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Learn These 5 Personality Strategies to Supercharge Sales

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October 22, 2020 6 min read

Opinions expressed by Entrepreneur contributors are their own.

Have you ever tried to pitch someone your idea and for some reason they just didn’t seem to engage? tried to encourage his best friend, Linkletter to buy the surrounding property around . Linkletter did not see the opportunity and passed. Ironically, the Fujishige family saw the potential and bought fifty-six acres for $2500. Decades later they sold the land back to the Disney Corporation for just under $100 million. How can one person see an opportunity when another one passes on it?

This is what author Woody Woodward calls the 20/80 Rule. His newest book “D.R.I.V.E. Sales” focuses on the five distinct “buying personalities” he’s identified. Each of us inherently speaks one language (20 percent), and in doing so, accidentally alienate the other 4 buying personalities (80 percent). The process of recognizing the distinct motivations of the customer you’re pitching makes a dramatic (or even exponential) difference to your selling success. When Walt was pitching, he was not connecting with Art’s buying .

Related: Is Your Personality Permanent? New Research Says ‘No.’

I spoke to Woodward this week about his findings. In short form, the five buying personalities depend on what makes you feel most important. They are as follows:

  • Director. You like experiencing life and life’s purpose. You thrive on freedom, , performing, overcoming, and appearance.
  • Relator. You thrive on relationships, influence, service, family, friends, parents, and spirituality.
  • Intellectual. Your priorities are knowledge, learning, health, nature, moment, standards, and organization.
  • Validator. Your hot buttons are recognition, acceptance, , trust, respect, validation, and being needed.
  • Executive. Your tickets are winning, control, work, goals, security, providing, and problem-solving.

Here’s an easy exercise you can do right now. Simply rate the five personalities in the order of what makes you feel important.  The result is your buying personality profile. I had no idea what to expect for my own – but when I walked through the exercise the result was distinct.

While in actual life I’d be a Relator or an Intellectual, when it comes to making a sizeable purchase or investment, I behave like an Executive: I’d look first and hardest at the proof of return and the ways the decision would make my life better, which would mean I’d respond most strongly to reviews and third party testimonials (this is true). I’d focus on the big picture more than the details of how to achieve it. Others who fall in this model include Phil Knight, Steve Wynn, Ruth Bader Ginsberg (I’m honored), Serena Williams, and John D. Rockefeller.

In all, my profile came out as E.D.R.I.V. This is important in that every customer you present to will have both Primary and Secondary motivations for buying. To the extent you are able, it is important to understand those nuances, too.

There are myriad examples of large-ticket purchases that would have had an astonishing impact for both buyer and seller but never happened. Why? In large part because the proposition being presented didn’t meet the right buying criteria that would have resonated for them.

Related: Why You Should Embrace Your Competitive Personality

Steve Jobs offered his first boss, Nolan Bushnell, the founder of Atari, one-third of Apple for $50,000. Bushnell passed. CEO Chris DeWolfe was offered Facebook for $75 million by Mark Zuckerberg, but he too passed. This problem of pitching to the wrong D.R.I.V.E. (buying personalities) goes back for centuries, Woodward notes in the book. Western Union was offered the telephone from inventor Alexander Graham Bell for $100,000. The offer was disdainfully rejected with the pronouncement, “What use could this company make of an electrical toy.”

The first step to making your pitch more attractive to your customer base is to identify how the benefits of your product or service meet the five buying personalities. Cell phones are probably one of the most widely saturated products. However, each D.R.I.V.E. buys for a different reason. A Director benefits because they can be free and independent doing business anywhere. A Relator wants to connect to family and friends anytime. An Intellectual is buying it to be more efficient and organized. A Validator benefits from social media apps and how they encourage their relationships, while an Executive wants to be able to win and excel at their goals. 

So once you’ve identified the benefits of your product and the buying personalities for your prospective customer or customers, the way to accelerate your sales is to show, don’t tell the way your product answers their needs.

For example, Woodward recalls in the book the challenge the Center for Science in the Public Interest (CSPI) faced in alerting the public to the relative safety (or danger) of movie theater , with 30 grams of saturated fat for a medium-sized serving, as illustrated in the book “Made to Stick.” 

