A few things in no particular order. 1. Knowledge of the product and the factors in the market 2. Being personable and fair---kind of going together, but being able to give a fair price and keeping your quote isn't the same as having a good time 3. Understand you client---their investment horizons, motivations, risk tolerance, understanding these factors allows you to know which products to sell to your client and which ones your client wouldn't be interested in. 4. Being able to debate or think on your feet---the client will have excuses as to why they don't want something or why its not for them--you need to be able to take their concerns and answer them or show them why it is still a good buy 5. The ability to think one step ahead and generate valuable investment ideas--this is sort of a combination of points 1 and 3.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

It definitely helps to be an extrovert. If you're an introvert start taking public speaking classes, maybe some drama courses to get over your introverted was. I am definitely an introverted person, although it doesn't seem like it to many people because I'm fairly personable. I still have a fear of public speaking which is absolutely something I have to work on stat.

Everyone on here talks about salary and everything, but perhaps the best salesman I've met was an acquaintance of mine. He was 20 years old and in college at the time working a sales job with no commission cap. He said he was so good because he was a born salesman, and someone that learns to sell will never be as good as someone that's born for it, but you can learn and you can still learn and become good at what you do. He always talked a big game and I always took it to be bullshit. Then he showed me a paycheck his last two paychecks which he hadn't cashed. I was expecting to see maybe a grand or two total. The two paychecks combine (for ONE month's work) was just over $9k. I listened to every fuckin word he said after that, because if you can sell what he was selling like that, you've got skill.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

I did sales for two years and the answers that worked at interviews were:

You love to compete and hate losing You can take rejection in stride and keep going Motivated by money, ie you'll want to sell to earn more Like being around all sorts of people and interacting with them The ability to build strong relationships quickly

Being an extrovert in sales is pretty much a given, but I knew some guys that had to "fake it" and were decently succesful.

 
Wheyoflife:
So, how would you go about turning a rookie into a better salesman?

Make his/her comp$20k base, commission for the rest.

Desperation and necessity are the best teachers for sales.

Those who can, do. Those who can't, post threads about how to do it on WSO.
 

Interesting thoughts.

I wonder the influence commission plays into sales experience. For example, if I had two sales jobs open for the taking for this summer: 1. 100% commission 2. random % commission

Would the 100% commission position yield better development of skills?

 

I have been strongly considering starting off in sales and I wanted to ask you guys this, what other fields can it help you branch out into if you feel the need? Like is sales experience only good for other sales jobs or are there other fields where, as a salesperson, you can break into if you wanted to?

 

Zig Ziglar's pretty good.

But I'll second that. My first internship was essentially a sales position. When you're eating peanut butter sandwiches for lunch because you can't afford jelly, you'll learn to hustle.

"Everyone has a plan until they get punched in the face."
 

not a bad article by BI. agree on Ziglar, also Paul J Meyer.

the best salespeople are patient but impatient. your sales cycle may be long, but high pressured sales are a thing of the past (if you place an order this month I'll send you a set of steak knives!). you need to be consultative, helping clients solve problems, not just pushing product.

you need to believe in your product, because your best customers will be smart and have good BS-detectors. you also need to follow up. most people don't have discipline, so if you can show you do, that differentiates you.

also, appearance matters. I know business casual is en vogue and usually the way of the world in offices (esp. tech), but you should abide moreso by john t molloy's dress principles rather than what you see at your local software startup. lose the ZZ top beard, lose the man bun, tuck your shirt in, and a sportcoat never hurt. the only exception here is if you're selling something outdoorsy like farm equipment, in which case you need to look the part, or if you're a clothing rep, in which case you need to wear your product.

there are few more satisfying things in this world than solving a problem for someone and getting compensated for it.

 

Thanks for the thoughts Brofessor.

there are few more satisfying things in this world than solving a problem for someone and getting compensated for it.
Well said^^

As for Brosef, I wish you luck in your endeavors I suppose.

 

Sales has a really steep learning curve, a lot of Sales programs will give you a "free" period where any bad results won't be counted against you for several months. If you'd want to bail on sales after only 12 months, there is little value in doing it to begin with.

 

Finally something I know about. I've had two jobs where I help structure the sales force (huge startups) and know how to do this.

A. Part of Being an Amazing Salesman, Is God Given Talent

I mean this honestly. There is a bit of being a great salesman that is 100% biological. Take myself for example, I'm witty and sharp, so coming up with impromptu answers is just easier (even if they're not canned). I'm also very social and secure, so those things are great for sales when dealing with the huge pressure of feast or famine.

You can learn the charisma and the sales techniques but ultimately you're going to want to take the best you can (who is naturally talented) and train them up.

B. Get Them Involved First Hand, Save The Theory

Sure, you need to read all the sales books because they'll give you pieces of information that you've never thought of doing. But you HAVE to apply it. It's like reading a ARMY sniper manual and thinking you're a badass soldier when you haven't shot a single bullet.

