#583 - The REAL Story Behind the Wolf of Wall Street: Jordan Belfort
Mar 12, 2020
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Join former stockbroker Jordan Belfort, known as the Wolf of Wall Street, as he shares invaluable insights on persuasion and sales. He discusses the critical role of influence and body language in effective communication. With a candid look at his tumultuous past, Belfort reflects on the wild excesses of Wall Street while emphasizing the need for strategic preparation in sales. He introduces his Straight Line System, a framework for mastering sales objections, and highlights the transformative power of effective communication in personal and professional success.
The importance of persuasive communication is emphasized as a vital skill for success in business and life.
Strategic preparation plays a crucial role in sales, as it boosts confidence and helps tailor approaches to client needs.
Objections from potential clients should be seen as opportunities to understand uncertainties and guide them toward positive decisions.
Deep dives
Truth Behind the Film
The discussion reveals that most of the extraordinary events depicted in the film are indeed true, such as the plane crash and the capsizing of the boat. However, there are certain liberties taken with the timeline and the details for dramatic effect. For instance, while the film portrays a sequence of events that unfolds in a certain order, the actual occurrences were more complex and less linear. This highlights how cinematic storytelling can enhance or alter real-life narratives for viewer engagement.
Life Lessons from Sales
The speaker emphasizes the critical role of sales skills in achieving success, underscoring that persuasion is an essential skill in many areas of life. He recounts his journey, illustrating how proper training can transform individuals into effective communicators, regardless of their background. The concept of the 'three tens' is introduced, where a salesperson must ensure that potential clients are completely certain of the product, trust the salesperson, and have confidence in the company. This multi-faceted approach to sales can significantly increase the likelihood of closing a deal.
The Power of Preparation
Strategic preparation is highlighted as a vital component in successful sales processes. The speaker mentions that effective sellers often take time to prepare and structure their approach, including crafting scripts and questions in advance. This preparation not only builds confidence but also enhances the ability to understand and meet the needs of the client. The lesson conveys that taking the time to be well-prepared can dramatically shift outcomes in both sales scenarios and broader life circumstances.
Overcoming Objections
Objections from potential clients are framed as indicators of uncertainty rather than outright refusals. The speaker explains that when faced with resistance, it is crucial to identify the underlying reasons for hesitation. By addressing these uncertainties, salespeople can build trust and guide clients towards a positive decision. This insightful perspective suggests that understanding and reacting to objections can facilitate a more constructive dialogue and ultimately lead to successful sales.
Transformative Power of Mindset
The discussion reveals how achieving a shift in mindset can dramatically impact a person's life trajectory. The speaker shares personal experiences of overcoming challenges, emphasizing the importance of having a strong 'why' or motivation to drive efforts towards success. This journey from adversity to empowerment serves as inspiration, demonstrating that resilience and determination can lead to positive transformation. Ultimately, the speaker argues that anyone willing to learn and adapt can unlock their potential and thrive.
Today’s guest is none other than the Wolf of Wall Street Himself, Jordan Belfort, and we’re talking about sales, how to learn to be a better salesman, and more generally, how to become more persuasive in everything you do in life.
A lot of business people have good ideas and concepts for their business, but in reality, the value of their idea is either multiplied or drastically reduced by their ability to persuade others of their idea!
This is why sales is important to everyone, not just people who do or plan to make their living as a “salesman.” If you want to be successful, you will have to learn how to convince others, and Jordan’s Straight Line System is the proven strategy to teach you how to do that.
Learn all of that and much more, on today’s episode of The Tai Lopez Show!
A lot of people have great ideas and concepts, but if you don’t know how to express it to others and persuade them, you will not be able to do much with your ideas
Even people who are natural at something follow certain rules and strategies, they just do it naturally. But anyone can learn them
Strategic preparation is essential to good sales
Your prospect needs to be 10 out of 10 on your product, trusting you, and your company, before closing
Rookie salespeople skip the qualifying section of the sales process. First of all, you need to make sure your prospect is in the market in the first place
By asking smart questions, you can get into solid rapport with prospects
Your prospect has to believe that you really care about them
Your prospect has to understand that, fundamentally, you’re just like them
Every idea has a certain amount of value to it. But the way it is presented either multiplies that value, or takes away from it
Persuasion is a learnable thing
Human communication is 45% tone of voice, 45% body language, and only 10% words
Body language has a way of slipping under the radar, and going right to the unconscious mind and creating a gut reaction
When someone makes their first impression of you, they should be thinking:
This person is sharp as a tac
This person is enthusiastic
This person is an expert in the field
If you make a bad first impression, it takes 7 subsequent meetings to turn that around
When you’re perceived as an expert, it gives you the opportunity to control the flow of the conversation
The first stage of confidence comes from acting as if
Study the best, in detail, to model it and eventually become it
Resilience has to do with the fundamental belief that you have what it takes to be successful
Once you learn how to communicate, it changes who you are, and you become the successful person you could be
Without fear, there is no courage
Objections are nothing more than smoke-screens for uncertainty