Buyers should be careful what Hollywood can teach us

Have you ever watched a movie and immediately realized that some parts would stick with you for a long time? That happened to me when I first saw the critically acclaimed Glengarry GlenRoss, a 1992 film about four real estate sellers who mostly use deceptive tactics to sell residential properties. Jack Lemmon, Al Pacino and Alec Baldwin lead a cast of characters driven by greed, need and ego. What sticks with me (aside from the film’s notorious use of profanity) is the skill with which the film demonstrates some valuable lessons on dos and don’ts when it comes to the buying and selling process.

Let’s examine some of these:

1. Rewards and Motivation (what NOT to do): The sales team is not performing well at all, so superstar salesperson Alec Baldwin is brought in from the “center” to drop the hammer. He announces that the office is holding a sales contest: 1st prize is an expensive new car, 2nd prize is a set of steak knives, and 3rd prize is “you’re fired.” Unsurprisingly, this proclamation, which is intended to motivate and inspire better results, is met primarily with skepticism and anger. This is an example of a well-intentioned offer that is more of a threat and completely fails because the rewards are not aligned with the needs and wants of the team. Before instituting incentives, make sure you really understand what motivates each of your employees and take this into account in your design.

2. Persistence (what to do): Lemmon and Pacino characters are extremely persistent in executing their sales process. Hourly, with each of their sales calls and appointments, they are relentless in their quest to close the deal. They are prepared and repeatedly handle a large number of sales objections from potential buyers without missing a beat. And your ability to bounce back from a rejection is a key component of your success, as it is with all great salespeople. For example, in one scene, after missing a big close sale, Lemmon’s character hangs up on that phone call, takes a deep breath to compose himself, and then makes his next sales call with the spirit and energy of someone who just made it. won the lottery. It has been said that constant perseverance will triumph over talent at all times.

3. Focus (what NOT to do): On the downside, these salespeople are so focused on making a sale that they often act unprofessional and rarely determine the needs of their potential customers. They push, cajole, lie, beg … all to get the deal. Although focus is a highly desirable quality in sales, it can be pushed too far. For example, Baldwin’s character yells that the only important thing about prospects is “getting them to sign on the dotted line.” And Lemmon’s character keeps making sales calls even when he should be visiting his daughter, who is very ill. Don’t get so focused on one thing, personally or professionally, that you lose perspective on other important aspects of your life.

4. Closing (what to do): Baldwin’s character impresses the underperforming group of salespeople into following his ABCs of sales: Always closing. This goal is very important to keep in mind because, after all, selling (or helping buyers buy) is what sellers get paid to do. And if it’s not closing, it’s not doing its job. However, sellers often forget to ask for the sale, don’t feel comfortable or confident enough to ask, or ask too early. If each step in the buying and selling process has been properly addressed, then the closing should follow naturally and no “hard question” is necessary. Of course, it is important to develop trust and rapport and come up with solutions to meet the potential customer’s needs, but if all your hard work doesn’t result in “shutdowns” then you need to look in the mirror and determine where things are breaking down. under. ‘

When you have some free time, rent Glengarry GlenRoss and see what you can learn about the buying and selling process. Besides a wonderful performance, this movie will show you a lot of what salespeople should NOT do. Someone once said that “Nothing happens until someone sells something.” Action!