Posts Tagged ‘Personal Goals’
Wednesday, October 24th, 2012
by Matthew Asser, The Covenant Group
Perhaps you’re familiar with the AIDAS theory in selling. According to the Attention, Interest, Desire, Action, Satisfaction model, a prospect will experience all five emotions, and it is the salesperson’s responsibility to ensure that the potential client passes through the stages in the correct order. The sales story that you tell can significantly impact whether you are able to lead a prospect to a positive sales cycle outcome — specifically, him or her becoming a client.What’s your sales story? How do you direct the conversation in an initial meeting with a prospect? What questions do you ask to learn more about him or her while demonstrating your qualifications and value?
You only have one chance to gain and hold a prospect’s attention, so come to a sales meeting armed with research about his or her background and service needs. Set the tone with friendly conversation before diving into the main reason for the meeting, discussing his or her business problem, then presenting your take on the situation and the solution that you can offer. This will draw his or her attention. If your sales story method includes sharing anecdotes about past clients’ problems, ensure the examples you relay are relevant to your prospect.
Try to keep the story short, punchy and intriguing to maintain interest. Regaling a prospect with tales of your past successes that have nothing to do with his or her needs will seem boring and reduce your chances of advancing to the next stage of the sales conversation.
To spark the prospect’s desire to buy, use a relevant story to draw connections back to his or her situation and pause to ask for any questions. Increase the level of engagement by asking a few more questions to get a better sense of the prospect’s values, as well as his or her business and personal goals. Gain permission to proceed to the next sales cycle step, presenting a solution and asking the prospect to take action. If he or she seems hesitant, ask yourself how you can make the product or service you are offering seem more appealing. Remember: most people want to buy, but they will react negatively when they think you are trying to sell to them. Recall points that the prospect made earlier in the conversation to drive home the rationale for why your solution can solve his or her problem.
Finally, maintain your new client’s satisfaction by delivering value-added service, being ready and willing to meet future needs and regularly showing your appreciation of his or her business.
Matthew Asser has spent the last few decades gaining expertise in how financial services firms can optimize their operations, marketing, new products, business development and client relationship management practices. He’s well-versed in the challenges that an entrepreneur may struggle with, and as a Senior Coach and Facilitator, helps clients achieve business change through The Covenant Group’s extensive financial advisor training programs.
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Tags: Action Satisfaction, Anecdotes, Asser, Attention Interest Desire Action, Better Sense, Business Problem, Covenant Group, Desire, Emotions, Gain Permission, Personal Goals, Relevant Story, Sales Story, Salesperson, Successes
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Wednesday, June 20th, 2012
by Bob Simpson, Synchronicity Performance Consulting
Here’s a mindset shift to help you accelerate the growth of your business. I call this approach the “Ten Door Approach”.
This mindset helped me to build a $120 million book in a little over 8 years, when the average advisor managed $3 to $5 million.
When I met a new prospective client, I had a greater goal than to simply open a new account for that person or family. It was to provide a level of advice and service that would lead that new relationship to help me open ten doors to opportunities within their personal or business networks.
From our first meeting, we started discussing how we help people to achieve their personal goals. We talked about what they did in their personal and business lives. We talked about their children and the their activities and interests. I knew what social clubs they belonged to and why involvement in these clubs was important to them. I knew if they were golfers and what club they belonged to. I learned about their friends that they travelled with. More than 50% of time we spent in meetings was talking about them.
People enjoy talking about themselves.
Today, I would check them out on LinkedIn. Last week, I established my 500th connection on LinkedIn and have 137 members of Advisor Collaboration, a group that I manage on LinkedIn. It is amazing what you can learn about people on the Internet.
Editorial Note: There are some great quasi CRM programs: www.connectedhq.com and www.gist.com, which aggregate LinkedIn, Twitter and Facebook information into a single page so you can quickly read up on what your clients are up to. I wouldn’t use them as my CRM but I would set up an account just to do research on people.
If a client wrote a blog, I would read it. I am genuinely interested in people and am interested in what they are up to.
There is a fine line between being interested and being creepy. That is why I like LinkedIn vs. programs like Facebook and Twitter. That is not to say that people who use Facebook or Twitter are creepy but it is sometimes too much information.
Through this approach, I received invitations to speak to service clubs. I also was invited to speak to a retiree’s club for a fairly major corporation. I met professionals, like accountants and lawyers, with whom they worked. Those were pretty big doors through which I met some interesting new clients.