We would put the fresh out of college kids on the phone (or roleplays) day one. That way we could identify the talented and also figure out the immediate discrepancies that they have. We can teach you how to pause during the close, and can teach you how to best control a conversation, but we need to know where the hangups are.

C. Sales Is The Most Important Skill, Because You Use It Every Day

It doesn't matter who you are, where you are at, or what you do. You are in sales. You sell your ideas to the Associates and VPs or the MDs or if you're higher up you are literally selling your services to clients. Even when you're trying to pick up the girl at the bar, you are trying to show you how you fit her needs for the nights.

So make sure you are selling on a daily basis and view it that way. You'll notice how awesome your networking events, or business meetings and client talks go. It's truly important.

I mean I could go on forever, but I think people don't realize the single most important thing is to actually just do it. Cold approach (cold call) women at bars, strike up conversations with strangers.

Once you get past the social anxiety stage you're literally 90% the way to being a top 10% salesman.

"It is better to have a friendship based on business, than a business based on friendship." - Rockefeller. "Live fast, die hard. Leave a good looking body." - Navy SEAL
 

+1 on describing the natural talent aspect. - Have a ton of friends in sales who are just alright. But one friend that can schmooze his way through anyone to get what he wants. - For some people it just isn't the right career path if you don't have the base talent.

...
 

Thanks a lot for the insight, SBd and I would SB again if I could.

The natural talent aspect is something I've heard but never knew whether to believe it or not, it's interesting to hear that belief affirmed by someone with plenty of experience in the industry.

 

Do you know any good books on sales?

I am interested in staying in IB long-term but every once in a while I think of it as being a bit like a sleazy used car salesman (random knee-jerk reaction sort of thing) which I know isn't always/doesn't have to be true, especially as I've done that kind of sales job pre-college and even telemarketing (a horrible 2 weeks is all I could stand personally). Logically and most of the time I'm perfectly fine with sales, but I've gotta lose that knee-jerk reaction.

 

the classics: zig ziglar frank bettger paul j meyer getting to yes getting past no

some non sales books that helped me: dale carnegie steven covey malcolm gladwell jack welch dean smith-the carolina way stuff on the military/survival. if you're sourcing new business, you have to think like a hunter and adopt a survivor mentality, it's a very lonely career when the pipeline gets dry.

 

While books may help some people, the most important thing is to get out there and start putting into practice the obvious things you know you should be doing. Once again, sales is simple but not easy. In my humble opinion, reading books on how to sell is a delaying tactic preventing you from doing.

Thanks @thebrofessor for the links/advice.

 

How to Win Friends, and Influence people by Dale Carnegie Never Eat Alone by Keith Ferrazzi

Neither of these books are explicitly on Sales, but rather focus on the notion of building and strengthening relationships, which is the essence of a great salesperson.

 

ABC ! ALWAYS BE CLOSING!

you can't close the leads youre given you can't close shit. You ARE shit. Hit the bricks pal, and beat it 'cause you are going OUT.

A-I-D-A. Attention, Interest, Decision, Action. Attention - Do I have you attention? Interest - Are you interested? I know you are, because it's fuck or walk. You close or you hit the bricks. Decision - Have you made your decision for Christ? And Action.

 

Where would be the best place to start for a graduate wanting to work in sales ? I let this question vague because I'm not necesseraly looking for finance positions. I am just looking for a graduate program/a position/a company that would offer the best learning curve to become a salesperson in the medium/long term.

 
TheSquale:

Where would be the best place to start for a graduate wanting to work in sales ?
I let this question vague because I'm not necesseraly looking for finance positions. I am just looking for a graduate program/a position/a company that would offer the best learning curve to become a salesperson in the medium/long term.

In regards to your question, recruiters OR just directly through the company is pretty standard if not using OCR. The only reason graduate program would make sense is if you want a tech-y background for tech sales (but not at all required). The jobs you'd look for is (account executive, account manager, outside sales representative, inside sales representative, etc.) although stay away from inside unless first job out of undergrad as its VERY VERY basic and boring and not like real sales. For sales positions you need to have a very outgoing and outwardly facing job seeking role, because you'll be selling yourself.

--

The #1 skill in sales is being able to connect with someone. You need a base knowledge of everything, very shallow or moderately deep. You may have a customer who is interested in art (you can connect by talking about nearby galleries or specific pieces which you "recently viewed") or someone who's a rugby fan (just mentioning that you watch the New Zealand All Blacks when you have time) can give you the upper hand.

That's where extreme bull-shitting comes in hand. If you can take a basic subject, and intuitively make connections above and beyond you'll do extremely well.

