Month: April 2023

I just re-read (listened) Way of the Wolf: Straight Line Selling: Master the Art of Persuasion, Influence, and Success by Jordan Belfort

 I would highly recommend you read Jordan Belfort’s new book.  I have mine on kindle and Audible. Jordan Belfort has a deep and profound understanding of human nature and how to convey the right image to make a sale. From your tonality of voice, cadence, enthusiasm, certainty, and belief in what you sell, he knows how to put that all together to generate sales at a rapid rate.

OK, the book does cover some of his history of selling stocks, training salespeople, and a little about the adventures he has had along the way. But mostly, for the price of a lunch, you are essentially getting the meat of the Straight Line Sales System that sells online for about $2,000. 

Way of the Wolf: Straight Line Selling: Master the Art of Persuasion, Influence, and Success is the condensed version of the course.

One caveat, this book tells the hard truth about making sales. 

If you sell anything by phone, you can use about 100% of what’s in this book. It will all apply to you. But if you are like most merchant services sales people or sell by appointment, maybe 90% will apply. But that 90% is pure gold.

If you are going to learn from someone, learn from the best. If your goal is to make money selling…learn from someone who made a fortune doing exactly that.

One thing you should know…Belfort talks about not using “pressure”, but the techniques he teaches create a sense of urgency to buy, and for some salespeople…that can be a little intimidating. Belfort’s personality may turn a few off…you may not even particularly like him. And he does swear. So if that hurts your ears, don’t buy the audible book. But if you are hungry…and want to get ahead in selling….this book is a really good read.

Chapter 4 talks about tonality and body language. And as one Amazon reviewer said, this chapter alone is well worth the cost of the book, that kinda swayed me too.

It’s more than just the tone of voice…it’s the cadence, amplitude, timing, certainty in the voice, “caring” in the voice…and more.

And this is really advanced selling. For example, the reason hypnosis works is that the subject believes the hypnotist’s suggestion of reality. And for that belief to transfer, the hypnotist has to sound certain…absolutely certain. It’s this transference of certainty that drives hypnosis. And it’s this transfer of belief..of certainty…that drives sales.

Belfort teaches the same thing..how to transfer certainty to the prospect. And it’s done mostly through how you speak (and body language and facial expressions in person), even more than what you say.  And it works powerfully. 

Belfort talks about tonality, because he sells over the phone. When he talks about “Tonality” it isn’t just about the pitch of your voice. It’s about using your voice to captivate attention and keep it. It’s about conveying emotion, conviction, empathy. It’s a huge part of what actors learn. Watch a great actor…a slight change in expression can carry loads of meaning. A shift in posture, a raised eyebrow, leaning forward slightly, lowering your voice slightly…can make a big difference. And it’s that kind of thing Belfort is talking about.

It has been brought up in discussions with friends that he sounds (in his sales videos) like a hustler.
His voice is annoying. There, I said it. And my guess is that most of his reps had less than a radio voice as well. And they were mostly uneducated young men.

And that’s one of the things that impressed me the most. Even though his voice is aggravating (to me)…he still sold millions of dollars of product a month. And he taught others…frankly less than brilliant reps..how to do it as well. His methodology is that good.

His methodology is so well thought out, his understanding of human nature is so on point, his knowledge of the core of what makes people buy (or makes them object) is so deep… it overcomes all of his flaws (and ours) when presenting and making our pitch.

And in his book he lays it all out. He is a good teacher, and it’s impossible to not understand what he is teaching, and use it to our immediate profit.
I’m going through my second reading now, with a yellow highlighter. This is the kind of book you study. Below are some other great sales books I have read and would recommend you to read as well.

How to Master the Art of Selling by Tom Hopkins

The Psychology of Selling by Brian Tracy

Elevator to the Top by Ryan Stewman

Those are just a few that I’ve read. What books have you read to help you grow in sales?

Happy Selling,

David

Last week I was speaking with several new representatives that have just come into our industry and we were discussing how to become more productive on a consistent basis. I begin to express the importance of investing your time properly. The truth is most people spend much of their day majoring in minor things.

