The Wolf of Wall Street’s pen challenge casts light on effective sales techniques

Ahmed Al Akber, the managing director of ACK Solutions, advises on selling techniques.

A scene in the movie The Wolf of Wall Street depicts Leonardo DiCaprio’s character, a convicted stockbroker, trying to turn a group of inexperienced misfits into junk bond salesmen. To show them how sales work he pulls out a pen, hands it to one of them and instructs: “Sell me this pen”.

This challenge is used when hiring for sales positions to see if candidates have the required sales skills and can think on their feet. Usually, those who get it wrong start by talking about the product (“this pen is so wonderful, it writes so well, you can have it in blue or black …”).

Those who get it right use one or more of the following:

Identify the need: The prospect doesn’t always know what she wants, so you have to ask about her current situation and problems.

Situational question examples

· How often do you use a pen? Occasionally or every day? Any special occasions?

· When was the last time you used a pen?

· Where do you store your pens usually?

· What ink do you prefer to use and why?

Problem question examples

· What are the biggest issues you have with writing in general? Why is that?

· In what circumstances have you been disappointed with your current pen’s performance?

Build a sense of urgency: Implication questions discuss the effects and consequences of the problem not being solved. They are built up enough to increase the buyer’s motivation to do something about it, by increasing the size of the problem in the customer’s mind, and hence a sense of urgency. In the movie, the character tasked with selling the pen responds: “Why don’t you do me a favour and write your name down on that napkin for me?” DiCaprio’s character replies: “I don’t have a pen”. The challenger wins by replying: “Exactly, supply and demand my friend”.

Implication question examples

· How do those issues affect your writing, your personal life or your business?

· How has not having a pen (or the right pen) cost you your reputation, time or money?

2. Maximise the opportunity. Nowhere does the “Sell me this pen” challenge say that you can’t sell more than one pen. Why sell one when you can sell thousands? In fact, it may cost you the same amount of time and effort to sell one as it does thousands.

· “Would you like to make a minimum order of 1,000 pens or would you like to benefit from our volume discount of 5,000?”

3. Look for upsell opportunities: similarly, the challenge never stipulated that you can’t upsell. In your conversation with the prospect, look out for ways to increase the size of the opportunity.

· “Some of our clients use pens as giveaways with great success. Branding our clients’ quality pens with their logos and contact numbers has given them the ability to build relationships and increase their own sales. Here’s an example. Is increasing sales important to you?”

4. Look for cross-sell opportunities: take this one step further and go completely out of the box by looking for other things the prospect may want to buy, besides just pens. People who buy pens might have a need for other stationery, office equipment or other supplies. Look for substitutes (like pencils, markers or tablet PCs) and complimentary products (paper, notebooks, marker boards or posters). The list can go on and on but success comes in the conversation you have with the buyer and identifying his or her needs.

· What other office supplies do you use?

· How much of each do you typically buy in a year?

· How happy are you with your current supplier?

If you are in sales and looking to nail down a new sales job, make sure you have thought this one through. Even if you aren’t given the “sell me this pen” challenge, preparing for it will give you that boost of confidence you just might need. If you are hiring, make sure to know what a good response looks like.

Ahmed Al Akber is the managing director of ACK Solutions, a firm that helps companies improve their marketing and sales results