Pain Threshold | Free Sales Training Program | Sales School

Sales School

9 Jun 202105:34

Summary

TLDRIn this Sales School video, Jordan Belfort emphasizes the significance of the 'pain threshold' in sales. He explains that people are more likely to make a purchase when they are experiencing pain or discomfort. Using his father's loyalty to a mechanic as an example, Belfort illustrates how pain can lower a person's action threshold, prompting them to take action. He advises salespeople to identify and, if necessary, amplify a prospect's pain points to facilitate a sale. The video also teases the next module on unconscious communication and tonality, promising to equip viewers with tools to enhance their sales techniques.

Takeaways

📈 Jordan Belfort is promoting NetSuite by Oracle as a cloud-based business system that can help business owners manage financials, HR, inventory, and e-commerce efficiently.
🔗 NetSuite is positioned as a solution to overcome the limitations of using QuickBooks and spreadsheets for business management.
🔍 The script emphasizes the importance of understanding the 'pain threshold' in sales, which is the point at which a potential customer feels enough discomfort to take action.
🚗 Belfort uses the example of his father's loyalty to a specific mechanic, showing how pain threshold can be lowered when faced with a problem that needs immediate resolution.
🛠️ The story of Belfort's father's car breaking down illustrates how pain can drive someone to act outside of their usual preferences or habits.
💡 The concept of 'action threshold' is introduced as a barrier to taking action, which can be lowered by identifying and amplifying a customer's pain.
🗣️ The script suggests that salespeople should actively gather intelligence about a customer's pain points early in the conversation.
🔑 It is implied that there are specific questions salespeople can ask to uncover a customer's pain and potentially amplify it without causing resentment.
💸 The script outlines a sales strategy where, if a customer is close to buying but hesitates, adding on pain can further lower their action threshold and prompt a purchase.
🔄 The process of reducing a customer's action threshold is likened to 'jumping through a window', which is a metaphor for closing a sale.

Q & A

What is the main message of the sponsorship by NetSuite in the script?
-The main message is that business owners should upgrade from QuickBooks and spreadsheets to NetSuite by Oracle, which is a cloud-based business system that offers visibility and control over financials, HR, inventory, e-commerce, and more.
What is the significance of the phrase 'pain threshold' as mentioned in the script?
-The 'pain threshold' refers to the point at which a person feels enough discomfort or pain about a situation to take action, such as making a purchase, more readily than when they are not in pain.
Why is it difficult to sell something to Jordan Belfort's father according to the script?
-It is difficult to sell something to Jordan Belfort's father because he is very loyal to his service providers, such as his mechanic, shoeshine guy, and dry cleaner, and he does not switch to others easily.
What changed for Jordan Belfort's father when his car broke down during a family vacation?
-When his car broke down, his barriers to taking action lowered, and he was willing to go to the first gas station and any mechanic to fix his car, despite his usual loyalty to his regular mechanic.
How does the concept of 'pain threshold' relate to sales and persuasion as discussed in the script?
-In sales and persuasion, understanding and amplifying a customer's pain can lower their action threshold, making them more likely to take action, such as making a purchase, to alleviate that pain.
What is the role of questions in identifying a customer's pain according to the script?
-Questions play a crucial role in gathering intelligence and identifying a customer's pain points. They help销售人员 understand where the customer's pain is and, if necessary, amplify it to facilitate the sales process.
Why is it important to not let customers hate the salesperson while amplifying their pain?
-It is important to maintain a positive relationship with the customer even while amplifying their pain because a negative relationship could lead to the customer disliking the salesperson, which would hinder the sales process.
What is the strategy for closing a sale when a customer is close but not yet ready to commit?
-If a customer is close to buying but still hesitant, the strategy is to add on pain to lower their action threshold further, which can prompt them to finally commit to the purchase.
What does Jordan Belfort suggest happens to a person's decision-making process when they are in pain?
-When a person is in pain, their decision-making process changes, and they start to consider the worst that can happen if they do not take action, which can spur them to act more quickly.
What is the significance of the 'action threshold' in the context of the sales process?
-The 'action threshold' is the level of resistance a person has to taking a particular action, such as making a purchase. Lowering this threshold through understanding and amplifying pain can increase the likelihood of a sale.
What is the next module that Jordan Belfort mentions will be covered in the sales training?
-The next module that will be covered is on 'unconscious communication tonality buy', which suggests it will focus on the non-verbal cues and tonal aspects of communication in sales.

Outlines

00:00

🚀 Introduction to Sales School and NetSuite Sponsorship

Jordan Belfort introduces 'Sales School' and mentions his top sponsor, NetSuite by Oracle. He emphasizes the difficulty of running a business and suggests that NetSuite's cloud-based business system can help by providing visibility and control over finances, HR, inventory, and e-commerce. He encourages business owners to upgrade from QuickBooks and spreadsheets to NetSuite, citing its use by over 24,000 companies. Belfort also teases a throwback footage from a live event where he discusses the concept of 'pain threshold' in sales, which is related to Lesson 4 of the module. He explains that people are more likely to make purchases when they are in pain or discomfort, using the example of his father's loyalty to a mechanic but willingness to seek help from any mechanic when his car broke down during a family vacation.