The bottom line is, they simply waste a big majority of their time on things that are not important.

The successful people in life get 24 hours a day. The same holds true for people that are unsuccessful. They also get 24 hours a day. 

The difference is how they spend those 24 hours. 

This is why it’s important to take inventory of your daily activities. You will be amazed how much time is wasted on minor things.

I believe the goal should be for everyone to live a healthy and happy life. I have found that there are three types of people;

– those who make things happen, 

– those who watch things happen 

– those who simply just do not care. 

To achieve in life, you have to make yourself valuable. It’s important to stop wasting time.

In life, there are matters that are of great importance and then there are others that are simply not. 

It is the important things that are the majors in life that are going to require your attention and your efforts. The minor things are just distractions. These are the things that get in the way of your success. The key is to let go of the minors and begin focusing on what your priorities are. 

When it comes to achieving success, you must have a clear goal and a vision. It’s important to set a success plan and be 100% focused on achieving your goals and your dreams. Successful people look at the big picture along with the vision and the strategy of getting to their goals.  It’s important to understand that on the road to success, challenges and obstacles will definitely come. You cannot allow that to bog you down. I’ve seen far too many people do this and it stops them dead in their tracks. This is called majoring in the minor things. I’m not saying they are not important. However, when challenges do come, take a deep breath and analyze the situation. Find the right people that will help you accomplish what is needed to overcome this. You have a big vision and you must keep moving towards that dream. By doing this, it will free you up to focus on what truly matters in the long run.  Far too many people also major in minor things spending too much time preparing. I’ve seen way too many people spending weeks making sure they have the best business cards, flyers and marketing materials. All these are important but what’s more important is getting out there and making it happen. It’s all about priorities. The question is “ Are you busy or are you productive?“ 
It’s time to make a commitment to separate the majors and minors. Many people are not successful simply because they are majoring in minor things.
Starting today, identify what is important and what your priorities are. Once you’ve determined them, you can be confident in what is the correct plan of action. Success takes personal discipline, action and consistency. 

Focus on building your strengths and work on improving your weaknesses. Do not waste time anymore on unproductive activities. Learn to make every second count and make a commitment to eliminate the things in your life that are just distractions.

It is time to make your success a priority and it’s time to do the things on a consistent basis that are going to help you achieve your dreams. Repeat after me, “I no longer have a major in minor things.“

Your future looks amazing. Make every second count and start focusing on what’s important. You can do this!

Happy Selling

David

Depending on what part of the country you live in, you’ve probably seen tell tale signs that spring has arrived. I for one was anxious for spring to arrive, as it historically marks the start of one of the best times to sell credit card processing services.

Granted the official start of spring started a few weeks back, but as we jump right into the middle of April, I’m curious to know what steps you’re taking to help promote your credit card processing service.

Now,  it’s time to review your sales plan to make sure your profits will grow as fast as everything else around you this season.

The old saying of “the early bird gets the worm” really does apply here. That’s why I’d like to ask you to take the time to honestly answer the following questions.
1. Is your toolbox up to date?

First start by taking a look inside your toolbox. Do you have all of the general tools you need to sell credit card processing? If so, are your tools up to date?

2. Do you have the newer tools you need to be competitive in your market?

Even if you provide the best merchant service, it’s critical that you make sure that you have the new tools you need to be competitive, like  next day funding or touch screen point of sales.

Now mind you the key word here is “need,” not “want.” There are a lot of new “cool” offerings, but time is going to be precious over the next few months. Make sure that there is a need before committing the time to obtain the tools and skills necessary to sell any new offerings.

Here are few I would like you to add to your tool box

1. Clientvine CRM –  If you’re like many merchant services salespeople I know, chances are it’s been a while since you updated or even used a CRM. Dive in as there’s a good chance it needs some tweaks, or perhaps even a complete overhaul.

