Way of the Wolf by Jordan Belfort (Book Summary)
Jordan Belfort, immortalized by Leonardo DiCaprio in the hit movie The Wolf of Wall Street, reveals the step-by-step sales and persuasion system proven to turn anyone into a sales-closing, money-earning rock star.
In this article, I am going to give you an in-depth summary of the book Way of the Wold by Jordan Belfort.
For the first time, Jordan Belfort opens his playbook and gives users access to his exclusive step-by-step sales system. The same system he used to create massive wealth for himself, his clients, and his sales teams.
Every technique, every strategy, and every tip mentioned in the book has been tried to tested to work in real-life situations.
Pinpoints: Way of the Wolf Book Summary
1. Sales Skills are valuable to everyone
Sales skills are valuable to everyone and not just for people who are in the sales profession. The ability to articulate and express your thoughts are some of the core skills that are recommended in every profession.
2. Every sale is the same
What does this mean? It means that irrespective of the product and service, prospect requires a trustable brand that can solve their problem immediately and the best in the market.
3. Take life a little less seriously
Way of the Wolf gives us excellent examples that it is all about our journey to reach the goal and stress can make the journey more difficult to reach the end.
So, cherish the journey and rise above the difficulties to reach your goal.
Buy the book here: Way of the Wolf by Jordan Belfort
Summary: Way of the Wolf
Here is the chapter-by-chapter summary of Way of the Wolf.
Chapter 1: Cracking the Code for Sales and Influence
When we talk of any sale, there are three core elements, also known as three tens.
They are lined up in your prospect’s mind before you persuade them to close the deal. The three core elements depend on the prospect’s current state of uncertainty.
Following are the three core elements in the prospect’s mind:-
1) They should trust your product and love your product in every way.
2) Form a good connection with you as an expert, for which he is seeking help.
3)Trust and connect with your company.
While making a sale, you need to keep in mind that you need to make an emotional connection with your prospect.
Because people don’t buy on logic, they buy on emotion.
Chapter 2: Inventing the Straight Line
The book, Way of the Wolf, talks about the straight-line system.
When you are on the straight-line system, that’s where you are doing all the talking to understand his objective and bring the sale to the close end.
When you speak continuously, each word carries deep meaning to influence the prospect as you move down to the straight line. While talking, you need to gather that massive intelligence.
Essentially, there are three basic tenets of the front half of the straight line:
1. Take immediate control of the sales process and start building rapport while asking questions to the prospect.
2. Try to identify their core needs.
3. Identify any core beliefs they might carry which can impact the sales.
Every word that comes out of your mouth is feeding to one single goal:to increase the certainty of your prospect closing the deal.
The five core elements of the Straight line system are:-
1. The prospect must fall in love with your product.
2. The prospect must trust your brand.
3. The prospect must build trust and connection with you.
4. The prospect must cross the threshold of uncertainty before he or she feels comfortable enough to buy.
5. The fifth core element is the pain threshold. Pain is the most powerful motivator to close tough sales.
Chapter 3: The First Four Seconds
The first four seconds are crucial to take hold of the sale.
Whether in person or via phone, you need to take care of these three things:
1. Sharp as a tack
2. Enthusiastic as hell
3. An expert in your field
These three things must come across within four seconds to influence them positively.
Chapter 4: Tonality and Body language
The way you talk with your prospect indicates how they perceive you. It is not only for the first four seconds but for the entire conversation as well.
Bottled enthusiasm makes a huge impact on someone emotionally. You should remind yourself that single tonality is perceived as boring, which ultimately tunes out.
Your success to convert the deal depends on your ability to trigger a key emotional state within yourself as you are about to enter the sales encounter and maintain it till the very end.
Chapter 5: State Management
1. Future pacing-Future pacing entails running an imaginary movie through your mind where you get to see yourself in the future having already achieved a certain outcome. The result is that positive feeling starts running in your mind and you already feel that future achievement.
2. When it comes to achieving success in sales, you need to learn how to trigger at will within state management.
We call them the four Cs; Certainty, clarity, confidence, and courage.
3. NLP and Anchoring State- NLP anchoring means that humans can choose how they want to feel at a particular moment. The two core elements, both of which are under a person’s conscious control.
i) What you choose to focus on.
ii) Your current physiology.
