Beverly Flaxington, The Collaborative
Many times advisors don’t like to think of themselves as salespeople. But just think: Client referrals. Strategic alliances. New prospects coming in. Even peers sometimes need to be sold on an idea or a strategy. So advisors are faced with a conundrum – the need to sell is there, but the experience of selling can be a negative one.
The selling process, to those who have not been trained in it, has its own mystique. The scripts, the proper words at the proper time, and the ability to listen past an objection someone is presenting to you in order to find what they really need, are all skills that not many people possess naturally.
Let’s look at five tenets of successful sales that anyone can use to help them – at a minimum – get more comfortable:
- Define your goals. You wouldn’t create a financial plan for someone without knowing something about their goals, desired outcomes and current state. Selling is no different. Too many firms simply state “I want to grow,” “Our objective is growth,” or “Our strategy is to increase sales.” Instead, write quantitative and objective sales goals. Know who your ideal client is and target similar prospects, determine reasonable growth in assets and clients, and decide how much time you’ll devote to selling.
- Work from a plan. It’s not enough to set your goals; you have to define who, what, when and how in order to implement them effectively. The plan should outline marketing tactics (events, emails, PR, etc.), and the number and types of contacts (direct calls, client referrals). It should also include training or coaching you (and your manager) believe will most benefit you.
- Create relationships and deepen them whenever and wherever possible. While advisors talk about the importance of relationships and the depth of relationships they have with strategic alliances and clients, the truth is that there is always room for improvement. Find every opportunity to deepen a relationship by learning more about the person and what they care about, by holding events and providing education they could find useful, and by providing information they can use and share.
- Solve their problem in an effective way. When it comes right down to it, selling is not even selling. It’s solving someone’s problem by offering them a product, service or solution that meets their need and takes away their pain, or offers them the pleasure they are seeking. It’s critical to know your market and the problems you solve (Step 1). Focus on listening and questioning, meeting objections, and mirroring their pace and style to communicate most effectively.
- Qualify. Make sure they’re “real.” Here’s where many professional salespeople falter. A suspect, prospect or client can look like someone who offers an opportunity for a potential sale. As the hope-to-be seller, you may spend a lot of time providing information, following up with phone calls, keeping the person in your pipeline and assuming there are assets attached that will someday be yours. Check – and re-check – that the prospect meets your “ideal client” standards and ask questions that get at their current “pain.” Don’t waste time on non-serious or indifferent people!
If you think your sales process needs a change, consider one of these areas and choose to focus on it and see if it makes a difference.