With an eye toward the buying personality of movie customers (“It’s a treat, it’s a part of my lifestyle and it’s how I relate with my family”) the CSPI stepped away from the scientific explanation of the danger. Instead, they created a visual that showed the average medium serving of popcorn contained more artery-clogging fat than a bacon-and-eggs breakfast, Big Mac and fries for lunch, and a steak dinner with trimmings, combined. The story was an instant sensation and not only had buyers’ attention, resulted in nearly all of the nation’s biggest theater chains announcing they would move to a healthier oil.

Related: Tailoring Your Sales Pitch to Your Customer’s Personality

Additionally, if the selling process leaves you stuck, you move to the strategy of P.I.C.K.S., an acronym that stands for Parables (stories around the proposition), Identify Needs (specific to the recipient), Calls to Action (limited time opportunities to act), Keep in Touch (persistence counts) and Surprise Them (follow up with a delightful offer they would have never anticipated).

In all, whether you’re an experienced seller or a novice, these ideas could boost your outcomes substantially. I will definitely give them heed and I suggest every current business owner consider them strongly as well.

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The Trump campaign celebrated a growth record that Democrats downplayed.

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The White House celebrated economic growth numbers for the third quarter released on Thursday, even as Joseph R. Biden Jr.’s presidential campaign sought to throw cold water on the report — the last major data release leading up to the Nov. 3 election — and warned that the economic recovery was losing steam.

The economy grew at a record pace last quarter, but the upswing was a partial bounce-back after an enormous decline and left the economy smaller than it was before the pandemic. The White House took no notice of those glum caveats.

“This record economic growth is absolute validation of President Trump’s policies, which create jobs and opportunities for Americans in every corner of the country,” Mr. Trump’s re-election campaign said in a statement, highlighting a rebound of 33.1 percent at an annualized rate. Mr. Trump heralded the data on Twitter, posting that he was “so glad” that the number had come out before Election Day.

The annualized rate that the White House emphasized extrapolates growth numbers as if the current pace held up for a year, and risks overstating big swings. Because the economy’s growth has been so volatile amid the pandemic, economists have urged focusing on quarterly numbers.

Those showed a 7.4 percent gain in the third quarter. That rebound, by far the biggest since reliable statistics began after World War II, still leaves the economy short of its pre-pandemic levels. The pace of recovery has also slowed, and now coronavirus cases are rising again across much of the United States, raising the prospect of further pullback.

“The recovery is stalling out, thanks to Trump’s refusal to have a serious plan to deal with Covid or to pass a new economic relief plan for workers, small businesses and communities,” Mr. Biden’s campaign said in a release ahead of Thursday’s report. The rebound was widely expected, and the campaign characterized it as “a partial return from a catastrophic hit.”

Economists have warned that the recovery could face serious roadblocks ahead. Temporary measures meant to shore up households and businesses — including unemployment insurance supplements and forgivable loans — have run dry. Swaths of the service sector remain shut down as the virus continues to spread, and job losses that were temporary are increasingly turning permanent.

“With coronavirus infections hitting a record high in recent days and any additional fiscal stimulus unlikely to arrive until, at the earliest, the start of next year, further progress will be much slower,” Paul Ashworth, chief United States economist at Capital Economics, wrote in a note following the report.

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Black and Hispanic workers, especially women, lag in the U.S. economic recovery.

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The surge in economic output in the third quarter set a record, but the recovery isn’t reaching everyone.

Economists have long warned that aggregate statistics like gross domestic product can obscure important differences beneath the surface. In the aftermath of the last recession, for example, G.D.P. returned to its previous level in early 2011, even as poverty rates remained high and the unemployment rate for Black Americans was above 15 percent.

Aggregate statistics could be even more misleading during the current crisis. The job losses in the initial months of the pandemic disproportionately struck low-wage service workers, many of them Black and Hispanic women. Service-sector jobs have been slow to return, while school closings are keeping many parents, especially mothers, from returning to work. Nearly half a million Hispanic women have left the labor force over the last three months.

“If we’re thinking that the economy is recovering completely and uniformly, that is simply not the case,” said Michelle Holder, an economist at John Jay College in New York. “This rebound is unevenly distributed along racial and gender lines.”

