The surprising truth about what closes deals: Insights from 2.5m sales conversations | Matt Dixon

Matt Dixon is one of the world’s foremost experts in sales and the author of The Challenger Sale, which sold over a million copies worldwide and was a #1 Amazon and Wall Street Journal bestseller. His most recent book, The JOLT Effect, focuses on overcoming customer indecision-one of the biggest challenges to closing deals. Outside of writing, Matt co-founded DCM Insights, a boutique consultancy helping organizations understand customer behavior, and is a frequent contributor to the Harvard Business Review, with more than 20 print and online articles to his credit. In our conversation, we discuss:
• Why 40% to 60% of qualified sales opportunities are lost due to customer indecision
• Why dialing up FOMO doesn’t work, and what to do instead
• The “pings and echoes” technique to catch issues early
• The JOLT method for overcoming indecision
• Key lessons from The Challenger Sale
• Practical examples of how to apply these principles to close more deals
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Find the transcript and references at: www.lennysnewsletter.com/p/cl...
Where to find Matt Dixon:
• LinkedIn: / matthewxdixon
• Website: www.jolteffect.com/
Where to find Lenny:
• Newsletter: www.lennysnewsletter.com
• X: / lennysan
• LinkedIn: / lennyrachitsky
In this episode, we cover:
(00:00) Matt’s background
(01:57) The research behind Matt’s books
(06:08) Insights from The JOLT Effect
(10:15) FOMO vs. FOMU
(18:18) An example of selling software
(26:04) The JOLT method Step 1: Judge their level of indecision
(29:41) The “pings and echoes” technique
(34:49) Step 2: Offer a recommendation
(38:36) Step 3: Limit the exploration
(41:43) Step 4: Take risk off the table
(45:58) When to hit the pause button with a customer
(47:27) Insights from The Challenger Sale
(49:07) An example of a challenger sale
(55:23) Where to find Matt
Referenced:
• A step-by-step guide to crafting a sales pitch that wins | April Dunford (author of Obviously Awesome and Sales Pitch): www.lennysnewsletter.com/p/a-...
• The Challenger Sale: Taking Control of the Customer Conversation: www.amazon.com/Challenger-Sal...
• The JOLT Effect: How High Performers Overcome Customer Indecision: www.amazon.com/JOLT-Effect-Pe...
• Gartner acquires CEB: www.gartner.com/en/about/acqu...
• Tiger King on Netflix: www.netflix.com/title/81115994
• Why sourdough went viral: www.economist.com/1843/2020/0...
• Neil Rackham: en.wikipedia.org/wiki/Neil_Ra...
• Status quo bias in decision-making: en.wikipedia.org/wiki/Status_...
• Omission bias: thedecisionlab.com/biases/omi...
• Gartner Magic Quadrant & Critical Capabilities: www.gartner.com/en/research/m...
• Dunning-Kruger effect: en.wikipedia.org/wiki/Dunning...
• Stop Losing Sales to Customer Indecision: hbr.org/2022/06/stop-losing-s...
• Dentsply Sirona: www.dentsplysirona.com/
• “We happy?” Briefcase scene from Tarantino’s Pulp Fiction: • Vincent Vega's Death -...
• Nupro Freedom Cordless Prophy System: www.dentsplysirona.com/en-us/...
Production and marketing by penname.co/. For inquiries about sponsoring the podcast, email [e-mail].
Lenny may be an investor in the companies discussed.

[@AstridAC-jn1vj]

This is so interesting : The fear of failure. I believe the future of sales is having coaches in sales positions. 1. We would be looking at the buying process with empathy and psychologically understanding 2. coaching vs advisory and understanding deeply what is really at the core. This is essential as a coach to get down to 3. Have a shifting moment but having to add an action to it. So this is where I as a sales person believe coaching techniques can be incredibly useful to assess what risks they are scared to take and how to overcome them with experimental action that is safe enough but potentially uncomfortable. Their agenda above our to keep the trust intact

[@AstridAC-jn1vj]

On top of that, I specialise in working with ADHD professionals who have decision-paralysis at the core as a difficulty of their. There are fantastic ways to build this, those ways often require coaching and the belief building that they can trust their gut/research or anything they need to trust a decision path. I am so so intrigued by this conversation and have never decided to comment so much. Thank you Matt and Lenny for sharing such valuable information

[@hamzafarooq4351]

I'm been watching many podcast, but yours is on the top in my list, Can't tell how much I'm learning from you content

[@devikottary3937]

This was a such a blast and a Crisp one! I wish the other podcasts timed for another hour.

[@annieng1172]

This is very interesting and helpful. Thanks Lenny!

[@CarlSchultze-yd6fz]

Matt is a pretty smart guy :)

[@maxtradepro]

Wonderful session. Any promote code if I am interested to signed up the jolt effect course?

[@EclecticPropaganda]

<a href="#" class="seekto" data-time="925">15:25</a>

[@bramburn]

How do you focus on one thing at na time. Surely you had other ideas running in your head