Carver and White (1994) put forth that there are two key dimensions of personality:
- anxiety
- impulsivity
These two qualities represent differences in sensitivities of two neurological systems in their responses to environmental cues.
One system regulates aversive motivation.
One system regulates appetitive motivation.
Aversive motivation is regulated by the behavioural inhibition system (BIS) that controls the experience of anxiety and is sensitive to signals of punishment / non reward and as such inhibits behaviour that may lead to adverse consequences.
Appetitive motivation is regulated by the behavioural activation system (BAS) that is sensitive to reward and non punishment and leads to goal directed behaviour with observable positive feelings of hope for example.
People with high BAS sensitivity respond to cues of reward compared to people with low BAS.
High BIS individuals are responsive to punishment cues.
Gray’s (1975) original reinforcement sensitivity theory attributes behavior to the relative strength of these two motivational systems.
So assuming that these systems do indeed operate to regulate motivation to either take risks towards achievement of goals or the reluctance to take chances that may risk jeopardising the status quo : what can you do about it when engaging your clients to utilise your services?
The keys are tapping into and individuals neurological systems and ensuring that you match your pitch in the way that will most resonate with them.
This means for the individual wanting to escape risk : you need to to highlight the risks inaction actually delivers and the consequences (punishment) that may await should they not implement the solutions you recommend.
It's a discussion about statistics, case studies and stories of the what if and adverse consequences of inaction.
For those clients with high BAS, who are looking forward, can visualise a better state of being and ready to take action for the pursuit of a reward : it's all about positive achievement and what people have achieved by implementing your solutions. All they need to do to reach a better state is move forward with you.
The trick of course is identifying which clients have high BAS or high BIS sensitivities.
Showing posts with label Sales Success. Show all posts
Showing posts with label Sales Success. Show all posts
Sunday, 5 May 2013
Thursday, 27 December 2012
Business Plan Template : A Guide to Pro-Active Client Engagement
So the end of the year is nigh and if you are really serious about making 2013 a success, then it is highly likely that you have already thought about your key client engagement plans for next year and quite possibly planned out the first three months of 2013.
No?
What are you waiting for??!!!
Imagine ending 2012 knowing exactly what the next twelve months looked like from a client engagement point of view in regard to a series of set plays.
Activity and responsiveness are of course key, but having a structured plan to support your day to day, business as usual activity can provide a clarity and preparation that your competitors just have not got around to doing.
The attached template is not an answer to your client engagement dreams but what it is, is a simple yet powerful tool to illustrate just how well planned your year is, or conversely highlights that your client engagement planning is not up to scratch.
So in 2013 give yourself, your team and your clients the gift of leadership, pro-activity and positive client experiences that will should you be disciplined enough to follow through deliver success in 2013.
You can access the template from the attached link.
No?
What are you waiting for??!!!
Imagine ending 2012 knowing exactly what the next twelve months looked like from a client engagement point of view in regard to a series of set plays.
Activity and responsiveness are of course key, but having a structured plan to support your day to day, business as usual activity can provide a clarity and preparation that your competitors just have not got around to doing.
The attached template is not an answer to your client engagement dreams but what it is, is a simple yet powerful tool to illustrate just how well planned your year is, or conversely highlights that your client engagement planning is not up to scratch.
So in 2013 give yourself, your team and your clients the gift of leadership, pro-activity and positive client experiences that will should you be disciplined enough to follow through deliver success in 2013.
You can access the template from the attached link.
Thursday, 13 December 2012
Social Media Success for Financial Planning
We had a great conversation today with an adviser who posed the question : what have financial planning businesses done to be successful with social media and has that activity generated business?
We see many advisers who have dabbled.
They have a twitter account, Facebook - but it's not a business site more an extension of their social world and blended with clients often it's happened very much by accident, they have a linked in profile and sometimes they've written an article on financial planning and posted it on a company site and perhaps tweeted it.
Maybe they've been a little bit more advanced and using Hootesuite that blog has been tweeted and made its way to Facebook, where it's scored some likes.
What next?
The question: "what next" is actually the wrong question...."what should I do first" is the right way to go.
Lon Safko, The Fusion Marketing Bible, 2013, discusses the three major tools of social media, what he calls "the Trinity" - blogging, micro blogging and social networks.
Blogging is vital as not only does it improve SEO results but provided your content is what your desired audience values then you hit the mark as becoming someone trusted and regarded as a subject matter expert.
Directing people to your blog via Twitter espouses Safko, works provided you have great content and content that is original or adds value. Retweets and tweets about articles might provide information to your followers but for originality or interpretation and WIFM why wouldn't they go direct to the original authors?
Either by making your content original or actually writing an opinion piece on a topic that is relevant to your target audience that actually adds value by making it easier for them to understand a topic makes you ...useful....followable.