The G.D.P. report released Thursday doesn’t break down the data by race, sex or income. But other sources make the disparities clear. A pair of studies by researchers at the Urban Institute released this week found that Black and Hispanic adults were more likely to have lost jobs or income since March, and were twice as likely as white adults to experience food insecurity in September.

The financial impact of the pandemic hit many of the families that were least able to afford it, even as white-collar workers were largely spared, said Michael Karpman, an Urban Institute researcher and one of the studies’ authors.

“A lot of people who were already in a precarious position before the pandemic are now in worse shape, whereas people who were better off have generally been faring better financially,” he said.

Federal relief programs, such as expanded unemployment benefits, helped offset the damage for many families in the first months of the pandemic. But those programs have mostly ended, and talks to revive them have stalled in Washington. With virus cases surging in much of the country, Mr. Karpman warned, the economic toll could increase.

“There could be a lot more hardship coming up this winter if there’s not more relief from Congress, with the impact falling disproportionately on Black and Hispanic workers and their families,” he said.

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Ant Challenged Beijing and Prospered. Now It Toes the Line.

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As Jack Ma of Alibaba helped turn China into the world’s biggest e-commerce market over the past two decades, he was also vowing to pull off a more audacious transformation.

“If the banks don’t change, we’ll change the banks,” he said in 2008, decrying how hard it was for small businesses in China to borrow from government-run lenders.

“The financial industry needs disrupters,” he told People’s Daily, the official Communist Party newspaper, a few years later. His goal, he said, was to make banks and other state-owned enterprises “feel unwell.”

The scope of Mr. Ma’s success is becoming clearer. The vehicle for his financial-technology ambitions, an Alibaba spinoff called Ant Group, is preparing for the largest initial public offering on record. Ant is set to raise $34 billion by selling its shares to the public in Hong Kong and Shanghai, according to stock exchange documents released on Monday. After the listing, Ant would be worth around $310 billion, much more than many global banks.

The company is going public not as a scrappy upstart, but as a leviathan deeply dependent on the good will of the government Mr. Ma once relished prodding.

More than 730 million people use Ant’s Alipay app every month to pay for lunch, invest their savings and shop on credit. Yet Alipay’s size and importance have made it an inevitable target for China’s regulators, which have already brought its business to heel in certain areas.

These days, Ant talks mostly about creating partnerships with big banks, not disrupting or supplanting them. Several government-owned funds and institutions are Ant shareholders and stand to profit handsomely from the public offering.

The question now is how much higher Ant can fly without provoking the Chinese authorities into clipping its wings further.

Excitable investors see Ant as a buzzy internet innovator. The risk is that it becomes more like a heavily regulated “financial digital utility,” said Fraser Howie, the co-author of “Red Capitalism: The Fragile Financial Foundation of China’s Extraordinary Rise.”

“Utility stocks, as far as I remember, were not the ones to be seen as the most exciting,” Mr. Howie said.

Ant declined to comment, citing the quiet period demanded by regulators before its share sale.

The company has played give-and-take with Beijing for years. As smartphone payments became ubiquitous in China, Ant found itself managing huge piles of money in Alipay users’ virtual wallets. The central bank made it park those funds in special accounts where they would earn minimal interest.

After people piled into an easy-to-use investment fund inside Alipay, the government forced the fund to shed risk and lower returns. Regulators curbed a plan to use Alipay data as the basis for a credit-scoring system akin to Americans’ FICO scores.

China’s Supreme Court this summer capped interest rates for consumer loans, though it was unclear how the ceiling would apply to Ant. The central bank is preparing a new virtual currency that could compete against Alipay and another digital wallet, the messaging app WeChat, as an everyday payment tool.

Ant has learned ways of keeping the authorities on its side. Mr. Ma once boasted at the World Economic Forum in Davos, Switzerland, about never taking money from the Chinese government. Today, funds associated with China’s social security system, its sovereign wealth fund, a state-owned life insurance company and the national postal carrier hold stakes in Ant. The I.P.O. is likely to increase the value of their holdings considerably.

“That’s how the state gets its payoff,” Mr. Howie said. With Ant, he said, “the line between state-owned enterprise and private enterprise is highly, highly blurred.”

