How To Close Prospects By Saying "No" First (ALEX HORMOZI) | Summary and Q&A

TL;DR

Learn a powerful sales technique that closes sales effectively by getting people to say no, resulting in higher upsell uptake rates.

Key Insights

• 👨‍💼 Richard Schwartz's furrier business achieved success by focusing on the mundane tasks and excelling at them.
• 😃 The "say no to say yes" technique is effective for driving upsell uptake rates, which can significantly impact a business's bottom line.
• 😚 Taking advantage of customers' contrarian nature helps close more sales by making them think they are not being sold to.
• 😋 Small upsells can be a significant source of profitability for businesses, similar to "fries and coke" in the fast food industry.
• 🤔 It is essential for business owners to think creatively and imagine how they can apply the strategy to their own operations.

Transcript

want to give you a quick and tactical training this is one of my favorite stories of all time from selling stuff and this comes from the volts of richard schwartz and mano schwartz furriers they're a fourth generation furrier uh in baltimore and they took over the entire market really the larger like maryland pennsylvania market um just simply doin... Read More

Questions & Answers

Q: How did Richard Schwartz and his furrier business become successful?

Richard Schwartz and his business became successful by consistently doing the boring work and excelling in everyday tasks, positioning themselves as leaders in the fur market.

Q: Which types of sales does the "say no to say yes" technique work best for?

The technique works best for upsells and bolt-on sales, where customers are offered additional products or services that complement their core purchases.

Q: How does the technique of getting people to say no to say yes close more sales?

By asking customers if they want anything else and presenting the additional offer as an afterthought, salespeople make the upsell seem less like a sales pitch, resulting in higher uptake rates.

Q: Can the "say no to say yes" strategy be applied to different industries?

Yes, the strategy can be applied to various industries by creatively adapting it to suit the specific product or service being offered.

Q: How did Richard Schwartz and his furrier business become successful?

Richard Schwartz and his business became successful by consistently doing the boring work and excelling in everyday tasks, positioning themselves as leaders in the fur market.

More Insights

• Richard Schwartz's furrier business achieved success by focusing on the mundane tasks and excelling at them.

• The "say no to say yes" technique is effective for driving upsell uptake rates, which can significantly impact a business's bottom line.

• Taking advantage of customers' contrarian nature helps close more sales by making them think they are not being sold to.

• Small upsells can be a significant source of profitability for businesses, similar to "fries and coke" in the fast food industry.

• It is essential for business owners to think creatively and imagine how they can apply the strategy to their own operations.

• Winners in business are open-minded and willing to explore new strategies, while losers dismiss ideas without considering their potential impact.

Summary & Key Takeaways

• Richard Schwartz, a successful furrier, mentored the speaker, who learned valuable sales tactics from observing Schwartz's business strategies.

• One of the tactics is getting people to say no to say yes, which is particularly effective for upsells and supplement sales.

• By using this strategy, salespeople can close more deals by taking advantage of customers' subconscious contrarian nature.