Let me share an incredible CRM called ClientVine. It’s a full featured CRM that has a huge plus,  It can  do a statement analysis! The good folks at ClientVine will upload our schedule A’s so the system knows our pricing parameters. 

Once again, for more information on ClientVine please feel free to call or email me.  

2. Cash Bouy- Is a merchant cash advance company that has been around since 2002. Cash Bouy has been in the business of helping small businesses. We all know that getting working capital can be challenging for some of our merchnts so at Cash Bouy, they make business funding simple.

3. Are you taking full advantage of what your payment processor has to offer?     Touch Screen POS

You need a good point of sale offering. Rather it’s Clover, Lavu, find a system that can meet your needs. For example, consider the  merchant services software that is available from your current payment processor. Does it offer any unique advantages that you could be leveraging any more effectively then with a POS?

4. How comfortable are you with available pricing options?

In one of my past  blog posts, I spent some time talking about the benefits of tiered pricing and why you shouldn’t cast it aside simply because Interchange Plus appears to be easier. If you’re not sure when to use each method, follow this simple rule.  Under $10,000.00 in volume it would be best on tiered, over $10,000.00 a month put on IC+. This will work well most of the time. 

5. Are you offering a Dual Pricing option?

If your not offering you prospects a dual pricing option your doing yourself and them a disservice. This is an opportunity to save the thousands of dollars and also to make increased residuals for yourself. Find a processing partner that offers a compliant program on terminals, point of sales system, mobile, gateways etc.

In order to be successful selling credit card processing, it’s critical that you perform this exercise before one of the best selling seasons has come and gone.

I’m curious to know your answers to these questions. 

Did you find any areas of concern? 

What steps do you plan to take so you can maximize the growth of your credit card processing service?

Happy Selling,

David

Keeping your pipeline stuffed is a sure path toward frustration.

Build your sales pipeline in a way that deals flow through with ease from top to bottom.

How? I’ve got this week’s Top10 tips for how to build a healthy sales pipeline.

In true David letterman fashion, from the home office in 

BANZAI PIPELINE HAWAII

 Here are the Top 10 Ways to Build a Sales Pipeline.

10. Know your solution. 

Know how you (your product, your service) help people. If you don’t know your solution, then why are you putting together a sales pipeline? 

9. Know your ICP, Ideal Customer Profile. 

Knowing your perfect customer upfront is absolutely key. This is going to help you determine what goes into your pipeline.

8. Know how to bring value. 

What are the questions that you need to be asking? 

Are there studies that you share that customers normally like, (or whatever it might be)? 

How does this value turn into outcomes that customers get after they buy from you? 

7. Build your cadence.

You can begin to build your cadence based on the answers to the questions above.  

How many times do I have to send them emails,  mail, or a text to turn them into a customer? I need a cadence that I can administer multiple times to many, many people at the same time. So, as you build out your cadence, don’t build it so complicated that you can only handle one prospect at a time. That’s not a cadence. 

6. Create your questions and talking points. 

We spend so much time developing the information we want to share and not enough time spent on the questions we ask. In my cadence,  my messages,  my conversations, in everything I communicate, what are the questions I’m going to ask? What are my talking points? 

My absolute objective is to be able to have this platform of information that I’m so comfortable asking and talking about at any time with any prospect that it becomes a routine. 

5. Establish a routine.

I can establish a routine that I can repeat over, and over, and over again. If you don’t have a routine, it’s just not going to work because there are too many activities involved to be successful.

Organization of a routine brings a method to madness.

4. Leverage your CRM. 

Don’t think you can get by without a CRM. Of course, you don’t have to have a complex CRM. The top of the food chain is Salesforce and Dynamics, for instance. If you’re a small business, you really don’t need those. You can get by with Clientvine, or any number of more simple CRMs.

3. Know your CTAs, call to actions. 

As you’re asking questions, or going through your cadence, what are your call to actions going to be? You need to make sure that you have one for each message you send out.

2. Build your schedule. 

This builds off of your ever-important routine.