China, in less than two generations, went from having a state-planned financial system to being at the global vanguard of internet finance, with trillions of dollars in transactions being made on mobile devices each year. Alipay had a lot to do with it.

Alibaba created the service in the early 2000s to hold payments for online purchases in escrow. Its broader usefulness quickly became clear in a country that mostly missed out on the credit card era. Features were added and users piled in. It became impossible for regulators and banks not to see the app as a threat.

ImageAnt Group’s headquarters in Hangzhou, China.
Credit…Alex Plavevski/EPA, via Shutterstock

A big test came when Ant began making an offer to Alipay users: Park your money in a section of the app called Yu’ebao, which means “leftover treasure,” and we will pay you more than the low rates fixed by the government at banks.

People could invest as much or as little as they wanted, making them feel like they were putting their pocket change to use. Yu’ebao was a hit, becoming one of the world’s largest money market funds.

The banks were terrified. One commentator for a state broadcaster called the fund a “vampire” and a “parasite.”

Still, “all the main regulators remained unanimous in saying that this was a positive thing for the Chinese financial system,” said Martin Chorzempa, a research fellow at the Peterson Institute for International Economics in Washington.

“If you can’t actually reform the banks,” Mr. Chorzempa said, “you can inject more competition.”

But then came worries about shadowy, unregulated corners of finance and the dangers they posed to the wider economy. Today, Chinese regulators are tightening supervision of financial holding companies, Ant included. Beijing has kept close watch on the financial instruments that small lenders create out of their consumer loans and sell to investors. Such securities help Ant fund some of its lending. But they also amplify the blowup if too many of those loans aren’t repaid.

“Those kinds of derivative products are something the government is really concerned about,” said Tian X. Hou, founder of the research firm TH Data Capital. Given Ant’s size, she said, “the government should be concerned.”

The broader worry for China is about growing levels of household debt. Beijing wants to cultivate a consumer economy, but excessive borrowing could eventually weigh on people’s spending power. The names of two of Alipay’s popular credit functions, Huabei and Jiebei, are jaunty invitations to spend and borrow.

Huang Ling, 22, started using Huabei when she was in high school. At the time, she didn’t qualify for a credit card. With Huabei’s help, she bought a drone, a scooter, a laptop and more.

The credit line made her feel rich. It also made her realize that if she actually wanted to be rich, she had to get busy.

“Living beyond my means forced me to work harder,” Ms. Huang said.

First, she opened a clothing shop in her hometown, Nanchang, in southeastern China. Then she started an advertising company in the inland metropolis of Chongqing. When the business needed cash, she borrowed from Jiebei.

Online shopping became a way to soothe daily anxieties, and Ms. Huang sometimes racked up thousands of dollars in Huabei bills, which only made her even more anxious. When the pandemic slammed her business, she started falling behind on her payments. That cast her into a deep depression.

Finally, early this month, with her parents’ help, she paid off her debts and closed her Huabei and Jiebei accounts. She felt “elated,” she said.

China’s recent troubles with freewheeling online loan platforms have put the government under pressure to protect ordinary borrowers.

Ant is helped by the fact that its business lines up with many of the Chinese leadership’s priorities: encouraging entrepreneurship and financial inclusion, and expanding the middle class. This year, the company helped the eastern city of Hangzhou, where it is based, set up an early version of the government’s app-based system for dictating coronavirus quarantines.

Such coziness is bound to raise hackles overseas. In Washington, Chinese tech companies that are seen as close to the government are radioactive.

In January 2017, Eric Jing, then Ant’s chief executive, said the company aimed to be serving two billion users worldwide within a decade. Shortly after, Ant announced that it was acquiring the money transfer company MoneyGram to increase its U.S. footprint. By the following January, the deal was dead, thwarted by data security concerns.

More recently, top officials in the Trump administration have discussed whether to place Ant Group on the so-called entity list, which prohibits foreign companies from purchasing American products. Officials from the State Department have suggested that an interagency committee, which also includes officials from the departments of defense, commerce and energy, review Ant for the potential entity listing, according to three people familiar with the matter.

Ant does not talk much anymore about expanding in the United States.

Ana Swanson contributed reporting.

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