Can a poker tournament teach us something about selling? Maybe. I think it can. Read and see why.
A couple of weeks ago, I played in a Texas Hold ‘Em Poker tournament hosted by a club that I belong to. It’s a fun event, and not at all a high-stakes event (the buy in is $20, with an option for one re-buy if you’re busted after an hour). The total pot is then split up and the top four players get varying payoffs. It’s a fun evening of cards and friendship.
Well, something unusual happened this time. I won. Now, I’m not a great poker player; I only play half a dozen times a year or so. Hold ‘Em isn’t my favorite form of the game. And, there are some VERY good poker players in my club; the kind of guys that go to the casinos and win regularly. One of the players (who came in second) basically makes his living that way nowadays. So, after the thrill of winning wore off, I took some time to think about HOW I beat this guy, because I wasn’t “supposed” to. Turns out that I beat him with a lot of the same characteristics that have made me successful in selling.
See, I tend to irritate some players when I play. Not because I’m obnoxious or anything, but more because I don’t play the “accepted” way of playing Hold ‘Em. I’m not going to take a deep dive into the game here – there are plenty of websites that do, if you don’t know much about it – but here are the basics. The game starts with each player being dealt two cards. These are the “pocket” cards, and they are the only cards that are individual to the players. Everyone bets or folds. Then the “flop” happens. That is when three “community” cards are dealt, face up, in the middle of the table. Bet or fold. Then is “Fourth Street,” another community card face up. Bet or fold. The “River” is the final card, bet or fold, then show the cards.
The default position of many players, including some very good players, is to fold. What I mean by “default position” is that they start the game thinking of folding as the first option if the cards don’t come up to snuff, and are persuaded to play based on the cards. Hence, experienced hold ‘em players fold early and often, many times based only on the pocket cards. Here’s where I differ, and here’s where the selling analogy comes into play:
I play to win. My default position is “play,” and I’m persuaded to fold by the lousiness of the cards. HOWEVER – I don’t fold often after the pocket cards; I see the flop cards on about 75% of the hands that I play. The reason is simple – you can’t win unless you play. Folding early is a defensive position, playing not to lose. As you know from my work, I dislike defensive selling, the prevent defense – and playing not to lose. Hence, my default position is “play.”
I like information. One of the reasons I don’t fold before the flop is simple. If I do, I’m giving up only knowing 29% of the possible information (2 out of 7 total cards). To me, that’s not enough, and unless someone is getting really froggy with their early bets, it’s cheap to stay in and see the flop. Hence, I’m in most hands through the flop, and then I can make a decision using 71% of the available information. In selling, I often see salespeople making bad decisions with too little information. The impact can range from giving up too early to losing the sale because you proposed before asking enough questions. Work with good information.
Being different than my competitors. Here’s another issue: If I tried to play the game the “conventional” way, I’d get killed. I know this because in too many past tournaments, I’ve tried the conventional way and lost ugly. That’s because some of the other guys at the table REALLY know the conventional game – all the odds and permutations – and I know a little bit of the conventional game. Since knowledge is key, I’m their chump if I go that way. Instead, I go my way, which means that the low cards that the other guys fold, I’ll play – at least through the flop (see above). My 6-2 off suit pocket cards look lousy after the first deal, but when two sixes come up on the flop, I’m gold because it’s a pretty sure bet that anyone else at the table has folded with a 6 in their hand. I won several hands this way. In selling? If you’re doing “me too” selling with the same lame questions, the same “me too” benefit statements, you’re at the mercy of price and brand. Be different and effective.
Consistent activity is key. You’ve seen me preach multiple times that consistent activity is the key to successful selling. It is in these tournaments, too. The “blinds” (mandatory minimum bets) double every 15 minutes. If you’re not winning at least one hand every 15 minutes (and folding most of the time), the game quickly gets away from you, in terms of your ability to bet. I watched several players bust out exactly this way, by not playing until it was too late. Once again, my “play lots of hands” philosophy worked.
Don’t let yourself be intimidated. When the final table got down to the final four, the “pro” player (who had about 2/3 of the chips on the table) magnanimously offered to stop the game, the three of us that were below him could evenly split the money from 2-4, and he could have the #1 share. I don’t know if the other two guys would have gone for it, but I simply said, “No, I think I’ll make you beat me.” It’s easy to give up in the face of a strong competitor, or not to even try to get certain customers based on your perceptions. Don’t be that guy. Take every shot you can, and you’ll get more than you think to pay off. In this case, the “pro’s” chip lead quickly evaporated and he busted out against me on the final hand. He was most displeased, and even commented that he “hated to lose that way to a bad player.” Bad form, I thought, but I was too busy counting my money to worry about it. Which leads to my final thought:
Whatever you do, make sure it’s well thought out, have a reason for what you do, and make sure it works. My own poker playing style is anything but conventional, but I have a reason for every move I make. I’ve played in about a dozen tournaments. Most of the time I’ve tried to do it “by the book.” I’ve failed badly. The two times that I’ve played 100% my way, I won a tournament and made it to the final table of a 100-person tourney in Vegas. Does that mean I’m a great poker player? Probably not. I’d get chewed up by the real pros. But in poker, or in sales, I have a reason for every move that I make, and that reasoning is backed up by the percentages of success. If you do things the same way, you’ll succeed more often than not.
