Inner Game Of Selling !! Chapter One Summary !! The Psychology Of Selling

Summary

Brian Tracy's 'The Psychology of Selling' emphasizes the pivotal role of salespeople in driving business and economic growth. The book outlines the high earning potential and job security for skilled sales professionals, highlighting that success in sales is achievable through learning key skills such as effective communication, relationship building, and critical thinking. Tracy introduces the 80/20 rule, suggesting that top performers earn significantly more, and encourages readers to develop the characteristics of successful salespeople, such as resilience and a strong self-concept, to maximize their earning potential and overcome common obstacles in sales.

Takeaways

• 💼 **Sales as a Foundation**: Significant salespeople are fundamental to any business, driving progress and economic growth.
• 💰 **Financial Rewards**: Sales skills can lead to high income and job security, regardless of economic fluctuations.
• 🌟 **Rags to Riches**: Many successful salespeople start with minimal resources and overcome significant barriers to achieve financial success.
• 🛠️ **Skill Development**: Sales training develops versatile skills like time management, communication, and critical thinking that are applicable across various fields.
• 📊 **The 80/20 Rule**: A small percentage of top salespeople earn the majority of the income, highlighting the potential for high achievers in sales.
• 🚀 **Incremental Improvement**: Small improvements in key result areas can lead to significant differences in income and success in sales.
• 🏆 **Characteristics of Top Salespeople**: Certain learnable qualities distinguish top salespeople from average ones, including resilience and a strong work ethic.
• 🔍 **Unleashing Potential**: The average salesperson only utilizes a small fraction of their potential, implying significant room for growth.
• 💡 **Following Leaders**: Aspiring to be a top salesperson involves learning from and comparing oneself to the best in the field.
• 🔄 **Expanding Comfort Zones**: Increasing sales income involves pushing beyond one's comfort zone, both in terms of earnings and personal challenges.
• 🏋️‍♂️ **Persistence and Resilience**: The key to sales success is the ability to face and overcome fear of rejection and failure consistently.

Q & A

Why are salespeople considered fundamental in any business?

Salespeople are considered fundamental because without deals, businesses cannot operate. They are the driving force behind the growth of a business and the economy, with a direct correlation between the level of sales and the prosperity of an industry or region.

How can sales skills lead to high income and job security?

Sales skills can lead to high income and job security because there is a constant demand for top salespeople regardless of economic changes. Being proficient in sales can result in a significant salary and long-lasting employment stability.

What are the key skills for success in sales according to the script?

The key skills for success in sales include organizing abilities, effective time management, relational skills, interpersonal communication, trust building, logical reasoning, presentations, client relationship management, and critical thinking.

What is the Pareto Principle in the context of sales?

The Pareto Principle, also known as the 80/20 rule in sales, suggests that the top 20% of salespeople make 80% of the money, while the bottom 80% only make 20%. This highlights the importance of being in the top tier of sales professionals.

Why are many CEOs of Fortune 500 companies from sales backgrounds?

Many CEOs of Fortune 500 companies come from sales backgrounds because sales is a field that teaches essential business skills and provides a deep understanding of customer needs and market dynamics, which are crucial for leading a company.

How can a small improvement in selling skills make a significant difference in income?

A small improvement in selling skills, even just 3 or 4%, can give a salesperson the winning edge, potentially placing them in the top 20% or 10% of earners in their field.

What are the characteristics that separate top salespeople from average ones?

Top salespeople are characterized by qualities such as strong work ethic, resilience, effective communication, and the ability to build trust. These qualities are not innate but can be learned and developed through practice.

How much of one's potential do average salespeople use, and why is it important to use more?

It is estimated that the average salesperson uses only a small percentage, possibly around 10%, of their potential for effectiveness in selling. Utilizing more of one's potential can lead to higher sales and greater success in the field.

What does the script suggest about following leaders in the sales field?

The script suggests that if the goal is to be in the top 10% of salespeople, one should identify and learn from those who are already successful in the field, rather than following average performers.

How does the script describe the average day of a salesperson?

The script describes the average day of a salesperson as working roughly 1.5 hours, with the first sales call not made before 11:00 AM and the last call around 3:30 PM. It also notes that many sales calls end without the salesperson attempting to close even once.

What are the two significant mental deterrents to sales success mentioned in the script?

The two significant mental deterrents to sales success mentioned are the fear of rejection and the fear of disappointment. These fears can prevent salespeople from performing at their best and closing deals.

