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Posted on Thu, Apr 15, 2010 : 5:03 a.m.

Can the rules of blackjack help close more sales?

By Joe Marr

Blackjack is one of the few casino games in which you have an almost even chance of leaving the table a winner by following three principles; understand the rules of the game, never risk more than you can afford to lose and know when to walk away. Here's how they work:

1. Understand the rules of the game. Blackjack has rules that dictate how and when the cards are dealt, which combinations of cards constitute a winning hand, and how the dealer must play his hand. Additionally, mathematical probabilities establish a set of "rules" you must follow to maximize your chances of winning. By sticking to the rules, you reduce the house advantage to only a few percent.

To follow the rules, you must be emotionally detached from the process and, you must follow the rules diligently to benefit from them. If the rules specify that you always split aces and eights, then you must always split aces and eights. If the probabilities specify that you should hold on 14 when the dealer's up card is six or less, that's what you must do. You can't play hunches. You can't second-guess the probabilities if you are relying on them to produce predictable results.

2. Never risk more than you can afford to lose The wisdom of this rule should be obvious. If it's unwise, as the adage suggests, to "put all your eggs in one basket," it's just as foolish to bet all your money (especially if it's your last dollar) on one hand.

3. Know when to walk away. If you play the game long enough, you'll likely notice a simple predictable wave-like pattern to your winnings and losses. Sometimes you're up, sometimes you're even, and sometimes you're down. Unfortunately, the pattern isn't a perfectly predictable wave with a fixed frequency and amplitude. So, it's important to set a goal in advance to walk away when you're either up or down by a specific amount. In either case, you walk away a winner - measured by your actual winnings or simply the fact that you survived to play another day (or perhaps at another table).

Now let's see how the principles for winning blackjack apply to the "game" of sales.

1. Understand the rules of the game. One rule of sales is that you don't invest your time pursuing low-probability opportunities, regardless of how much you want or need a sale. Like in blackjack, you need to remain emotionally detached from the process. If the opportunity doesn't measure up ... well then, it doesn't measure up, and it's time to move on and find one that does. Low-probability opportunities exist when:

• There isn't a compelling reason for the prospect to buy. • They aren’t willing or able to make the investment to buy your product. • You don't meet all of the prospect's criteria for buying.

2. Never risk more than you can afford to lose You should "bet" (or invest) your time wisely. You shouldn’t invest all of your time pursuing a single opportunity if it's not a winning strategy. You should always have more than one active opportunity in your pipeline; winners have alternatives so you can always afford to apply the last rule:

3. Know when to walk away. It’s important to understand that sometimes "it's not in the cards" for you to close a particular sale. Some sales opportunities will progress predictably and perhaps quickly, and you'll add a new name to your client list. Other opportunities will drag on. Some prospects will make commitments but won't keep them. In those cases, you need to cut your losses (of time and energy) and close the file, walk away, and reinvest your time in a prospect willing to play to the conclusion of the “game”.

When you play by the rules of probability, in cards as well as in sales, you can bet on a winning outcome. Thank goodness the probability of “winning” in sales is much higher than in blackjack, it can be much more lucrative, and if you play the game right, it’s also a much more noble occupation.

Joe Marr is a public speaker, sales and management consultant and trainer, and runs Sandler Training - Ann Arbor at 501 Avis Drive, Ann Arbor, MI 48108. For information on how to take a systematic approach to selling call: (734)821-4830 or visit his website at: www.sandlerannarbor.com.