What’s your schedule going to look like Monday through Friday? I realize no two days are ever alike, but you’ve still got to have routines.

Routines ensure you follow up enough times with these prospects as you work to understand who stays in your pipeline and who comes out. (You have to be willing to take things out of your pipeline just as much as you are putting things in.)

And the #1 way to build a sales pipeline is…..

1. Execute the plan. 

This means continuously reviewing your pipeline because you don’t want a sewer pipe. A sewer pipeline is where I have all these names and all this stuff in there, and I just don’t know what to do with them. I want to have a water tap that I’m putting prospects in. The questions I can ask have been prepared and practiced. I know the solution I can help them with. They fit my ICP. I know how I can bring value, and I can move them through quickly. That’s executing. 

Have a happy weekend,

David 

“You don’t know your going to get a NO until you ask, and if you don’t ask,You’ve given yourself the NO” – Jack Canfield

 One of the first words we learn is “NO.” 

Every toddler learns this important word early in life, normally right after “Mommy” and “Daddy,” Along with learning it early, it quickly becomes a child’s favorite word, as any parent will tell you.

When you sell merchant services, “no” is unfortunately a word that we hear far too often. It is an accepted part of sales, which is why you often hear that you have to have thick skin if you want to be successful.

In fact, most sales people understands that “no” is much better than “maybe.” After all, once you’ve been told “no,” you can move on to a potential “yes.” But the question remains, when is a “no” truly a “no” versus a “not now or later?”

A “not now” is still a potential merchant, but due to certain circumstances he can’t sign today. This doesn’t mean he won’t sign down the road, and is still an opportunity that must be managed correctly.

Before placing a merchant into the “not now” category, answer these 3 questions:

1. Did I identify a reason other than cost savings to entice the merchant to change?
2. Did the merchant have a system/terminal or any other hardware that would prevent him from signing?
3. Is the merchant a fit for my portfolio, and conversely, am I a fit for him?

These questions will help you determine if you should or how often to contact the merchant in the future. For example, let’s say you found a merchant that is experiencing lack-luster service with his current processor. Granted he is experiencing a pain, but it is not great enough to cause him to move just yet. Chances are this issue will compound itself over time, so this makes him a perfect “not now” candidate.

*Remember, if the merchant is using a proprietary such as a POS or other software, he is a “no” unless he is willing to change his system.

Lastly, there must be a good fit between the merchant and your mix of products and services. This fit will increase the likelihood of a long-term, mutually satisfying relationship.

If the merchant has a need and the fit is good, and he is a “not now.” Schedule a repeat visit every 30 days, just to check on him drop off a couple rolls of paper or pens and see how he is doing. Treat it as a courtesy call. Ask the merchant how his business is going and then ask about his pain point and if it’s gotten any better. Let the merchant sell himself, for he will be the first to tell you about his problems related to that particular pain point.

You don’t have to wait the full 30 days though. If you come across a new solution that would be a great fit for a merchant, reach out to him right away. Just say that you came across the solution and thought of him.

There is one important thing to notice with this strategy. I didn’t mention “cost savings.” The truth is that if a merchant is willing to switch from one processing company to another simply to save money, he will sign with the next person who walks through his door promising the same thing. If he chooses not to sign on the first call solely because of cost savings, then he is a “no” and a lesson learned. Once you get to the point where the conversation is solely based on cost, your ability to identify pain points and leverage your solutions is gone.

If the merchant is a “no, put them in the later category and schedule follow-up calls 30-60 days out. Just stop in and check in. Eventually some will want the services you provide and price will not be the issue.  Chase those merchants that are still in play and keep the pipeline full.

Remember, a “not now” is still an opportunity, providing you know how to recognize it and plan for the situation and a no is just a yes that hasn’t happened yet.

Do you have any tips for identifying merchants that fall into the “no” or “not now” category?

Happy selling,

David

Piggy backing on Monday’s post let’s do what needs to be done!

