Pain Threshold | Free Sales Training Program | Sales School

Summary

In 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.