Outlines

00:00

💼 The Importance and Rewards of a Sales Career

This paragraph emphasizes the critical role of salespeople in driving business growth and the economy. It outlines the potential for high income and job security in sales, highlighting that top salespeople are always in demand regardless of economic changes. The text also discusses the learnable skills that contribute to success in sales, such as time management, communication, and critical thinking. It introduces the 80/20 rule in sales, suggesting that a small percentage of salespeople earn the majority of the income, and encourages continuous improvement to reach the top. The characteristics of top salespeople are mentioned, including the idea that these traits are not innate but can be developed through practice. The paragraph concludes with advice on utilizing one's full potential and following successful sales leaders to achieve a high quality of life.

05:01

🚀 Overcoming Obstacles in Sales and the Typical Salesperson's Day

Paragraph 2 delves into the psychological aspects of sales, focusing on the need for mental fortitude to face daily challenges such as fear of rejection and disappointment. It suggests that overcoming these fears is akin to strengthening a muscle, leading to fearlessness and career success. The paragraph also identifies the fear of disappointment as a significant barrier to closing deals, both for salespeople and customers. It discusses the origins of this fear and its impact on performance. Furthermore, the text provides insights into the average salesperson's day, indicating that many sales representatives work for only about an hour and a half daily, with most calls made outside of peak productivity hours. It concludes with a critique of the common practice of not attempting to close deals during meetings, which often leads to missed opportunities and the need for follow-ups.

Keywords

💡Salesmen

Salesmen are integral to any business as they are responsible for closing deals, which are essential for the survival and growth of an organization. The script emphasizes that without sales, even the greatest businesses would shut down, highlighting the foundational role of salesmen in driving business success. The term is used to illustrate the importance of sales skills and the potential for high income and job security for those proficient in this area.

💡Deals

In the context of the video, 'deals' refers to the successful transactions or agreements that salespeople secure. These deals are described as the 'lifeblood' of business, directly correlating to the progress and prosperity of both the local sales area and the entire economy. The more active the sales, the more fruitful and beneficial the industry or region becomes, underscoring the impact of deals on economic vitality.

💡Job Security

Job security is mentioned as a significant benefit for those who excel in sales. The script suggests that being a proficient salesperson can provide a stable career with long-lasting employment stability, regardless of economic fluctuations. This concept is used to attract viewers to consider a career in sales by assuring them of the reliability of such a profession.

💡Sales Skills

Sales skills encompass a range of abilities necessary for success in sales roles. The script discusses how these skills, which include organization, time management, communication, trust building, and critical thinking, are not only crucial for sales positions but are also transferable across various industries and job roles. These skills are portrayed as essential for personal and professional development within the sales domain.

💡Pareto Principle

The Pareto Principle, also known as the 80/20 rule, is introduced in the script to illustrate the income disparity between top-performing salespeople and the rest. It states that the top 20% of salespeople make 80% of the money, while the bottom 80% make only 20%. This principle is used to motivate viewers to strive for excellence in sales, as even a small improvement in performance can significantly impact one's earnings and ranking.

💡Characteristics of Top Salespeople

The script identifies certain characteristics that distinguish top salespeople from average ones. These include qualities such as resilience, determination, and the ability to learn from failure. The video suggests that these characteristics are not innate but can be developed through practice and experience, encouraging viewers to work on these traits to enhance their sales performance.

💡Potential

The concept of 'potential' is discussed in terms of the untapped abilities that the average salesperson has. It is mentioned that most people, including salespeople, only utilize a small percentage of their potential. The script encourages viewers to tap into their full potential to achieve greater success in sales, suggesting that there is a vast reserve of untapped capability that can be harnessed for professional advancement.

💡Comfort Zone

The term 'comfort zone' is used to describe the level of income or performance at which individuals tend to become complacent. The script suggests that to increase sales income, one must be willing to push beyond their current comfort zone. It implies that personal growth and higher earnings are attainable by challenging oneself to step out of familiar and comfortable patterns of behavior.

💡Mental Fortitude

Mental fortitude is described as the combination of courage and determination necessary for continuous effort in sales despite facing fears of rejection and failure. The script emphasizes that this trait is not only vital for sales success but also improvable with practice, much like a muscle. It is portrayed as a key factor in overcoming obstacles and achieving a high level of performance in sales.

💡Obstacles to Sales Success

The script identifies two primary mental obstacles to sales success: the fear of failure and the fear of rejection. These fears are presented as the most significant barriers to closing deals, affecting both the salesperson's performance and the customer's willingness to buy. The video suggests that overcoming these fears is crucial for achieving success in sales, as they can hinder one's ability to perform at their best.

