How to Sell like a Poker Player to Maximise Success Sales and Selling |
- How to Sell like a Poker Player to Maximise Success
- Team names?
- I Own A Office Cleaning Company: I need your help.
- Depression and sales
- Startup just developed a new product that needs to be marketed *for free* to HR of large companies...suggestions on how to come across contact info for these people?
- [B2C] Red Line through Qualifying-Questions
- Japanese prospect coming to tour my facility in Toronto
- Finding the right Sales Job
- Switching Jobs- How do I build up from 0?
| How to Sell like a Poker Player to Maximise Success Posted: 02 Feb 2018 06:25 AM PST Lessons learned from poker pros and applying these skills to sales. Gambling has the potential to wreck peoples' lives. But hitting the jackpot results in life-changing wealth. Personally, I'm usually not the gambling type, the odds are against you and result in long-term losses. However, in poker, your skills and strategies can swing the odds in your favour; a seductive appeal that lured me in. The same goes with sales. Learning how to sell like a poker player can boost your performance as a sales person. The worlds of sales and poker are closely aligned, and many of the skills that it takes to consistently win big pots can also help close big deals. I began playing poker socially with friends and family, and after learning the game, progressed to cash games, tournaments and online play. In an attempt to be better (and win more money), I studied poker professionals to find a predictable and profitable strategy. Unfortunately in a game as mathematically complex as poker, there's no single, perfect strategy that works every time. However, you can greatly improve your chances of success with a particular formula. I found that in order to be successful at poker, it takes preparation, hard work, structured game plans, acute competitiveness, calculated risk-taking and emotional intelligence. Sound familiar? Creating a Game PlanBy far, the best decision I made was creating a methodical process for every point in the game. I studied the best percentages based on mathematical probability for each position at the table and tailored my strategy for each. For example, when in early positions, I only play premium hands, reducing my vulnerability and increasing my "power," based on a limited amount of knowledge of opponents' decisions. In later positions, I extend the hands I play because I have more information to base my decisions on, as other players made their plays before me. While the cards are important, the positioning is crucial. Prior to this, playing without strategy left me feeling lost and uncertain. I knew the other players could smell my weakness. But after creating a playbook, I could optimise my results, be confident in my decisions and also stay focused. I now play by calculating risk versus reward and expected value. The repetition and consistency mitigated the weaknesses in my game, because I was playing with a formula rather than winging it. This also translates into my sales career. Prior to creating a playbook for sales, I had similar feelings to my early days of poker. Without a clear process, I had no control of the interactions with prospects and stumbled my way through calls. There's nothing worse than having no confidence and being walked all over. My results improved dramatically after creating scripts and objection responses for cold calling, discovery calls, meetings, follow ups and inbound calls. I'm now able to gather the correct information from prospects and progress from open to close with a structured set of questions and objection responses. The repetition and consistency reduced the weaknesses in my sales process, because I'm using a formula rather than winging it. This isn't to say the game plans are set in stone; rather, they're moulded with clay. They're structured, yet adaptable to the situation. If the players at the poker table are really tight, I can play more hands and be more profitable. If the players are really loose, I can wait until I get only premium hands and be confident they'll call with mediocre hands. The same goes with sales, I'm structured, yet adaptable to each situation, but the strategies work best with a strong foundational game plan, for both calls and emails. Gathering InformationA huge part of poker is the ability to gather information about the other players, so I can gain context of their style and decision-making. This way, I can make better and more profitable decisions based on their game plan or lack-there-of. How do you do this? You ask questions, listen and observe. Often when I arrive at the table for the first time, I'll sit-out until the Big Blind reaches me, to get a gauge on the table dynamics. It's basically like doing your background research on prospects before you cold call or cold email them. Once I'm in the game, I'll play my game, use my strategy and pickup intelligence on the other players as I go. I'll take mental notes (or actual notes if I'm playing online) of their aggression level, how often they raise, call and fold, what points they fold, what cards they play when they reveal them at showdowns, etc. I