Lessons from the Movie "Boiler Room"

Out of a sense of duty, saw the new movie "Boiler Room" over the weekend. Kinda like "Wall Street" a few years ago... young greedy broker chasing big bucks, conflict with dad, a romantic interest, gets involved in some shady stuff, and an unflattering depiction of salespeople using the phone, particularly stockbrokers. If you liked "Wall Street," or are in the securities business you'll probably love it.

There are a couple of scenes in the movie that perpetuate the cliches and myths of professional sales, and at least one that is accurate.

MYTH: "THE ABC'S of SALES: ALWAYS BE CLOSING"
This line is used at least once by Ben Affleck's character (who although is billed as one of the stars in the flick, has a very minor role as a trainer in the unscrupulous securities firm, J.T. Marlin).

As I've said so often, this is one of those myths that give salespeople a bad name. Buyers can smell a "closing technique" a mile away. No one likes to be techniqued. Granted, we do need to ask for the business, but it must be part of the overall sales process, where we progress through questioning to identify needs, pains, problems and concerns, then make an appropriate recommendation, THEN ask for some type of commitment for action, whether that be the sale or the next step. When done correctly, at the right time, it's the logical, rational, seamless next step in the conversation.

But, when a sales rep uses a closing technique before the prospect or customer is ready, that causes resistance and objections. Like when rep cold calls someone and says, "I'm Pat Seller with Ace Services. We're a leader in the ____ industry. I'd like to drop by and show you a few of the things we could do. Would 2:00 or 4:00 p.m. on Tuesday work better for you?"

MYTH: "SALES IS PURELY A CONTACT SPORT"
Meaning, it's just a numbers game. In the movie, I believe they wanted their trainees making 700 calls a day. It's not JUST a numbers game, it's a quality game. Granted, you do need to be on the phone to sell. But you should place emphasis on QUALITY contacts.

REALITY: "DON'T PITCH TO WOOD"
That was their terminology for the most realistic sales point made in the movie, meaning that the reps shouldn't spend time with people who can't or won't make a decision. And don't waste time sending info out to these people or following up with them. I see plenty of sales reps chasing shadows every day... placing follow-up calls to people yanking their chain. Don't be afraid of asking direct questions,

"I'll be happy to call you back next month. What's going to make that a better time for you?"

"So you're saying you'll be ready to move forward at that point?"

OK, so there's my movie review for you. I think I'll stick with my day job.

QUOTE OF THE WEEK

"Forget the times of your distress, but never forget what they taught you." Herbert Gasser

Reprinted with permission from Art Sobczak's "TelE-Sales Hot Tips of the Week."
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