Summary of Brian Tracy on Sales - Nordic Business Forum 2012

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00:00:00 - 00:45:00

Brian Tracy, a motivational speaker, and sales expert shares his insights on sales in this video from the Nordic Business Forum 2012. Tracy offers advice on starting without formal education, productivity, customer engagement, negotiation techniques, and closing deals. He highlights the importance of persevering through rejection and mastering the necessary skills of selling. Tracy also discusses the three stages of a sales conversation and the agenda close technique, concluding with suggestions on resales and referrals. His key message is to focus on empowering the customer and achieving their improvement, building trust through listening and understanding, establishing a rapport before making a recommendation, and mastering selling skills for income improvement.

• 00:00:00 In this section, Brian Tracy shares his personal story of starting in sales without any formal education or training, initially working a variety of low-skilled jobs before entering sales as a default job. He worked hard, knocking on doors and making cold calls for hours a day, eventually realizing that sales is a great opportunity to fulfill one's dreams and make a great living. Tracy emphasizes that success in sales is not only about hard work, but also predicting growth and maintaining a positive attitude. Ultimately, he stresses that selling well can lead to a great income and fulfilling one's dreams.
• 00:05:00 In this section, Brian Tracy provides insights on how he transformed his life in terms of selling products, his career, and personal growth. He shares how he discovered the seven-step process of logical selling from a successful colleague and how he applied the process in his work. Tracy imparts that nothing works the first time or even the first five or ten times, and advises to try new ideas repeatedly before passing judgment. As a bonus, Tracy provides one simple word that can change careers and double income: “how.” Whenever someone sets a goal, encounters an obstacle, or needs to solve a problem, they should ask themselves “how” and seek ideas that will propel them towards success.
• 00:10:00 In this section, Brian Tracy emphasizes the importance of thinking in terms of your hourly rate, and how it can transform your life in terms of productivity and income. He explains that there are only three things that one must do that account for 90% of the income in every field, which are prospecting, presenting, and closing the sale. Tracy cites a study done by Columbia University revealing that the average salesperson works only 90 minutes per day, making only two calls in between while resting and making excuses. Thus, knowing your highest paying tasks and focusing your time and energy on them will greatly increase your productivity and potential income.
• 00:15:00 In this section, Brian Tracy shares a story about a company that he helped through a seminar. Tracy urged the company's salespeople to track the amount of time they spent with customers by using a stopwatch. During the seminar, Tracy also emphasized that 80-90% of their prospective customers have never heard of their company. Five weeks later, the company reported that on average, their salespeople spent 90 minutes and 42 seconds with customers. Tracy encouraged them to double that time, emphasizing the importance of face-to-face interactions with customers. A year later, the company reported a 30% increase in sales over their best year in history. Tracy's advice is to control your sales activities by spending more time with customers, which can increase your income.
• 00:20:00 In this section, Brian Tracy shares a story of how a sales manager significantly improved the performance of his team by forcing them to spend more face time with customers. He describes how the manager had a moving company take all of the desks and chairs out of his team's office and instituted mandatory morning sales meetings, which resulted in increased sales for those who remained with the company. Tracy emphasizes the importance of learning through action and suggests that you cannot get worse at selling by doing it. He encourages salespeople to view rejections as necessary steps toward success and collect as many noes as possible. Tracy also tells of a company that increased morale and the number of sales by having a contest to see who could collect ten noes first.
• 00:25:00 In this section, Brian Tracy shares insights on how one's mindset towards sales can drastically increase income. Firstly, he emphasizes the importance of persevering through rejection, using an example of a competition where people compete to get the most "no's". Tracy then goes on to discuss how one's success in their career can be attributed to deliberate practice - asking which skill will help the most to progress and focusing on mastering that one skill. He advises viewers to ask themselves what skill would help double their income and to work tirelessly at mastering it. Finally, he draws parallels between doctors and salespeople, noting that both must follow a process to truly understand and help their clients.
• 00:30:00 In this section, Brian Tracy discusses the three stages of a sales conversation: examination, diagnosis, and prescription. It is crucial to establish rapport and trust with the customer before making a recommendation. The best salespeople focus on building a relationship with their customers by asking questions and listening attentively. In addition, feeding back the customer's words and clarifying their meaning is vital to ensure that the salesperson understands their needs and can respond with an informed recommendation. Ultimately, successful selling is not about focusing on the sale itself but building a relationship with the customer; building trust through listening and understanding their needs will enable the sale to take care of itself.
• 00:35:00 In this section, Brian Tracy shares a technique that can double salespeople's income: the agenda close. The agenda close involves preparing an agenda for a meeting with potential customers, including their name and correctly spelled, and seven odd-numbered questions that are spaced across a page allowing the person to take notes. By doing so, the salesperson positions themselves as a professional and as a consultant. When closing the person on the agenda, the salesperson shifts gears and shifts into the presentation by presenting their product or service in a special way. The only thing that the customers care about is what the product or service does for them, not the background of the company or the product. Therefore, the presentation should focus on the benefits, results and transformation of the product or service.
• 00:40:00 In this section, Brian Tracy discusses the importance of focusing on how your product or service can improve the customer's life. He highlights the fact that customers have only ever bought one thing in 6,000 years: improvement. Tracy goes on to explain the Law of 6, which categorizes objections into roughly six groups, and stresses the importance of developing powerful answers to each objection to increase sales. Tracy also shares his top two closing techniques, the Invitational Closed and the Reverse Closed, and stresses the importance of asking for what you want in sales.
• 00:45:00 In this section, Brian Tracy emphasizes the significance of asking for resales and referrals as they are the most important key to future success. He advises salespeople to ask happy customers if they know anyone else who might be interested in the product or service and to always ask for additional names. Additionally, he discusses the importance of getting more employees out into the field face-to-face with customers, as this strategy dramatically boosted IBM's sales. Tracy encourages salespeople to spend more time communicating with customers in person and not to be afraid of rejection.

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