actually developed a piece of software to track other players' statistics at the table, so I could make more informed decisions But that's a story for another time. If I detect someone is folding 75% of the time to a raise on the Turn, that means I can make a raise against them every time and no matter what cards I have, that particular play will be profitable over time. It's like betting on Black on Roulette when 75% of the wheel has black squares, but the casino still pays 2x your bet. It takes the cards out of the equation, and focuses on ROI. But then, if the player calls or raises me, it provides me information that it's likely he has a pretty strong hand. My raises ask questions, and his actions provide informative responses. I can now manage these responses and progress toward the goal. This strategy lets me minimise my losses and maximise my wins. The same goes for sales. Learning how to sell like a poker player can be very effective because the person asking questions and gathering information is the one in control of the conversation. They can deploy their strategy and progress to the goal, whether that is a meeting or closing the deal. Creating a Brand for YourselfThis also relates to gathering information, but focuses on portraying a particular image at the table. Do you want to look like a serious player and intimidate? Do you want to look casual, friendly and fly under the radar? Or do you want to be the weird, dishevelled person that's uncomfortable at the table? How do you stack your chips? Are they in a neat pile in correct denominations or in a mess? Are your nails cut or long? Is your hair short and styled or unstructured and messy? What's your physique like? What clothes are you wearing? These factors often depict the player's poker style. If they stack their chips neatly, dress well, have their nails cut, and style their hair, then they commonly play "neatly" too, meaning they're "tight" in their approach. The opposite is also generally true: a player with long nails, scruffy clothing and messy hair, with unstructured chips is more "loose" and plays a wider range of hands. When I play, I dress smart with a button-up shirt and fitted pants. My hair is neat, my nails are short, BUT I keep my chips messy. Why? I'm exuding an image of professionalism and confidence so players are wary of my presence, but confusing them with an unstructured facet. Poker is a game of information, and I want to deceive my opponents with my branding. The lesson here for sales is branding yourself for the correct purpose. What's the purpose of sales people? To build a relationship and trust with prospects, so they'll become a long-term client. Hence, I aim to brand myself as successful and confident, which exudes positivity and professionalism to instil comfort in the prospect. This is easier when the interaction is visual (i.e. an in-person meeting or video conference) but can also be conveyed through tonality and articulation over the phone and email. Not to mention, when you feel good physically and mentally, it translates to your performance. Tailor your branding to your target market, and then go slightly above. When pitching lawyers and real estate agents, I was always clean-shaven, wore a fitted suit and shiny shoes to match their level, but wore a tie, which added extra professionalism. I want to be the one in control of the situation, and branding adds to this dynamic as it pre-frames you. Please note: some lawyers and agents wear ties, but mostly only for court and upmarket houses, respectively. Downswings, "Bad Beats" and avoiding "Tilt"A big component of poker is natural downswings. When playing mathematically, you can do everything in perfect strategy, and the odds go against you multiple times in a row. For example, say I'm playing roulette and 75% of the wheel has Black squares but the casino still pays 2x your bet. Just because it's profitable to continually bet on Black, this doesn't mean that there couldn't be a run of 5, 10 or more Reds, where you've now lost a fair bit of money. "Tilt" is poker-slang for letting emotions take over your decision making, rather than using logic. This can happen after bad beats (big losses), a long session without a break, or even multiple big wins. When emotion clouds your judgement, you begin "gambling" for luck, rather than using strategy and mathematical calculation. Great poker players recognise that these downswings are bound to happen, just like great sales people recognise that you can't close everyone. Not every lead or prospect is going to convert. Alternatively, when you're doing really well, it may not continue forever. There are peaks and troughs in all aspects of life, and this is the nature of the sales profession. The goal is to be persistent and consistent. Actionable Insights to Sell Like a Poker PlayerThe successful poker players we see are the ones winning the big tournaments, basking in the money, drinking the expensive booze and socialising with beautiful people. Their success is the sum of preparation, hard work, structured game plans, acute competitiveness, calculated risk-taking and emotional intelligence. Our job as sales people is to