home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Stories For Salespeople
Loan originator and broker news and stories. Advice about improving mortgage loan originations. Insights to and profiles of mega-producers.
sales stories | sales books | originator newsletter

Close the Sale

Review of "How to Beat the 80/20 Rule in Selling"

May 12, 2006


photo of Paula Parisot
Paula Parisot
buy "How to Beat the 80/20 Rule"

The secret to closing more sales with minimal effort begins with doing a superior job on the front end of the process.

That is according to How to Beat the 80/20 Rule in Selling: Why Most Salespeople Don't Perform and What to Do About It, 2nd edition, written by Alan Riggs.

Careful consideration must be given upfront to determine whether the prospect is worthy of the salesperson's time and resources required to manage the sales cycle, the books says.

Before committing to the sales process, the salesperson needs to determine if there a business problem that the product or service can solve which the prospect is genuinely interested in.

Once it is determined that there is a need for the product/service, the questions then must address the value it can bring to the prospect. Salespeople need to ask questions that "quantify the impact" of the business problem with numbers, percentages and time frames, the book said.

"If the quantified impact of a business problem exceeds the investment required to fix the problem, a buying decision becomes easy to justify," Riggs wrote.

However, due to trust issues he adds, "In order for a quantified impact to add value to the selling process, the prospect must be the source of the numbers."

In other words, engage the prospect by working with them to assess the quantified impact for their company using the hard numbers they supply, not industry standards.

When a salesperson is able to effectively quantify the impact the solution would have, the book said, a "financial close" should be successful. "The larger the difference is between the quantified impact and the required investment, the easier it becomes to close the sale."

If there is a time frame issue, a "chronology close" would be more effective using the project plan date.

Or perhaps the prospect is having a difficult time making a decision, the book suggests using the Ben Franklin close. That is, creating a list of pros and cons on a piece of paper, in reference to Franklin's decision-making technique of drawing a "T" on the paper and listing both the positive and negatives of the buying decision.

Another close the book discussed is the "Thermometer Close," in which the salesperson asks the prospect to rate their interest level on a zero-to-ten scale, with zero meaning no interest. "If the prospect answers 'ten,' you're done," Riggs wrote. "Stop talking and write up the order."

But, if their answer is on the low end of the scale additional questions need to be asked to determine what objections need to be overcome to hear an answer of "ten," the book explained.

"This is a nice, non-threatening way to get the prospect to share with you any issues that are separating you from a sale."

Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

e-mail Paula at: [email protected]

Mortgage Industry Books
Read about books reviewed by MortgageDaily.com reporters. Book subjects include mortgage banking, loan originating and selling.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders