How to Master the Art of Selling Financial Services. Tom Hopkins
needs, outstanding loans and financial commitments, property ownership, how they came to use your service, who referred them, if they have provided you with referrals, and so on. Again, note any common patterns.
Next, list your top 25 sources of referrals. Analyze them also. Make note of any common patterns between yourself and your sources. Be careful not to get so deep into this analysis that it takes you all day. You should be able to see the pattern emerge with a quick review.
The patterns that emerge should provide the necessary information for you to narrow the focus of your prospecting. You may discover a valuable niche market that you can readily serve. For example, although you may be concentrating your efforts on approaching one area of business, you may discover a profitable niche in another, such as serving small suburban businesses with net incomes of under $1 million, young families with the breadwinner just moving into middle management and a higher salary and benefits package, or individuals who focus on asset protection rather than building wealth. The needs are limitless. Use your imagination. Where are the people you can best serve?
Again, opportunity is always here, there and everywhere if you are willing to put in the effort to find and profit from it. I highly recommend that you conduct this exercise soon. You’ll quickly discover whether or not your marketing efforts are on target.
Find the people. Provide the service. And you will be astonished at the rewards that will enrich every phase of your life.
“We must not sit down and wait for miracles. UP and be going! “~ John Eliot
CHAPTER 3
Once you start implementing your prospecting efforts, you need to check your level of readiness for actually meeting with someone. To win in sales, you develop a game plan, you practice, hone your skills, apply knowledge, psyche yourself up to deliver your presentation with enthusiasm, and prepare to give each potential client contact the proverbial 110 percent of effort.
You will be preparing yourself to perform all of the people skills we covered in the first chapter, but there are some other skills that are important, too.
Memory. Names, places, dates, facts and figures are important. So are the attitudes and beliefs of our potential clients, their interests, likes and dislikes, wants, needs, goals, hobbies, the names of their kids and grandkids and so on. The better your “memory bank,” the better your own bank account will be.
Of course, no one can remember everything, but everyone can improve his or her memory. Read books on the subject. Buy or rent CDs and DVDs. Train yourself daily by making a game of memorization. Make an effort to remember as much as you can about the events that occur in your everyday life. The payoff will astound you.
Remembering names is especially important in selling situations. Two ways to help remember someone’s name are (1) repeat the name at least four times during your first encounter and (2) associate that name with something so you can “jumpstart” your memory quickly the next time you meet.
“Glad to meet you, Mr. Planner. My name is Victoria Bell.”
“I’m glad to meet you, too, Miss Bell. (Thinking Liberty Bell…Liberty Bell…Liberty Bell).
There’s no need to go into the “why” of this technique. Just know that it works, so use it and you’ll never be embarrassed by forgetting a name again.
A Second Language. In the Western world, more than in most other countries, we are nations of immigrants and sons and daughters of immigrants. You’ll find pockets of people from foreign cultures in various neighborhoods especially throughout the United States and Canada. Diversity is one of the factors that makes our two countries so rich in culture.
Learning the second or third language predominant in your market will help you understand and better serve the financial needs of those potential clients. And when word gets out among their language peers that you are fluent and truly understand them, your referral base will grow exponentially.
It’s not a bad idea to consider taking classes or tutoring in the culture and language from someone who lives in one of those areas. That type of education will provide a down-to-earth feel for it rather than classes offered through a college or municipal program though they are not bad choices either.
Communication . How you say something can be as important as what you say. The manner in which you use the gift of your voice will often determine the success or failure of your efforts to serve your clients. It’s something people always notice on their initial contact with you.
Some people speak informally while others will be so formal as to be stiff. Some speak quickly and in short bursts while others may actually drone on using long sentences and exaggerated mannerisms. Learn to match your vocal inflection to theirs. It is imperative that you do this as quickly as possible so they will feel at ease with you as they come to like you and trust you.
Voice is particularly important when on the phone where you don’t have the option of backing up your statements with body language and facial expressions. People have a natural ability to hear what you’re really saying regardless of your words. If your voice lacks excitement, your potential client will believe you lack conviction. If you’re distracted by your computer screen or paperwork on your desk while speaking with a client, they’ll sense it on the other end. They’ll know they’re not receiving your full attention. This type of treatment will cause them to lose faith or worse, lose trust in your ability to make their needs and their business a priority. Potential clients who feel that way often seek out other, more professional financial services providers. Don’t risk it! Record a few phone calls, with permission, and study how well you use your voice on the phone. You’ll hear how you can improve how you sell over the phone.
You can also match “vocal” inflection in written documents. Pay attention to any letters, memos or e-mails you receive from potential clients and adopt a similar style in your replies. Most importantly, always assume what you put in your letters or email messages might be forwarded on to someone else. For that reason I strongly recommend that you err on the side of formality.
Yes, you can SHOUT, get noticed, create attention or CREATE A LOT OF ATTENTION in the printed word. You aren’t a hypocrite when you adopt someone else’s style of speech or writing. It’s just a means for better and more efficient communication. And please don’t “cuss” by writing $#&&!!!@ to emphasize a point. Cursing, in whatever form, is inappropriate. Champions don’t work that way.
Here’s a good tip when establishing a relationship with a new prospective client. Ask, “How do you prefer that I stay in touch with you?” It’s a simple and easy step that few in the industry ever bother to take. Some people prefer person-to-person contact. Others prefer phone calls, e-mail or faxes or some combination of methods. Ask the question and respond from then on appropriately. This simple act of courtesy will put you head and shoulders above the rest.
Public Speaking. Addressing groups such as business clubs, civic organizations, your child’s class or scout troop accomplishes three key objectives.
One, public speaking increases public awareness, not only for your business but it increase your name recognition.
Two, increased awareness of you increases your business volume.
Three, public speaking builds confidence. The more intimidated you are by public speaking the more you need to seek out and take advantage of speaking opportunities. I know this can be a daunting task but remember, I did it. I really do understand. Yet I can tell you once the fear is conquered the benefit from the confidence you gain is immeasurable!
If you have mastered some or all of the skills we’ve covered here, congratulations.