Chapter 6: A surefire formula for Managing your State
Jordan Belfort in his book, Way of the Wolf, five basic steps to NLP anchoring:
1. Choose a state
2. Choose your focus
3. Choose your physiology
4. Intensify your state
5. Set your anchor
Chapter 7: Advanced Tonality
Always remember, it’s your words that move a prospect logically, and it’s your tonality that moves your prospect emotionally.
There are ten core influencing tonalities described in the book are:-
i) I care- it is all about being real, presenting yourself as you care for their well being.
ii) Scarcity- The moment when a person finds out that something they desire is in short supply, it makes them desire that something even more.
iii) Utter sincerity- A calm, smooth, and confident tone that implies that what you are currently saying to your prospect is from your heart.
iv) Absolute certainty- A firm and a more definitive tone.
v) Reasonable tone- Apply the reasonable man tone, which entails you raising your voice at the end of the sentence to imply the reasonableness of your sentence.
vi) Implied obviousness- To conclude the idea that it’s beyond obvious that your product or service is the best.
vii) “I feel your pain”- Often this phrase is used in discussions where you are trying to uncover the pain points of the prospect.
viii) Hypothetical, money aside- When the prospect agrees with you, try to ask this question: Does this idea make sense to you, or Do you like the idea?
ix) Mystery and intrigue- This tonality is used at times when you are mentioning the reason for calling your prospect today.
x) Phrasing a declarative as a question.
Chapter 8: Advanced Body Language
Body language is not all about our bodily movements. It is also about how we listen to other people.
Nonverbal communication is ten times more powerful than verbal communication.
Here is an interesting fact:
If you don’t make eye contact for at least 72 percent of the time, people won’t trust you.
Chapter 9: The Art of Prospecting
Trying to sell something to someone who doesn’t need it is a total waste of time.
When you try to gather massive intelligence from your prospect, always try to ask questions which are relevant to closing the sale.
There are four categories of buyers in the sales funnel:
i) Buyers in Heat- 10-20% of total prospects come under this category.
ii) Buyers in power- 30-40% of total prospects fall under this category.
iii) Lookie-loos– They need to be removed out as quickly as possible.
iv) Mistakes- The people who are dragged into the sales funnel.
Chapter 10: The Ten Rules of Straight-Line Prospecting
i) You are a sifter, not an alchemist.
ii) Always ask for permission to ask questions. Ex: “John, let me ask you a couple of quick questions. I want to know exactly what your needs are. “
iii) You must always use a script.
iv) Go from less invasive questions to more invasive questions.
v) Ask each question using the right tonality.
vi) Use the correct body language as the prospect responds.
vii) Always follow a logical path.
viii) Make mental notes. Don’t resolve their pain. You do not want to try to resolve their pain at this point. If anything, you want to amplify that pain.
ix) Always end with a powerful transition. “Well, John, based on everything you just said to me, this program is a perfect fit for you. Let me tell you why… “
x) Stay on the Straight Line; don’t go spiraling off to Pluto.
Chapter 11: The Art and Science of making World-Class sales presentations
There are three focus points on which the foundation of rapport is built–that he cares about me, he understands me, and he feels my pain. It comes to those who hold massive charisma.
Charisma has three components:
i) The first component is the effective use of tonality.
It means that you speak well so that among other person’s in the room that you catch hold their attention.
ii) The second component is the targeted use of body language principles which mostly emphasizes active listening.
iii) The third component states that don’t say any stupid stuff while communicating with your prospect.
Chapter 12: The Art and Science of Looping
The real sale process starts when you are hit with the first objection. At that time you should lower the action threshold and increase the pain threshold.
To increase the action threshold you can offer a money-back guarantee or use certain key phrases that make the prospect ponder over the situation. Anyways, you need to make the prospect realize that the deal is the best fit for them.
After reading the Way of the Wolf by Jordan Belfort, the book pointed out things that we have never thought about before.
Way Of The Wolf by Jordan Belfort is a great book if you are in any type of sales job! And as the book says, even if you are not in “sales”, you are still always trying to sell something: an idea, your CV, your life, etc.
Jordan breaks down his state of art, Straight Line sales system and shows you how to get a client from the opening to the close down the straight line. Every day we are trying to convince and persuade people and we promise this book will only help.