The secret to opening these doors is staging consistently superior client experiences. The information that you obtain by being interested in your clients’ lives is vitally important in achieving this goal. Each client experience must be unique and be based on their interests, preferences and priorities. It must include special touches that make them feel special.
If you survey your clients, you need to receive scores of 9 or 10 to Fred Reichheld’s Ultimate Question: “How likely is it that you would recommend us to a friend or colleague?” Scores of 7 or 8 aren’t good enough.
If you can achieve this goal, your clients will help you build your business by opening doors to friends, colleagues, business associates and groups to which they belong. Ten doors is a reasonable target over the lifetime of a client.
If you still believe that the reason you do not get an acceptable number of client referrals is because you don’t ask, you are dreaming. If your clients do not open doors for you, it is because you haven’t earned it. It is a clear sign that there is something wrong with your client relationship management systems.
Do the right things for the right people and be consistent and patient and the doors will open, even during bad markets.
About Bob Simpson
Synchronicity Performance Consulting has been coaching financial advisors since 1998.
Bob Simpson, president and founder of Synchronicity has been involved, directly or indirectly in the financial services industry since 1981. He has been a very successful financial advisor with Nesbitt Thomson Inc., a major Canadian financial institution. Between 1981 and 1989, he built a business with more than $120 million in assets under management, was branch manager and SVP National Sales for Midland Walwyn and has been coaching financial advisors since 1998.
Tags: 5 Million, 8 Years, Bob Simpson, Business Lives, Business Networks, Collaboration, Crm Programs, Editorial Note, First Meeting, Gist, Golfers, Internet Editorial, Linkedin, Mindset, Nbsp, Personal Goals, Prospective Client, Social Clubs, Synchronicity, Twitter
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Wednesday, April 25th, 2012
In May, U.S. insurer Met Life issued a 28 page report, quantifying where Americans stand in terms of their preparation for retirement.
This readiness index measures fifteen tasks — attached to the report is a questionnaire that advisors can take clients through to benchmark where clients stand on each task and identify areas to work on.
The fifteen tasks for retirement readiness
The fifteen tasks fall into five areas:
Activities related to income and benefits.
This includes assessing when full time retirement will be financially feasible, evaluating the impact of changes in the economy on pensions, investments and retirement benefits and determining what has to be done to receive the company and Government benefits that clients are entitled to.
Work related tasks
This makes up five of the fifteen things to do.
These include deciding whether to fully retire or work part-time, identifying the options for full time or part time work in retirement, figuring out if skills can be easily transferred to part-time work and exploring alternate career or part time opportunities in retirement.
Leisure related activities
Leisure related tasks include things like determining the balance between work and leisure in retirement and identifying personal goals in retirement.
Relationship tasks to prepare for retirement capture thinking through the impact of retirement on relationships with a spouse, family and friends and also considering the effect on relationships with co-workers.
Planning for retirement
This includes determining what it will take to have a satisfying retirement, identifying alternate plans should there be an unexpected setback related to health or financial issues and also evaluating whether retirement plans meet the demands of potential changes.
Conclusions on retirement readiness
This report reached a number of general conclusions.
First, getting ready to retire is more complicated than just having enough money — there are many dimensions to a satisfying retirement.
In fact, the report points out that existing retirees have provided a road map to what has to happen to maximize the odds of a satisfying and fulfilling retirement.
And second, completing these tasks doesn’t mean that someone should retire — but it does mean they can retire, they’re ready to retire.
The current thinking on the timing of retirement
Americans are about evenly split on when they plan to retire — about half plan to retire at the age they’d been planning to a couple of years ago, the other half say they plan to work past the date they’d planned to.
About 64% of existing retirees say they retired earlier than they’d expected, 33% retired when they’d expected to and only 3% said they’d retired later than expected.
The survey didn’t ask if that early retirement was voluntary — in all likelihood there were some cases in which companies made the decision for these early retirees.
People feeling that they can retire on target
People who say they can retire when they’d planned to were more likely to have established personal goals. Establishing those goals and then following through on them appears to focus people on the important activities that will keep them on track.
Tags: Alternate Plans, Benchmark, Co Workers, Compendium, Family And Friends, Government Benefits, Insurer, Opportunities In Retirement, Part Time Work, Pensions Investments, Personal Goals, Planning For Retirement, Planning Retirement, Questionnaire, Retirement Benefits, Retirement Plans, Retirement Readiness, Setback, Target, Time Opportunities
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