Way of the Wolf - Jordan Belfort

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!

About the book "Way of the Wolf"

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.

About the author Jordan Belfort

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.

To whom is this book indicated?

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.

Main ideas of the book "Way of the Wolf"

The main points of the method created by Jordan Belfort are:

• The first four seconds are essential for the success of a negotiation;
• Collecting buyer information is critical;
• Your tone of voice and body language represent the bulk of your communication;
• You must be enthusiastic to sell well;
• Your sales roadmap should be your differential.

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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Overview: Chapter 1

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:

• The product, the idea or the concept: the buyer must trust that your product solves a need of him, so he adores it;
• You: the buyer needs to believe what you say and, from that, form a connection between you;
• Your company: the interested party must trust and believe in what your company represents.

Overview: Chapter 2

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.

Overview: Chapter 3

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:

• You must be ready and show that you are a great problem solver;
• You must be enthusiastic, because this way captivates and energizes the buyer;
• You need to be an expert in your area. This is what will make the buyer respect you and look at you as a figure of authority on the subject.

Overview: Chapter 4

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.

Overview: Chapter 5

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:

• Certainty;
• Clarity;
• Confidence;
• Courage.

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.

Overview: Chapter 6

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:

• Choose a state: establish what emotional state you want, based on the challenges you will face;
• Choose your concentration: focus on a memory in which you felt powerful and extremely confident;
• Choose your physiology: you need to change your physiology to that specific state you desire;
• Intensify your state: make use of your sensory modalities (visual, auditory, kinetic, gustatory and olfactory) to create triggers and increase the sense of confidence within you;
• Establish your anchor: Finally, you connect this intense state that created something - like a word or a mantra.

Overview: Chapter 7

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:

• Absolute certainty: firm and definitive, conveys your belief in what you are talking about;
• Complete sincerity: calm and confident, makes you pass the message of humility and that is true;
• Reasonable man: by being reasonable, you instigate the buyer to treat you the same way, that is, by saying yes to your request.

Overview: Chapter 8

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.

Overview: Chapter 9

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":

• You must identify prospecting errors and those just "curious" and pull them out of your sales funne l as quickly as possible;
• You should collect as much information as possible about your buyers if you want to lead them straight into the agreement;
• By increasing your discomfort with the current situation, you turn your potential buyers into hot buyers (those who are ready to take action).

Overview: Chapter 10

In this part, the author goes on to talk about the straight-line prospecting technique, now providing ten rules to follow:

1. Be a separator, not a transformer. You should know how to select only potential buyers;
2. Ask permission to ask questions;
3. Always use a script;
4. Start with less invasive questions;
5. Use the right tone in each question;
6. Remember body language;
7. Follow a logical path;
8. Make mental notes during the conversation;
9. End with a powerful transition, leading the person to the next step in the Straight Line;
10. Always stay in the straight line, do not lose control of the sale.

Overview: Chapter 11

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:

1. The script can not be precipitated;
2. The focus is on advantages, not features;
3. The script needs breaks so it does not get too dull;
4. It should be written in spoken language, not grammatically correct language;
5. It needs to be fluid;
6. Must be honest and ethical;
7. The value of the advantages must exceed the amount of energy spent;
8. There must be a series of scripts.

Overview: Chapter 12

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:

1. Offer a money-back guarantee;
2. Offer a grace period or termination, which allows the buyer to go back;
3. Make use of phrases that lessen the buyer's concerns. (Example: "We have a first-class customer service");
4. Use a powerful language pattern, able to create a positive film in the head of the interested.

What do other authors say about it?

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.

Okay, but how can I apply this to my life?

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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