Bernie Madoff may be an evil man, but he's also a brilliant salesman. His "by referral only" method of selling got people to literally hand over millions of dollars to a complete stranger. In this presentation, you'll learn how you can use the same "by referral only" strategy to literally flood yourself with leads and sales, with no cold calling.
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How To Sell Like Bernie Madoff - Ethically
1. A presentation by
Frank Rumbauskas
New York Times Best-Selling Author
How to Sell
Like Bernie Madoff
(but ethically)
Copyright 2012 by FJR Advisors. All Rights Reserved.
2. Frank, how can Frank, how can
I get more I get more
referrals?" referrals?"
Frank, how can
I get more
referrals?"
Last month I got to facilitate a roundtable meeting of salespeople, one of
my favorite activities - I enjoy the intimate setting and personal interaction
far more than being on a seminar stage in front of a large group.
3. The best way to get
referrals is to create a
'referral-only' alter-ego.
I gave the same answer as always, but what
came after is what really surprised me.
4. The best way to get
referrals is to create a
'referral-only' alter-ego. Create a complete image of a
salesperson who only works by
referral, complete with a
separate set of business cards
with the words "by referral only"
below your name.
I gave the same answer as always, but what
came after is what really surprised me.
9. “I know from experience that I can
send out a free e-book or MP3 to my
email subscriber list and I receive
almost zero feedback on it, because
people don't bother with them -
because they're free.”
Nobody wants something that is readily available.
That's why anything free is generally not
appreciated.
10. But if I take the
same e-book or
MP3 and put a
price on it -
even a low
price like $20 -
suddenly
everyone who
downloads it
dives in and
actually reads
or listens to it.
11. “By referral only" selling method…
Creates the perception that you are in extremely
high demand, and people will start clamoring to
get an appointment with you.
By contrast, cold calling is the "free" version in
this example. Cold calling has the lowest
percentage of sales call success for many
reasons; one of those reasons is because it
shows that you have zero demand.
12. If you're cold
calling
people at
random, you
have no
exclusivity.
Anyone can
get an
appointment
with you,
and YOU will
take an
appointment
with anyone!
13. And that's only where the negative
perceptions begin...
If they're so broke that they can't
afford decent marketing and have to
Why doesn't he force their reps to cold call, they
have any probably won't be in business long
referrals? enough to stand behind their
products.
What kind of horrible
service is this What's wrong
salesperson giving his with that
customers that he has company?
to cold call?
14. And this is just the beginning.
Always remember that people want exclusivity.
Create the perception that someone cannot have
something, and they will fight tooth & nail to get it.
Avoid sales activities like cold calling that lower your
perceived value, and stick with strategies like the "by
referral method" that create an aura of high value
around you.
15. Do that, and watch how
quickly your success
rate increases.
16. Thank You For Reading!
For a FREE 37-page PDF preview of the Never
Cold Call Again system, please visit
www.nevercoldcall.com
Notas do Editor
Last month I got to faciliate a roundtable meeting of salespeople, one of my favorite activities - I enjoy the intimate setting and personal interaction far more than being on a seminar stage in front of a large group.One of the most frequently asked questions came up: "Frank, how can I get more referrals?"
I gave the same answer as always, but what came after is what really surprised me. I told him that the best way to get referrals is to create a 'referral-only' alter-ego. Create a complete image of a salesperson who only works by referral, complete with a separate set of business cards with the words "by referral only" below your name.
I gave the same answer as always, but what came after is what really surprised me. I told him that the best way to get referrals is to create a 'referral-only' alter-ego. Create a complete image of a salesperson who only works by referral, complete with a separate set of business cards with the words "by referral only" below your name.
Surprised, I went back to my office after and read up on Madoff, since I know little about him and his scam. And, sure enough, it's true: Madoff used the "by referral only" method to persuade people to hand over millions of dollars to a complete stranger!
This was very revealing to me, for the fact that I'm a fan of American Greed on CNBC, particularly the programs on Ponzi schemes. I'm not fascinated by the schemers themselves, but rather on how anyone in their right mind could possibly give a total stranger a check for their entire life savings. As a sales expert, I figured if I could find the answer to this, I'd have the most powerful sales technique in the world in my hands.And, sure enough, the technique that Madoff - and many other Ponzi schemers - use is the "by referral only" method. Why is it so powerful?
Simple: Because people want what they can't have. People crave exclusivity.
Nobody wants something that is readily avaiable. That's why anything free is generally not appreciated. I know from experience that I can send out a free e-book or MP3 to my email subscriber list and I receive almost zero feedback on it, because people don't bother with them - because they're free.
But if I take the same e-book or MP3 and put a price on it - even a low price like $20 - suddenly everyone who downloads it dives in and actually reads or listens to it.
The "by referral only" selling method takes this to an extreme and creates the perception that you are in extremely high demand, and people will start clamoring to get an appointment with you.By contrast, cold calling is the "free" version in this example. Cold calling has the lowest percentage of sales call success for many reasons; one of those reasons is because it shows that you have zero demand.
If you're cold calling people at random, you have no exclusivity. Anyone can get an appointment with you, and YOU will take an appointment with anyone!
And that's only where the negative perceptions begin. I know that when I'm on the receiving end of a cold call, some of the thoughts that run through my mind are, "What kind of horrible service is this salesperson giving his customers that he has to cold call? Why doesn't he have any referrals?"Or, "What's wrong with that company? If they're so broke that they can't afford decent marketing and have to force their reps to cold call, they probably won't be in business long enough to stand behind their products."
And this is just the beginning.Always remember that people want exclusivity. Create the perception that someone cannot have something, and they will fight tooth & nail to get it. Avoid sales activities like cold calling that lower your perceived value, and stick with strategies like the "by referral method" that create an aura of high value around you.
Do that, and watch how quickly your success rate increases.
