The Classic Sales Pitch - “Sell Me This Pen” - and how to prepare for it.
The classic Wolf question. The classic Sales question "Sell Me This Pen". But the answer is not what you saw in the movie. Jordan Belfort said himself said the following:
"It's sort of a trick question. Because when you say to a salesman, 'Sell me this pen,' you might find some will say to you, 'This is a great pen, this pen writes upside down. It defies gravity, this pen is the cheapest pen on earth, this pen will never run out.'...But that's not what the real answer is...the first idea is that when you say 'Sell me this pen,' I want to hear [the salesman] ask me a question. 'So tell me, how long have you been in the market for a pen?' I want them to turn it around on me and start asking me questions to identify my needs, what I'm looking for. And if you do that, people don't know what to do. Next thing... I'm controlling the conversation, finding out exactly what he needs.”
In this frame of reference, we’ve put together a simple framework if ever you are asked this question.
Here you go…
CEO: Do me a favor, sell me this pen. (reaches across to hand me the pen)
ME: (I slowly roll the pen between my index and thumb fingers.) When was the last time you used a pen?
CEO: This morning.
ME: Do you remember what kind of pen that was?
CEO: No.
ME: Do you remember why you were using it to write?
CEO: Yes. Signing a few new customer contracts.
ME: Well I’d say that’s the best use for a pen.
(The signing of the customer contracts is an important, daily, function. A memorable event, completed by a unmemorable tool. So make the product as important as the event).
ME: This is the pen for more important events. This is the tool you use to get deals done”.
Think of it as a symbol for taking your company to the next level.
ME: “When you begin using the right tool, you are in a more productive state of mind, and you begin to sign more new customer contracts. Actually. You know what? Just this week I shipped ten new boxes of these pens to Joe Blog’s Head Office and 15 to Jane Doe’s Office. Unfortunately, this is my last pen today (reach across to hand pen back to CEO). So, I suggest you get this one. Try it out. If you’re not happy with it, I will personally come back next week to pick it up. And it won’t cost you a dime.
Summary:
- Find out how they last used a pen (gather information),
- Emphasize the importance of the activity they last used a pen (respond to information),
- Sell something bigger than a pen, like a state of mind (deliver information),
- Ask for the buy (closing).