Summary: How To Master the Art of Selling – Tom Hopkins

The “It-Isn’t-In-The-Budget” Close. “Of course it isn’t. That’s why I contacted you in the first place. I am fully aware every well managed business controls its money with a carefully planned budget. But am I right to assume that a productive and progressive company like yours uses a budget as a guideline rather than as an inflexible anchor? In other words, you as Chief Executive retain the right to flex that budget in the best interests of your company’s present and competitive future, isn’t that right? What we have been discussing is a product that will give both an immediate and continuing competitive advantage. Tell me, Mr. Chambers, under these conditions, will your budget flex or is it an anchor?”

The Reduction To The Ridiculous Close.
Find out how much too much it is: “Today, it seems most things cost more than we expect them to. Can you tell me about how much too much you feel it is?”
Establish how many years they will enjoy the art: “My thought here is that we should be careful to put this into its proper perspective. Lets say you’d own this for five years.”
Divide the amount by the number of years they will own it: “Let’s see now. $1,000 divided by five years would be $200 per year, wouldn’t it?
Divide the yearly amount by 50 weeks per year: “$200 divided by 50 weeks per year would be about $4 per week, isn’t that right?”
Divide weekly amount by 5 or 7 days: “Do you think we should let $4 per week stand between you and the benefits your company will enjoy? By the way, which delivery date would best suit your schedule

You develop your own closing instinct by making yourself close too soon and too often. Start using test closes to gauge your chances of closing.
Test closes are special questions, the answer to which shows the prospect has a high level of interest and they are happy and excited to go further.
Some test closes are:
The Alternative Advance Test Close. “Mr. Prospect, which delivery date would be best for you, the first or fifteenth?”
Erroneous Conclusion. You listen for a preference, and later in the presentation, you mention this area again making a deliberate mistake. When the prospect corrects you, say “Let me make a note of that” and write the answer on the order form.
Porcupine. Prospect: “Does that system come with a multiplex unit?” Champion: “Do you want your system to have one?” When they say yes, they’ve bought.
Crash-And-Burn Test Close. Prospect: “Do you have it in blue?”, Champion: “Would you like it in blue?”, Prospect: “Yes.”, Champion: “Let me make a note of that” and write it on the order form.

The “I’ll Think It Over” Close
Agree with them: “That’s fine, Harry. Obviously you wouldn’t take your time thinking it over unless you were seriously interested, would you?”
Confirm they’re going to think it over: “Since you’re that interested, may I assume you’ll give it very careful consideration?”
Make them squirm: “Harry, you’re not just telling me that to get rid of me, are you?”
Clarify and twist harder: “Just to clarify my thinking, what is it that you wanted to think over. (NO PAUSE) Is it the integrity of my company? Is it my personal integrity? Is it how this product will benefit you? Now, I want you to be honest here. Is it the investment that is involved in purchasing ......?”
Note: The no pause is vitally important. Asking about the money should be last, or they will say: “No, it’s not the money. I just want to think over the whole thing.”

Champion is closing most of the time. In fact, you’re ready to close at the earliest possible moment

When do you start to close?
When they suddenly slow the pace of the discussion down, or when they suddenly speed it up.
When they’ve mostly been listening and they suddenly start asking a lot of questions.
When they begin asking about initial investment, delivery, guarantees.
When they react favorably to test closes.

Glamour Words.
The emotional process that leads to a buy decision is enhanced by the use of the correct phraseology. Work hard to replace words that people are emotionally conditioned to cringe at with words that create positive connotations.
Replace those words with:
cost or price: total investment
list price: available or offered for, worth
down payment: initial investment
monthly payment: monthly investment
contract: agreement, paperwork
buy: own
sell: happily involved, supplied
deal: considered the opportunity
sign: okay the paperwork, approve the form

Differentiate between an objection and a condition. A condition is a valid reason not to go ahead with the presentation. There are only two – no money or no credit. Qualifying should show whether a condition exists or not, and if not, you have a clear run to sales success.

Hear the objection. Listen carefully while they have the chance to express themselves. Don’t try and cut them off or finish their sentence for them. Show your respect.
Warmly feedback the objection. Asking them to elaborate further so you know exactly what they are saying.
Question the importance of the objection. Without sarcasm, sincerely ask them to elaborate on their objection. As well as giving you time to think, often they will remove that objection themselves on further reflection.
Answer the objection. This is the test of your product knowledge. Explain the performance of your product, and where it is strong and weak. Admit any disadvantages before they do.
Confirm the answer. Point out that this solves the problem, and that you should move on from here. “Now that settles it, doesn’t it?”
By the way and change gears. Immediately move briskly on to the next step in the selling sequence. Confirm this with your body language – make a physical move or turn a page or step in a new direction for example.

Four shock treatments for handling objections are:
Put the shoe on the prospects foot. “Mr. Smith, would you pretend for a minute you are the President of my company and you had just found out about this problem. What would you do?”When he replies, add “That’s exactly what we did” and go on from here.
Change Their Base. “Mrs. Smith, what will you base your decision on? The method of payment or the quality of coverage for your family?” “Tell me, Mr. Bloom - and this is an important question Sir because your answer will eliminate this house from consideration - what will you base your decision on, the warmth and live ability of the entire home or a few inches in the guest room?”
Question Down. If they say they want to think over it, say “Fine. That’s a wise decision. Mr. Tell, I’d like to ask you a couple of questions. Were you impressed by....”and then list everything point by point.
Review Their History. “How long have you been with ABC Company? Who were you with before that? When you made that switch, it was based on a lot of research and analysis, wasn’t it? Since you received greater performance by considering and then making a change then, why should you deny yourself the opportunity to repeat the process?” Then move onto a full presentation.