Way of the Wolf Book Summary, by Jordan Belfort

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1-Page Summary of Way of the Wolf

Overview

If you were able to master the art of persuasion, what would you do? Jordan Belfort, a banker who was featured in the movie The Wolf of Wall Street (2013), believes that anyone can lead an empowered life by mastering the art of persuasion. He is not only persuasive but also successful. His methods transformed average salesman into pro salesmen at Stratton Oakmont in New York during his time as CEO there.

It’s a mistake to think of sales as a specialized profession. Everyone, whether they realize it or not, is in sales. That’s because everyone needs to persuade others at some point throughout their lives: parents have to persuade children to do chores and follow other guidelines; health professionals must persuade patients to take medications and follow dietary rules; teachers must persuade students to study and complete assignments. Mastering the art of persuasion can help you achieve these goals more easily with your loved ones, patients/clients, and students.

A good sales pitch is not just about the words you say. Your tone of voice and body language will have a big impact on how your conversation partner or customer feels. You need to learn effective body and voice modulation techniques in order to be charismatic, which will help build trust with others. If you can’t inspire confidence in others, then it’s unlikely that you’ll do well at selling anything.

The Straight Line System can be used for sales, but it has applications that go beyond the realm of conventional sales professions. It can also help politicians, coaches, parents and anyone else who is trying to persuade others. The system helps people feel empowered and in control of any situation that calls for persuasion.

Key Point 1: Every sale is the same.

Successful salespeople are different from those who barely survive. Successful salespeople understand that every sale is unique, but they also recognize that the core elements of a successful sale are always the same. They recognize this and focus on these things in their pitches to customers.

In order to make a sale, the salesperson must convince the buyer that they have three main criteria. These are called the Three Tens because it’s possible to measure how sure someone is about something by using a scale of 1-10.

The first ten is the confidence of the product or idea being sold. If someone is completely convinced about a product’s utility, then it gets a 10. If they hate it, then it scores 1 out of 10. A score of 5 means that they are ambivalent about the product and anything in between indicates their level of certainty for any one thing on this scale. The best way to raise this number is through trust-building exercises with your prospect so that you can increase their overall confidence in each category by at least 5 points.

The degree to which a prospect trusts the salesperson is the second of Three Tens. A score of 1 indicates total distrust, while a 10 represents complete trust. For example, if a salesman telegraphs that his only concern is extracting money from a potential customer, then his or her trust level will be low. On the other hand, if the salesperson shows genuine interest in helping solve problems or fill needs for prospects and customers, their levels of trust will increase on this scale. A middle-of-the-road candidate will fall somewhere between these two extremes

The third tenet of trust is that it relates to the client’s confidence in a salesperson’s company. A company’s reputation will affect how much trust a customer has in the product and sales representative, as well as vice versa. If you are part of an established, reputable Fortune 500 company, people will assume that your products and services are high quality because they know you can afford to hire good employees who have integrity. On the other hand, if your brand isn’t well known or doesn’t seem financially stable, customers may not be willing to give their business to you because they don’t think your products or services are reliable. They may even doubt whether you yourself can be trusted with their money.

Way of the Wolf Book Summary, by Jordan Belfort

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