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

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.