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Jordan's advice on sales objections
Back in the Stratton board room, I made my brokers list out the “thousands” of objections they said they were getting to discover the truth...
Jordan Belfort
April 19, 2024
Back in the Stratton board room, I made my brokers list out the “thousands” of objections they heard to discover the truth: there’s really just 1 objection.
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👇 Today’s Briefing
Insight: How You Can Close More Deals ♾️
Story: Jordan's Advice on Sales Objections ❌
Action: The “Effortless Pitch Pivot” Challenge 💪
INSIGHT
How You Can Close More Deals ♾️
👉 INSIGHT: Every sale is the same. A salesperson simply moves the prospect down the straight line from uncertainty (level 1) to certainty (level 10).
Your job as a salesperson is not to turn a “no” into a “yes.” It’s to take a common objection and turn it into a “yes.” That’s what the back half of the straight line — specifically looping — is all about.
Loop: to return to a particular part of the presentation to emphasize reasons why the prospect should love the product, the salesperson and the company.
The entire point of looping is to build more certainty in each of the three tens and then transition to a close without breaking rapport. These include…
Trust in the product, idea, or concept: 92% of consumers read online reviews before making a purchase decision.
Trust and connection with the salesperson: 79% of buyers say it's absolutely critical to interact with a trusted salesperson.
Trust and connection with the company: 81% of consumers need to trust a brand before making a purchase.
By focusing on building trust in these three areas, salespeople can effectively handle objections and guide prospects towards a happy ending.
THE STORY
Jordan's Advice on Sales Objections ❌
From the Desk of Jordan Belfort:
"I'm ready to go all night," I said to the Strattonites threateningly, locking eyes with each one. They sat behind old wooden desks, classroom-style, with a black telephone, gray computer monitor, and a stack of 3×5 index cards from Dun & Bradsheet that cost 22 cents per lead.
To Danny and me, these D&Bs were as valuable as gold. Each had a wealthy investor's name, phone number, company, and annual revenue. For every 200 cards, we averaged 10 leads and 2-3 new accounts. Those numbers might not impress, but any broker doing that for three months would make over $2 million.
The Strattonites results were awful. Every two hundred D&Bs yielded five leads, closing none. Ever. One "Broker" finally spoke up. "There are too many objections," he whined. "I can't even pitch." Others chimed in. "There are thousands of objections. I can't pitch either."
Thousands? Give me a break, I thought. I turned to the whiteboard, grabbed a marker, and said, "Go ahead! Call them out, and I'll answer each one. Let's go!"
After a little hesitation, the objections began to fly…
“I want to think about it.”
“I need to call you back.”
“Send me the information.”
“It’s a bad time of year.”
“I need to speak to my wife.”
“I’m not liquid right now.”
“I only deal with my local broker.”
“I’ve never heard of your firm before.”
“I’ve been burnt before.”
“I don’t like the market right now.”
“I’m too busy.”
“I don’t trust you.”
“I don’t make quick decisions.”
“I need to speak with my business partner.”
On and on they went. By the time they were done, I'd covered the board with every objection they could think of…only fourteen.
Only fourteen objections, half variations of two: bad timing and needing to speak to someone else.
Even before the Straight Line System, I knew objections were interchangeable. Seeing them on the whiteboard highlighted that.
In that moment, it hit me—the common objections were smoke screens for what really held prospects back: a lack of certainty.
Key takeaway: There aren't thousands of objections, but one: lack of certainty. The Straight Line System keeps prospects moving towards certainty to close the sale.
TAKE ACTION
The “Effortless Pitch Pivot” Challenge 💪
Next time you’re talking to a prospect, say this transitional line to close more deals.
“Let me say that based on everything you have just told me, this is the perfect fit for you.”
Then move on to your presentation. This may seem overly simple, but it works every time!
Meme of the Week 🤣
Bite-Sized Reads 📚
[Read] “You do not want to try to resolve their pain at this point. In fact, if anything, you want to amplify that pain.”
[Watch] “You want (and need) every possible advantage out there to succeed in this new economy.”
[Read] “The key to managing the fear of rejection in sales is reminding yourself that it is bogus.”
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Publisher: Jordan Belfort
Editors in Chief: Brock Swinson and Davis Richardson
DISCLAIMER: None of this is financial advice. This newsletter is strictly for educational purposes and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.