Also one of the best skills to learn is to "give compliments" without it seeming dis-genuine. For males that normally an off cuff ego boost (mention the brand of loafer's the guy is wearing and say something about the leather being top tier or similar). For women it's noticing the little things, never comment on shirt or pants (too easy and seems like a come-on). Mention their earrings or necklace and always pose a question (that's a very bright necklace and goes well with your image, where did you get it?) at the end because it engages them to go further.

Find a connection; compliment without being creepy; always have something to say that doesn't sound like a high schooler talking.

"It is better to have a friendship based on business, than a business based on friendship." - Rockefeller. "Live fast, die hard. Leave a good looking body." - Navy SEAL
 
TheSquale:

Where would be the best place to start for a graduate wanting to work in sales ?
I let this question vague because I'm not necesseraly looking for finance positions. I am just looking for a graduate program/a position/a company that would offer the best learning curve to become a salesperson in the medium/long term.

Ignore UTDFinanceGuy, he clearly has never been successful in sales.

To keep the answer as generic and vague as your question, I would search for sales positions where there is some complexity to the offering. In general, the more complex the offering, the more upside potential there is in the position. What types of things are complex? Financial offerings for one, obviously. Technology would be another example, but you can't be selling iPads at the Apple store. Think things like enterprise wide solutions to corporations that require heavy customization and millions of dollars in fees would be an example that's in line with a complex offering.

The best salespeople bring good ideas to their clients, that's what buyers remember more than anything else. If you're known as that type of person and keep up to date with your contacts, you can take that with you to another firm and get paid a lot for it.

 
Best Response

Selling at the core is delivering to people what they want or need, so in that regard, it is the same in any industry. Of course, how you showcase your value add and find clients is different in any industry.

For most professional/business service oriented sales positions, there are a few key things you can actively do to increase your chances of success:

  1. Be in front of many potential clients.

  2. Make sure everyone in your social and business circles knows what you do and where you can help people.

  3. When you are in front of a prospective client: Ask a lot of probing questions to figure out what their hot button issues are. Figure out if you can solve those issues for them....if you can, you will likely get the sale. Focus on open ended questions ....the client will guide you towards their concerns.

  4. In the question/probing phase, make sure to ask questions in some way that shines the light on a problem area that they are unaware of entirely. In my field, it may be something like, "What steps have you taken to prevent more than 50% of your wealth being given to the government, instead of your children/grandchildren?"

  5. Have a big personality and be memorable.

  6. Adapt to the person you're speaking to. Use the mirror effect. In some ways this is hard for me to describe, but it falls in the category of 'treat everyone differently'.

  7. Ask people for their business. You have to get them make a decision. You will get a feel of how to do this tactfully with experience, but even if it is less than tactful, it's much better than not asking. I would generally say something like, "in order to move forward, we would need X information and Y signatures. Who is in the best position to provide us with that information?" If you get much of a delay, you can add, "you, your CFO or your attorney?" If no delay, or they say a certain person, you can just tell them you will contact them to get that information or just start asking them for the information required to complete the sale. Obviously, for certain deals, this will require a board or other equivalent approval. Things like this lengthen the process, but it is still fundamentally the same. 'Maybe', 'let me think about it', or equivalent are killers to your career. You want people to say yes or no so you can generate revenue or move on. Obviously, you'd rather be delayed than get a 'no', but many delays are just a 'no'waiting to happen. The other thing is that you need to understand why someone is saying 'no' so you can figure out if it's legit or bullshit. If bullshit, go back to probing. Do NOT waste time on people who are really saying and meaning 'NO'.

  8. This should have come much earlier, but build relationships with people and don't treat them like a ringer on a register. Most of the time the things you are selling are not tangible and you will have multiple sales with the same client. If you fuck them over, you are not only dead with them, but anyone within a few circles of their network, which is a HUGE amount of people.

  9. Do what you say you're going to do and make your clients sell on your behalf to your other potential clients.

I could go on and on. I used to fear selling and thought it was slimy. I am now one of the top ranked investment salespeople at a major Private Bank. I love my job.

If you don't know who the sucker is at the table, it's you.
 

Great Post. One note for people reading number 5, a big personality does not mean that you need to be boisterous, loud, obnoxious and way over the top thinking that you are impressing people. Don't try too hard. Generally, if you are able to do 1-4, you end up being thought of as memorable without even trying.

Oh, and thebrofessor you should really be compensated for the advice you post here. Really valuable stuff.

 

I recommend reading this book: Emotional Intelligence: Why It Can Matter More Than IQ

This is a good book on sales and what are some common characteristics among top performers in different types of industries. What I would say is focus on the relationship over making the sale. This book is money if you want a deeper understanding on working with people.

 

My philosophy is sell without selling.

I have the most general conversations about anything other than what i am trying to sell. i listen intently, and then just "happen" to mention it to prospect. I then "challenge" them on why they do things the way they do, and then close it.

Read "The Challenger Sale"....its pretty good.

 

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Move along, nothing to see here.
 

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