💡Salesperson's Average Day

The 'salesperson's average day' is analyzed to reveal the typical work habits and patterns of sales representatives. The script points out that many salespeople work for only a short period each day and often do not make the most of their time with potential customers. This insight is used to highlight the importance of effective time management and the need for salespeople to be more proactive and efficient in their daily routines.

Highlights

Significant salesmen are fundamental to any business, as without deals, organizations shut down.

Sales are directly linked to the progress of the local area and the whole country's economy.

High sales activity correlates with a more fruitful and beneficial industry or region.

Sales proficiency can lead to high income and job security, regardless of economic changes.

Top salesmen are always in demand, ensuring long-term career prospects.

Sales skills are versatile and can be applied across various industries and professions.

The 80/20 rule in selling: top 20% of salespeople make 80% of the money.

Many Fortune 500 CEOs have a sales background, indicating the importance of sales in career advancement.

Even a small improvement in selling skills can significantly impact income and success.

Top salespeople possess certain characteristics that are learnable through practice.

The average salesperson uses only a small percentage of their potential for effectiveness in selling.

To be in the top 10% of salespeople, follow the leaders and compare yourself to the top performers.

A high positive self-concept in selling, such as prospecting, leads to a full sales pipeline.

Expanding your comfort zone is necessary to increase sales income.

Mental fortitude, including strength and diligence, is key to overcoming fear and achieving sales success.

The fear of disappointment is a significant deterrent to both salespeople and customers.

Reducing the client's fear of disappointment is crucial for building trust and closing deals.

The average sales rep works about 1.5 hours per day, with the first sales call often not made until after 11:00 AM.

Many sales calls end without the sales rep attempting to close, showing a need for better closing techniques.

