Re:The Actual Wolf of Wallstreet Cold Call Script
by lupire on Tuesday August 06, 2024 @05:44PM
(#41175712)
The white shoes were also unscrupulous; they just weren't outright frauds
Re:The Actual Wolf of Wallstreet Cold Call Script
by kqr on Wednesday August 07, 2024 @10:59AM
(#41182132)
I was under the impression that this "yes momentum" thing didn't really work because people get defensive when you make them say yes to things.
And also everyone knows when someone asks for a second they are really asking for much more. On the other hand, if someone readily admits to being busy (and thus cannot listen well to you), it's better for both of you that you call again some other time.
The article contains a few rebuttal snippets, but the full "straight line" pitch had rebuttals for every step of the interaction and every possible response from a prospect. They called it the "straight line" because the idea was that at all moments of the conversation, you are constantly guiding the prospect along a straight line to the desired conclusion (a sale), and any diversion from this straight line in the form of customer protest/question/disinterest needs to be quickly and somewhat aggressively countered with a rebuttal and then followed with a slick line that elicits a return to the previous direction.
Since I'm already rambling, I'll add another detail that isn't in the article; Belfort didn't come up with this pitch himself, it was developed originally at Lehman Brothers (one of the leading firms) and was used in some form at all of the big wirehouse brokerages (eg, the original Merrill Lynch "thundering herd" or LF Rothschild, where Belfort learned it).
Belfort's "innovation" was not the script, it was taking the script out of the hands of elite white-shoe brokers (who sold legitimate stocks to clients) and teaching it to unscrupulous boiler room scammers (who made their money by tricking prospects into buying penny stocks that Stratton Oakmont then dumped).