How I Raised Myself from Failure to Success in Selling Ch 32

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Questions and Answers

What was Ernest Wilkes's principal difficulty in selling?

He often relied on discounts to close sales.

He was unable to build rapport with clients.

He always exhausted his sales pitch in the first meeting. (correct)

He lacked sufficient product knowledge.

What innovative technique did the narrator use during the second interview with Mr. Eliason?

He brought additional prospects for comparison.

He changed his sales strategy entirely.

He prepared the application in advance and marked the signing line. (correct)

He offered a discount to encourage immediate signing.

What was the financial situation of Ernest Wilkes initially depicted as?

He was wealthy and successful.

He had a thriving sales business.

He was struggling to make ends meet. (correct)

He was on the verge of retirement with a stable income.

How did Wilkes feel about his closing technique at first?

Unsure and hesitant to try it. Signup and view all the answers

What action did the narrator take when he saw Mr. Eliason's initial rejection?

He maintained a serious demeanor and continued to approach. Signup and view all the answers

What did Eliason initially decide regarding the matter being discussed?

To drop it completely Signup and view all the answers

What tactic did the narrator employ to persuade Eliason to sign the application?

Focusing his attention on signing Signup and view all the answers

What amount did Eliason agree to pay in full for the application?

$432 Signup and view all the answers

What did the narrator feel during the process of getting Eliason to sign?

Nervous and scared Signup and view all the answers

How did the narrator describe the psychological effect of focusing on signing?

It distracts from all reasons to refuse Signup and view all the answers

What metaphor did the narrator use to illustrate the closing technique?

A team at the one-yard line Signup and view all the answers

What was the outcome when the narrator returned for the second appointment at the financial institution?

He repeated his original decision not to accept Signup and view all the answers

What did the official at the financial institution do when the narrator declined their offer?

Congratulated him and wished him well Signup and view all the answers

What notable change occurred in Ernest Wilkes's career after discovering the closing technique?

He became vice president of Metropolitan Life Insurance Company Signup and view all the answers

What did the narrator reflect on after his experience with the official at the financial institution?

He realized he had been using a similar technique Signup and view all the answers

Study Notes

Closing Technique Learned from Ernest Wilkes

Wilkes, a struggling Metropolitan Life Insurance agent, discovered a unique closing technique.
His initial approach involved complete disclosure in the first interview, leading to prospects saying "I'll think it over."
Wilkes's breakthrough was closing prospects on return visits.

Closing Technique Description

Pre-emptive Preparation: Prepare the application/contract beforehand, filling in details like name, address, and desired insurance amount. Mark the signature line with an "X".
Direct Approach: Enter the interview with the application in hand, and immediately present it to the prospect, saying "Is that right, Mr. Blank?".
Focus on Action: Direct the prospect's attention solely on signing, and not on refusing. The subconscious reasons for acceptance eventually outweigh the reasons for rejection.

Example of the Technique in Action

The author, following Wilkes's instructions, presented an application to a builder, Mr. Eliason.
When the prospect refused, the application was presented immediately.
The author followed with "Is that right, Mr. Eliason?".
After a period of silence, the prospect signed the application, rationalizing by stating he was afraid he would die without it.

Psychology Behind the Technique

The technique focuses on a prospect's mind being preoccupied with signing rather than refusal.
Reasons for refusal are gradually overshadowed by reasons for acceptance.

Application of Technique to Sales Momentum

The technique is likened to football, where getting a prospect to the "one-yard line" (the point of signing) creates momentum toward closing.
This momentum is analogous to a touchdown.

Successful Early Interview Closure

This method can often lead to a successful sale on the first interview.
This is especially crucial to avoid further efforts on failed attempts previously.

Reverse Case Study of the Technique

A financial institution had made an offer; however, using the same closing procedure backfired.
Though the author initially declined, the financial institution's representative recognized his own use of the same approach but did not realize the effect on the negotiator.

Success Story of Ernest Wilkes

Ernest Wilkes's sales technique led to him rising through the ranks at Metropolitan Life Insurance Company.
His career culminated as a VP and eventual successor in the line of presidency.

Summary of Steps - Pocket Reminder

Preparation is key; create the contract, blank, etc. beforehand.
Make a large "X" at the signature line.
The first words: "Is that right, Mr. Blank?".
Position the prospect in the right frame of mind for a successful closing.

Additional Sales Strategies

Focus on securing sales interviews rather than focusing on the product sold.
Establish rapport with secretaries/receptionists to gain the interview.
Practice and refine your sales presentation; it is a fundamental skill.
Employ demonstration techniques and the proactive involvement of the customer.
Cultivate customer loyalty through follow-up and responsiveness.
Evaluate your sales process to identify areas for improvement.

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