05:01

📈 The Power of Pain Threshold in Sales

In this segment, Jordan Belfort delves into the concept of 'pain threshold' in sales. He explains that individuals are more inclined to make purchases when they are experiencing pain or discomfort. He uses the example of his father, who was very particular about who serviced his car but had to settle for the first available mechanic when faced with a car breakdown far from home. Belfort suggests that salespeople should identify and understand their customers' pain points early in the conversation. If necessary, they can elegantly amplify these pain points to encourage the customer to take action. He also discusses the technique of lowering the action threshold by adding pain, which can prompt a customer who is on the fence to make a purchase. The summary ends with a call to action for the audience to apply these lessons in their sales approach.

Mindmap

Keywords

💡Sales School

Sales School refers to the educational platform or program being promoted by Jordan Belfort in the script. It is designed to teach sales techniques and strategies to business owners and sales professionals. In the context of the video, Sales School is the overarching theme where various sales concepts and lessons are being discussed.

💡NetSuite

NetSuite is a cloud-based business management software suite sponsored by Oracle. It is mentioned as a solution for business owners to manage various aspects of their business, including financials, HR, inventory, and e-commerce. In the script, NetSuite is positioned as a tool to help businesses upgrade from traditional methods like QuickBooks and spreadsheets.

💡Pain Threshold

The pain threshold is a psychological concept discussed in the script, which refers to the level of discomfort or dissatisfaction that prompts a person to take action. In sales, identifying and understanding a customer's pain points can be crucial for closing a deal. The script uses the example of Belfort's father needing car repairs to illustrate how pain can lower a person's resistance to making a purchase.

💡Action Threshold

Action threshold is the level of motivation or necessity required for an individual to take a specific action. In the context of the video, it is mentioned that when a person is in pain, their action threshold is lowered, making them more likely to make a purchase. The script suggests that salespeople should identify and, if necessary, amplify a customer's pain to lower this threshold.

💡Gathering Intelligence

Gathering intelligence in sales refers to the process of collecting information about a potential customer's needs, preferences, and pain points. This is a strategic step in the sales process to tailor the sales pitch effectively. In the script, it is suggested that salespeople should actively gather intelligence to understand where a customer's pain is.

💡Amplifying Pain

Amplifying pain is a sales technique where a salesperson helps a potential customer to recognize and understand the severity of their problem, without causing resentment. The goal is to make the customer more aware of their need, which can lead to a decision to purchase. The script describes this as a method to be used elegantly to ensure the customer remains positive towards the salesperson.

💡Unconscious Communication

Unconscious communication refers to the non-verbal cues and subtle signals that people send during interactions. The next module mentioned in the script is about unconscious communication, suggesting that it is an important aspect of sales and persuasion. Understanding and utilizing these cues can be crucial for salespeople to build rapport and influence customers.

💡Tonality

Tonality in the context of the script likely refers to the tone of voice used by salespeople during communication. It is part of the unconscious communication module and can significantly impact how a message is received. The right tonality can build trust and credibility, while the wrong one can create barriers to sales.

💡Core Elements

Core elements in the script refer to the fundamental principles or strategies that form the basis of effective sales techniques. These elements are the focus of the Sales School curriculum and are discussed throughout the video to help viewers improve their sales skills.

💡Module

A module in the script refers to a specific section or unit of the Sales School program. Each module covers different aspects of sales and persuasion, with the script mentioning a module on unconscious communication as the next topic to be covered. This structured approach helps learners to progressively build their knowledge and skills.

Highlights

Jordan Belfort introduces NetSuite by Oracle as the world's number one cloud-based business system.

NetSuite provides visibility and control over financials, HR, inventory, e-commerce, and more.

Over 24,000 companies are using NetSuite to streamline their business operations.

Belfort discusses the concept of 'pain threshold' in sales, explaining how it influences buying decisions.

People are more likely to buy when they are experiencing pain or discomfort related to a product or service.

Belfort uses the example of his father's loyalty to a specific mechanic, showing how pain can break such loyalty.

The 'pain threshold' concept is linked to the urgency of a problem and the willingness to take action to solve it.

Salespeople should identify and understand the pain points of potential customers early in the conversation.

Belfort suggests using specific questions to uncover a customer's pain points during the sales process.

If a customer is close to buying but hesitates, amplifying their pain can lower their action threshold and促成购买.

Adding pain to a sales pitch can also serve to reduce a customer's action threshold, making the sale more likely.

In the absence of pain, people tend to buy only when a product or service is a perfect fit for their needs.

Belfort emphasizes the importance of understanding and leveraging pain thresholds in sales to close deals.

The next module will focus on unconscious communication and tonality in sales, indicating a comprehensive approach to sales techniques.

Belfort motivates the audience by acknowledging their progress and encouraging them to continue learning and improving.