There is work you need to do, but you resist that work. You know you need to do this work, how to do this work, the importance of doing it, and when it needs to be done. Yet, that work sits, not yet started and nowhere near finished, the source of your procrastination unknown and unresolved.

There are a number of sources of procrastination that, once identified, can be overcome.

Comfort: It is easy to seek comfort over work. Work requires that you lean in, giving what needs to be done your focus and energy. Comfort doesn’t require the same focus or energy. Comfort allows you to lean back and watch Netflix, to be still and passive instead of creating movement and proactivity. Comfort is warm, easy, and seductive. Unless you give yourself over to it, your work may not be any of these.

Entertaining Distractions: You live in an age of infinite distractions, the smallest and largest of which lives in your left hand or your pocket. In any case, it is never more than a few feet away from you. You have news, television, radio, movies, magazines, video games, the internet, cameras, video cameras, online shopping, and countless other distractions vying for your attention. Then there are text messages, emails, phone calls, and notifications. Distractions provide entertainment and escapism, making them something easier than work.

Conflict: You may avoid some of the work that you need to do because you have conflicts around that work. Is it the right work for you to do? Is it something that you should have said no to when asked? Is it something you believe should not be done or should be done some other way? These conflicts can be the root cause of procrastination.

Fear: When work is creative in nature and opens you up to being judged by others, the fear of that judgment can be the source of your procrastination. If the work is great, some may still be critical. If the work is poor, some will still find it valuable. Procrastination prevents you from acting and sharing your gift with the world, making the unattainable goal of perfection so far out of reach so as to make it difficult to start.

For whatever reason, by allowing what most needs to be done to go undone, you move the results you need to produce further away from you, shorten the time you have to do the work, and increase the stress-and the eventual negative consequences of not having done it.

What most needs done is what you most resist. Understand why you resist and do the work that most needs done right now, like closing deals!!

Happy Selling,

David

It takes hunger to succeed.

In all my years in the business world, I met a lot of people with amazing talent. I can’t tell you how many times I said “This one is going to be a star.“ 

Unfortunately in most cases, I was proven wrong. They had what it took to be successful except one missing ingredient.

Talent alone is not enough. 

The first thing I look for now is HUNGER. Without hunger, none of the other tangibles matter. 

If you want true success, you have to be hungry.

When someone is hungry for success, you can see it in their eyes. They may not have all the talent in the world but they have that ingredient that’s going to help them succeed. 

When someone is hungry, they are all in. They are going to do what it takes to become successful. 

The word “try” is not in their vocabulary. They are simply just going to do it. Total failure is not an option. There is no Plan B. They are 100% committed to the cause and they are not looking back. That’s the type of hunger that’s necessary in order to have success.

I’ve also found that people that are hungry are committed to constantly improving. 

They are not satisfied with just being average. They may start slow but they understand that if they commit to continuous learning, they are going to keep improving. 

They understand that failure is part of the process and that’s the only way that they are going to keep learning. 

This is why it’s important to look at the big picture with the understanding that with proper commitment, success is going to happen.

Hungry people look for solutions rather than making excuses. When obstacles or challenges do come, these type of individuals will either find a way or they will make one. The road to success will always be under construction. When you commit to making it happen, success will eventually come.

Over the years, I have found in many cases that I want more success for individuals than they want for themselves. 

Some people require that extra push. The exciting thing is that hunger is actually a driver. I don’t have to micromanage the hungry. 

They are so self-motivated that they push themselves harder than I can push them. 

Hunger definitely opens eyes as well. Those that are hungry have a vision to see small windows of opportunity and they turn them into something big. The journey of success is not going to be easy, but when you’re hungry, the commitment is there.

Perhaps you have found yourself lacking that hunger. The good news is you can change that. Write out exactly what you want out of life and be very specific. 

Look at it every day. Have photos. You must have a reason WHY you want to succeed. 

If anyone ever tells you that you don’t have what it takes to be successful, prove them wrong. That’s what I call “being hungry.”
This is your week! This is your time!

Stay hungry!

Happy Selling,

David