spin Selling", author Neil Rackham points out that the quality of the questions asked is crucial to the success of the negotiation.
In "Selling with Emotional Intelligence", author Mitch Antony leaves the following advice: The emotional impact of your presentation is at least as important as the proposal itself.
Talk to customers in a way that you seem as receptive as possible. But of course, only relationship will not sell your product. Give your customers strong reasons to like and do business with you.
The key to success in applying the author's concepts in the real world is adaptation.
You need to have the flexibility to create fundamental language patterns that fit your trading needs.
That way, you will master the art of persuasion and create more lasting relationships with your customers.
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