Since the Wolf of Wall Street movie hit the silver screen years ago, Jordan Belfort has become a household name.
He’s a controversial figure, but his techniques work. He knows how to power sales teams to generate more sales and blast through their limitations.
Here are 4 key “Wolf of Wall Street” sales strategies that you should internalize and share with your sales team to optimize performance…
1. Train for Success
While you can certainly look for great sales talent, you can also create it.
Jordan Belfort showed us this by taking uneducated and seemingly unqualified people, and turning them into selling machines – all through proper, comprehensive training.
He had his system of straight-line-persuasion, and made sure his sales team understood it.
By focusing on training and effective sales coaching, Jordan helped his team crush their sales goals. He had his team members role play on live customer calls while the rest of the team listened, and also gave them effective cold call scripts and elevator pitches to use.
Training is a huge element for your sales team’s success. Give your team the training and resources it needs to succeed.
2. Earn Their Trust in the First 4 Seconds
Jordan Belfort teaches that your prospects will pass judgment on you within as little as four seconds.
That just goes to show how important your opening pitch really is. The surest way to find your “in” is to laser in on your prospects hot-button issue, and show that you’re a credible solution.
It also shows the importance of being able to endear prospects to you, by creating a winning first impression.
That is, being seen as honest, likeable, and sharp. Do that and a huge part of the battle has already been won.
3. Demonstrate Value
What is the value of your product?
Why does your product provide greater value than other solutions?
Competing on price is almost always a mistake. Your control, your edge always comes from your ability to demonstrate value.
That comes from showing your prospect how your product or service aligns with their needs. In order to do that, you have to know your customer, ask the right questions, and position your product as a solution to what pains them.
It also comes from being someone they want to listen to, and work with… which is why establishing a good first impression is so vital.
4. Create Urgency
Urgency fosters action. That’s why it’s so powerful in sales.
People don’t like the idea of missing out on something, so helping to understand the value of acting now… or the cost of waiting till later… is a critical sales skill that can’t be understated.
When Jordan was selling penny stocks, he’d constantly stress the sense of urgency. He’d say things like, “This is last one left,” and “I have another buyer waiting!”
While you don’t want to be screaming out these “fire-sale” types of pitches often, you do want to create authentic urgency.
Have your sales team ask themselves, “How can I help this prospect address their deeper needs that they’ve been putting off to the side or prioritizing too low? How can I help them avoid the pain of continuing to ignore these needs? What is the real cost of them not doing this today?”
These will help your sales team create more authentic urgency.
Have you used any other of Jordan Belfort’s “Wolf of Wall Street” sales techniques? What were they? Let us know in the comments below!