craft a game plan (strategy) that puts us in the best position for success. What are the best questions, phrases, and responses for every situation to progress the interaction? Gathering intelligence on the landscape, market and prospects is crucial to give you context for your decisions. Branding yourself to suit the environment allows you to be perceived in a certain light. By continually executing the game plan, we can swing the odds in our favour and capitalise on the opportunities created. They analyse their successes and their failures and improve their craft. This is how to sell like a poker player and improve your results. Fortune favours the bold. TL;DR - both poker and sales requires preparation, hard work, structured game plans, acute competitiveness, calculated risk-taking and emotional intelligence. [link] [comments]  |
| Posted: 02 Feb 2018 12:08 PM PST Anyone have suggestions for team names? Doesn't necessarily have to relate to sales but preferably something funny [link] [comments]  |
| I Own A Office Cleaning Company: I need your help. Posted: 02 Feb 2018 10:25 AM PST So I've been doing about a 100 calls per day now to general office spaces.. Dentists, Chiropractors, Optometrists, Massage Spas, Insurance offices, Lawyers, Contractor offices ,etc. I've been calling saying the following : Good (morning or afternoon), This is ____________ with ________, May I please speak to ________, please? If I dont know the decision makers name, I'll usually say: Good (morning or afternoon), This is ____________ with ___________, Maybe you could help me. I'm looking to speak with whoever is in charge of the office cleaning services. Who should should I speak with? For basically 95% of medical offices, I get back "Dr is out, Dr is with patient, Please don't call us back, we already have a service, we do it ourselves.." I know these people use cleaning services, and I have value to add with my service. I just need to be able to show it to them. After all.. its a free quote, what could they lose? [link] [comments]  |
| Posted: 01 Feb 2018 03:18 PM PST Any sales people here suffer from depression? How do you cope with the pressure and manage your mental health. [link] [comments]  |
| Posted: 02 Feb 2018 06:57 AM PST I was looking around trying to find any sort of contact info for HR, but I haven't had any luck with the companies that I'm looking for at present. This group is a different industry from our normal client. Does anyone have any suggestions about how to find the info for these people short of the obvious phone call or good ways to contact them? [link] [comments]  |
| [B2C] Red Line through Qualifying-Questions Posted: 02 Feb 2018 04:09 AM PST Hey all, currently I ponder my mind on how to qualify folks in B2C that should buy books at a sales-stand during an event. The books contain fictional stories, so the benefit of them is entertainment. What kind of questions do you have at your disposal to qualify people in this scenario? And how do these questions fit all together, so to avoid just throwing non-connected questions at the prospect? Thanks a bunch! [link] [comments]  |
| Japanese prospect coming to tour my facility in Toronto Posted: 01 Feb 2018 09:29 PM PST As the title states, I've got a group of 5 coming from Japan to tour my facility. What is appropriate? Should I be paying for their accommodations? Transportation? Entertainment is obvious that I would cover. But how should Japanese clients be entertained? Any advice is appreciated. [Edit] The customer would like to be operational by April so the goal here would be to have a verbal commitment by the time they leave. [link] [comments]  |
| Posted: 01 Feb 2018 03:41 PM PST Hey guys. I'm about to graduate this May from California State University Fullerton and I'm in the market for Sales Jobs. My goal is to before I graduate in May get a job so I can start working right out of college. I will get a Business Marketing Degree. I know its not the best in the world but I have created and managed my small business for the last three years. 1)https://www.yelp.com/biz/oneupphone-placentia 2)https://www.linkedin.com/in/daniel-yoo-/ I love sales and marketing and I want to challenge myself to secure a job for a company that I know will 1)Challenge me as a person 2)Help me become smarter everyday 3)Have opportunities for great pay/compensation I'm asking you guys for your personal experience on what kind of company I should apply for. Appreciate your time fellas. [link] [comments]  |
| Switching Jobs- How do I build up from 0? Posted: 01 Feb 2018 02:12 PM PST Hi r/sales, longtime lurker here and thought some of you experts might have some good insights. I'm moving from SaaS into the services that does basically what our platform does with marketing, but in an agency format. I have a book of clients that we work with, although I never had direct contact with, but other than that how do I start building up a pipeline? The company doesn't have a presence in the US as I'm helping lead their expansion from Europe, so any ideas/thoughts on how you've built business from nothing would be helpful. [link] [comments]  |
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