Pain Threshold | Free Sales Training Program | Sales School
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
- ๐ 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.
- ๐ NetSuite is positioned as a solution to overcome the limitations of using QuickBooks and spreadsheets for business management.
- ๐ 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.
- ๐ 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.
- ๐ ๏ธ 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.
- ๐ก 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.
- ๐ฃ๏ธ The script suggests that salespeople should actively gather intelligence about a customer's pain points early in the conversation.
- ๐ It is implied that there are specific questions salespeople can ask to uncover a customer's pain and potentially amplify it without causing resentment.
- ๐ธ 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.
- ๐ 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 help้ๅฎไบบๅ 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
๐ 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.
๐ 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
๐กSales School
๐กNetSuite
๐กPain Threshold
๐กAction Threshold
๐กGathering Intelligence
๐กAmplifying Pain
๐กUnconscious Communication
๐กTonality
๐กCore Elements
๐กModule
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 andไฟๆ่ดญไนฐ.
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.
Transcripts
i'm jordan belfort and this is
sales school all right
short message from my number one sponsor
netsuite here's the deal if you're a
business owner
you don't need them that's me to tell
you it's tough to run a business because
it is right we all know that
don't let quickbooks and spreadsheets
slow you down anymore
now is the time to upgrade to netsuite
by oracle they're the world's number one
cloud-based
business system they give you the
visibility and control of your
financials hr
inventory e-commerce and more you want
to join
over 24 000 companies using netsuite
right now so schedule a free product
tour
now at netsuite.com school that's
netsuite.com
so what i want to do right now is i'm
going to use a throwback
footage of some really great stuff i
said at a live event
that dealt with the pain threshold
you know sometimes i'm in front of
people and i can just you know get on a
topic and get in a riff here so
come to the live footage right now about
this is the you know this is what
corresponds to your
um lesson i believe lesson four of this
module that's all right
pain threshold let's cut to the live
footage right now and i will see you
on the other side element number five
is incredibly powerful and it's called
the pain threshold
pain threshold let me tell you what this
means
people tend to buy
when they're feeling pain if they're in
pain about something
they buy much more readily if they're
not in pain
my father very hard to sell to
of all things he loved he loved his car
the most his car he thought it was a
person
living human brain he loved his car only
jimmy from sunoco
the sunoco could fix his car he would
never go to another mechanic ever he was
loyal to his mechanic
he's loyal to a shoeshine guy he's loyal
to his dry cleaner very
high action vegetable very loyal to
their people their providers
they don't switch so my father loved his
car and we never let anybody touch his
car to fix his car
one day we were on a family vacation 250
miles from home
and the radiator busted and smoke
started coming out of
the hood guess what he did
he went to the first gas station he
could find
and found any mechanic who would fix it
his barriers to taking action become
they go through
his action thresholds flying down in the
face of intense pain
of his family being caught out in the
cold not being able to get home
vacation being ruined
so what that does is what's happening
here
it's essentially altering the movie he
runs
when you're in pain he starts to say if
i what's the if what's the worst that
can happen here
and here's a negative almost negative
effect if i don't i'm stuck outside
it spurs him on to take action so you
see
it's almost it's lowering his action
threshold what we do with the straight
line
is we actively in the beginning of the
conversation
while we're gathering intelligence we
want to ferret out and understand where
their pain is
find out where someone's pain is and
i'll explain how
tomorrow with actual questions that we
as there are certain questions that we
ask
to dig out where someone's pain is and
if necessary we amplify it
we amplify it elegantly
not so they hate us they still like you
and still report but they make sure they
understand
what their problems are and then
at the end if someone is very close to
buying
but they still won't say yes and you've
got them really really certain
you've gotten them through language
through your presentation really certain
about these
the 310s and you've lowered the action
threshold
and they're still not buying we then
will add on
pain and when we add on pain
it also serves to reduce their action
threshold
and you jump through that window and
when i say jump through the mean you ask
for the order then
again with the action threshold lowered
by adding on pain
and people really start to buy all right
you're back
that was awesome stuff right listen
remember all right remember this one
thing
that in the absence of pain
people will tend to only buy when
something is just a perfect fit
that's the that's the story when
someone's in pain
you remember from lesson four right my
dad with his car
he pulled into the first gas station he
could find
and gets his car fixed that's what payne
does all right
so let's go out there come on guys
you're we know you're rounding out the
end of week one here
you're starting to really lock down
those first you know the five core
elements right
the next module is going to be on
unconscious communication tonality buy
some
we're making huge progress rock and roll
and we'll talk again tomorrow
you
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