Transcripts

the psychology of selling by Brian Tracy

suy chapter one ingame of selling why to

start a career in sales one you are

significant salesmen are the most

fundamental individuals in any business

without deals the greatest what's more

most modern organizations shut down

deals are the flash module the motor of

free Venture there is an immediate

connection between the progress of the

deals local area and the progress of the

whole country the more energetic the

level of deals the more fruitful and

benefit icial is that industry or region

to high income and job security you can

be glad to be a deals proficient Your

Capacity to sell can give you a BigTime

salary and long- Lasting employer

stability regardless of the number of

changes that happen in the economy there

will constantly be a requirement for top

salesmen notwithstanding the number of

organizations and Ventures that become

out of date or simply leave business

great salesmen will constantly be

popular by becoming astounding in deals

you can achieve any monetary objective

you set for yourself self three

beginning from nothing one of the most

outstanding evidences of this is the

quantity of new workers who show up in

this country with minimal expenditure no

contacts no everyday schedule Foundation

restricted English abilities and each

and every other possible inconvenience

however some way or another in a couple

of years they have beaten each and every

trouble and have become Pioneers in

their field four you learn the skills

for Success at work preparing for deals

experts covers the advancement of basic

capacity that help you Sparkle all

through the working environment these

capacities principally have a place with

the class of delicate abilities that are

versatile adaptable and popular across

callings businesses and Deals positions

these deals abilities incorporate

arranging abilities using time

effectively relational abilities tuning

in person-to-person communication trust

building logical reasoning introductions

client relationship the board and

critical thinking five the 820th rule in

selling when I started selling someone

told told me about the parto principle

also known as the 820th rule he said the

top 20% of salespeople make 80% of the

money and the bottom 80% only make 20%

of the money hundreds of universities

now offer courses in professional

selling a great change from a few years

ago many young people are coming out of

college and immediately seeking

positions and sales with large companies

more CEOs of Fortune 500 companies have

come up through the ranks from sales

than from any other part of the company

Six dot become a little bit better in

selling you only have to be a little bit

better and different in each of the key

result areas of selling for it to

accumulate into an extraordinary

difference in income a small increment

of skill or ability just 3 or 4% can

give you the Winning Edge it can put you

in the top 20% and then the top 10%

seven characteristics of top salespeople

there are certain characteristics that

separate successful salespeople from

average salespeople these qualities have

been identified over the years through

interviews surveys and exhaustive

research we also know two things first

no one is born with these qualities

second all of these qualities are

learnable through practice you can

develop the characteristics that will

virtually guarantee an extraordinary

quality of life for yourself eight use

more of your potential the average

salesperson uses only a small percentage

of his potential for Effectiveness in

selling it is estimated that the average

person in general never uses more than

about 10% of his potential what this

means is that each person has at least

90% nine follow the leaders if your goal

is to be in the top 10% of salespeople

in your field the first thing you do is

find out who is already in the top 10%

instead of following the followers the

average performers in your business

follow the leaders compare yourself to

the top people remember no one is better

than you and no one is smarter than you

10 your self-concept in selling for

example in selling you have a

self-concept with regard to yourself and

prospecting if you have a high positive

self-concept then prospecting is no

problem for you you get up in the

morning eager to call on new people you

are competent and confident in the area

of prospecting so your sales pipeline is

always full you will begin pondering

working longer harder more brilliant

better to get your payback up into your

safe place when you get into your usual

range of famili ity you will unwind and

relax a profound moan of help 11 change

your comfort zone the only way you can

increase your sales income is by

expanding your comfort zone with regard

to the amount you earn some people have

a comfort zone of $50,000 a year at that

level they relax and Coast others have a

comfort zone of $100,000 a year that is

the level that they strive toward and

they only relax when they hit that

Target 12 never give up maybe the two

most Central characteristics for

progress and feels are strength

furthermore diligence it takes boldness

to get up every day and continually

confront the feelings of trepidation of

disappointment and dismissal it takes

determination to make want more a large

number of days disregarding proceeded

with troubles and dissatisfaction

however fortunately mental fortitude is

a propensity like a muscle the more you

practice boldness the more grounded you

become at last you arrive at the point

at which you are practically unafraid

from that point onward your profession

takes off like rocket 13 obstacles to

sales success there are two significant

deterrents to making and bringing any

deal to a close they are both mental

they are the anxiety toward

disappointment and the apprehension

about dismissal the apprehension about

disappointment is the greatest single

justification for disappointment in

grown-up life it isn't disappointment

itself yet the feeling of dread toward

disappointment the possibility of

disappointment the expectation of

disappointment that makes you freeze up

and perform at a lower level the feeling

of dread toward disappointment is a

profound psyche dread that we as a whole

Foster right off the bat throughout

everyday life as a rule is the

consequence of disastrous analysis from

one or the two Guardians when we are

youngsters on the off chance that your

folks reprimanded you consistently when

you were developing up you will

encounter this profoundly dug in

oblivious apprehension about

disappointment as an grownup basically

until you figure out how to dispose of

it 14 why clients don't buy the feeling

of dread toward disappointment in the

brain of the client or the possibility

is the one most prominent impediment to

purchasing each client has committed

incalculable purchasing errors he has

bought administrations that he later

found were overrated he has purchased

items that separated and that he was

unable to get fixed he has been sold

things that he didn't need couldn't

utilize and couldn't manage he has been

consumed so often in deals en counters

that he resembles a long followed feline

in a room loaded with armchairs this

anxiety toward disappointment and

disillusionment is the main

justification for why clients don't buy

thus perhaps of the main thing you can

do in the interaction of building trust

and believability is to decrease the

client's trepidation to the point where

he has no Delay about preceding your

proposition 15 the salesperson's average

day in a review at Colombia College a

couple of years prior they saw that as

the normal sales rep Works roughly 1 and

a half hours out of each day they

likewise found that by and large the

main deals call isn't made before 11:00

in the morning the last deals call is

normally made at around 3:30 in the

evening and the typical salesman stops

working not long after that he goes back

to the workplace or heads for home a

great many people go through a portion

of the early daytime getting ready

drinking espresso visiting with

Associates perusing the paper

rearranging their business cards and

writing the web then they go out and

settle on a deals decision with perfect

timing for lunch the subsequent deals

call isn't made until around 1:00 or 2:

p.m. after which lunch the subse quent

deals call isn't made until around 1:00

or 2 p.m. after which the typical sales

rep start slowing down for the afternoon

the aggregate sum of time enjoyed eye to

eye with clients works out to around an

hour and a half for each day that is the

normal half or above half are beneath

that normal the vast majority quit early

in a new report it was found that 48% of

all deals calls end without the sales

rep attempting to close even once the

sales rep meets with the possibility

discusses his item or Administration

shows him the compass data and amazes

him with motivations to purchase then at

that point when the prospect has been

totally wrecked with his appeal energy

and verbal deafness he takes a full

breath sits back and says indeed what do

you think this consequently sets off the

reaction indeed I might want to think it

over the possibility says he needs to

talk it over with his chief spouse

cousin sibling Uncle sister accomplice

top managerial staff investor bookkeeper

and whoever else he can imagine might

you at any point get back to me later