5 Sales Lessons from The Wolf of Wall Street

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I鈥檓 the antithesis of a movie snob. For me, movies are a source of entertainment. A chance to聽disappear聽from the real world and lose yourself in the characters and the plot for a couple hours. I don鈥檛 analyze every last detail. I don鈥檛 look for deeper meaning in every scene or scrutinize the cinematography. If I鈥檓 entertained, it鈥檚 a good movie in my book.

So when it comes to the 鈥 airing this Sunday night 鈥 I鈥檓 on the outside looking in for most nominees in the coveted, category.

Not this year.

For this first time ever, I made it a point to see as many of the nominees as possible. One of those was Martin Scorsese鈥檚 latest project 鈥淭he Wolf of Wall Street.鈥 If you haven鈥檛 seen or heard anything about this movie, it is the story of the rise and fall of stockbroker聽 (played by Leonardo DiCaprio).

The picture received both critical acclaim聽as well as scrutiny due to its language and graphic content. I enjoyed the movie, but I do understand that it is not for everyone. The lives portrayed by DiCaprio, Jonah Hill and other actors are larger than life. At one point DiCaprio is sitting on his聽yacht聽and literally throwing $100 bills into the ocean calling them 鈥渇un coupons.鈥 It鈥檚 the ultimate tale of excess and greed and the characters pay for it in the end.

Regardless of your feelings on the movie, I think there is more to it than lavish company parties and rich guys blowing millions of dollars on cars,聽helicopters聽and houses. Sure, a large part of what Jordan and his firm were doing was illegal, but at the heart of it there are lessons every sales team and salesperson should know.

Don鈥檛 worry, these lessons are 100 percent legal and won鈥檛 land you behind bars.

鈥淪ell Me This Pen鈥

This is now a standard interview question for candidates applying for a sales job. In the movie, DiCaprio鈥檚 Belfort teaches his sales team their first lesson by pulling out a pen and saying, 鈥渟ell me this pen.鈥澛燗fter a few attempts, one character takes the pen and asks Jordan to write his name on a napkin. Jordan doesn鈥檛 have anything to write with and has to ask for a pen. Boom. He made the sale.

In sales, you have to recognize a need and you have to create a sense of urgency before you can convince someone else your product is the answer. Even if you know your product is superior, it is difficult to make the sale without first exposing a need, as well as the consequences of not making the purchase to the potential buyer.

Never Stop Selling

Along with recognizing a need, Belfort was also incredibly determined to make the sale, no matter what. He wouldn鈥檛 hang up the phone until the deal was done. DiCaprio鈥檚 portrayal of Belfort establishes rapport with the customer right away to gain his or her trust. After that, he would then continue talking until he made the sale.

There are a lot of ups and downs working in sales but it is important to continue selling. Practice your opening and think about making a connection with the potential customer as soon as possible.

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Jordan Belfort (Leonardo DiCaprio) throwing 鈥渇un coupons鈥 off his yaght

Motivate Your Sales Team

If you鈥檝e seen the movie, you know the atmosphere and culture at Belfort鈥檚聽brokerage聽firm, Stratton Oakmont, was beyond ridiculous. However, outside of the spending habits and lucrative parties, Belfort created a competitive and energized atmosphere. How? He was an exceptional motivator.

Belfort had two meetings a day, shared inspirational messages and also offered incentives to top salespersons on a regular basis. Employees wanted to work hard and earn the most money because Belfort set high expectations聽with the company culture. As a sales manager, you don鈥檛 have to be as over-the-top as DiCaprio鈥檚 character, but you can set monthly goals, offer prizes to the top seller and motivate your team in your own way.

Focus on Training聽

Along the same lines as motivating and keeping your sales team happy, it is important as a sales manager to train your team well. Belfort was able to聽successfully聽transform uneducated and聽unqualified聽people into selling machines because he had a simple and effective sales strategy.

Hire the right people 鈥 not necessarily the most experienced 鈥 and then nurture them to ensure they are聽successful. It may take a little time, but it is a valuable investment in the future success of your company and sales team.

Embrace Adversity

Despite the future actions of Belfort and Stratton Oakmont, it is important to understand that like all聽entrepreneurs聽and small business owners, Belfort overcame adversity and started from nothing.

After losing his job on Wall Street when his firm crashed, Belfort took a job selling meaningless penny stocks. Belfort didn鈥檛 get discouraged. In fact, he used his competitive nature and knack for selling to pick up the phone and make it happen. He was determined to be successful and he had a vision.

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