Finally all this activity is great but pointless unless you can generate a community that you can engage, share with, bond with, consult and learn about - then you don't have a base to build your business from.
So actually the first step is to decide ....who is your market? Where do they congregate? What do they follow? What are they interested in? What are the concerns they have?
It's about listening. In the Hypersocial Organisation, Gossieaux and Moran gave countless examples of corporations listening first to their target market before engaging successfully versus those who embarked on a social media strategy that was quickly seen as a marketing push.
Demonstrating that you care, understand, empathise and share similar values to your target market are critical factors in successfully engaging them to use your services.
It has to be genuine else it is easily seen through.
So the answer to the question posed?
Businesses in financial planning that have successfully used social media have:
- listened to what their clients and people like their clients want
- they have created original content based on those insights
- they have communicated that content via blogging and micro blogging
- they have engaged their followers via Facebook - appropriately separated from their personal page - and twitter
- they follow people who can add value to thier target market and to their own business
- they have engaged their followers by doing what social media is designed for : communicating and engaging
- they then have offered face to face group engagements on the topics that generate a buzz
- they have attracted friends of followers
- they are consequently seen as leaders, opinion leaders, subject matter experts....someone who can be trusted ......
- they collaborate and contribute
And by doing this they have built loyalty and their business.
We see many advisers who have dabbled.
They have a twitter account, Facebook - but it's not a business site more an extension of their social world and blended with clients often it's happened very much by accident, they have a linked in profile and sometimes they've written an article on financial planning and posted it on a company site and perhaps tweeted it.
Maybe they've been a little bit more advanced and using Hootesuite that blog has been tweeted and made its way to Facebook, where it's scored some likes.
What next?
The question: "what next" is actually the wrong question...."what should I do first" is the right way to go.
Lon Safko, The Fusion Marketing Bible, 2013, discusses the three major tools of social media, what he calls "the Trinity" - blogging, micro blogging and social networks.
Blogging is vital as not only does it improve SEO results but provided your content is what your desired audience values then you hit the mark as becoming someone trusted and regarded as a subject matter expert.
Directing people to your blog via Twitter espouses Safko, works provided you have great content and content that is original or adds value. Retweets and tweets about articles might provide information to your followers but for originality or interpretation and WIFM why wouldn't they go direct to the original authors?
Either by making your content original or actually writing an opinion piece on a topic that is relevant to your target audience that actually adds value by making it easier for them to understand a topic makes you ...useful....followable.
Finally all this activity is great but pointless unless you can generate a community that you can engage, share with, bond with, consult and learn about - then you don't have a base to build your business from.
So actually the first step is to decide ....who is your market? Where do they congregate? What do they follow? What are they interested in? What are the concerns they have?
It's about listening. In the Hypersocial Organisation, Gossieaux and Moran gave countless examples of corporations listening first to their target market before engaging successfully versus those who embarked on a social media strategy that was quickly seen as a marketing push.
Demonstrating that you care, understand, empathise and share similar values to your target market are critical factors in successfully engaging them to use your services.
It has to be genuine else it is easily seen through.
So the answer to the question posed?
Businesses in financial planning that have successfully used social media have:
- listened to what their clients and people like their clients want
- they have created original content based on those insights
- they have communicated that content via blogging and micro blogging
- they have engaged their followers via Facebook - appropriately separated from their personal page - and twitter
- they follow people who can add value to thier target market and to their own business
- they have engaged their followers by doing what social media is designed for : communicating and engaging
- they then have offered face to face group engagements on the topics that generate a buzz
- they have attracted friends of followers
- they are consequently seen as leaders, opinion leaders, subject matter experts....someone who can be trusted ......
- they collaborate and contribute
And by doing this they have built loyalty and their business.
Tuesday, 3 July 2012
Creative Sales Engagement Through Disciplined Process
Is it possible to have a disciplined sales methodology and process and at the same time provide an environment of innovation and creativity.
At PCE we think the two go hand in hand.
By providing the boundaries and automation of process staff are empowered by understanding how the core of their required KPI's can be built into daily, weekly and monthly process - some of which can be automated, the balance of which becomes habit.
From there staff, you and your sales professionals, have the freedom, flexibility, well defined boundaries, empowerment and most importantly the time to be innovative.
So how do you create a process that leads to freedom and flexibility?
At PCE we believe it's all about communication and transparency and leadership by example.
A mechanism to communicate with clarity and transparency is a good old fashioned communication board.
Now let's get this straight - having worked in the boiler room environments of high performance and cut throat sales - we are not talking about a leader board that is fear driven.
Rather we are talking about a pulse board. A snapshot of the mood of your office, of the development plans for individuals. Yes it's also about results and activity that people have achieved and have committed to. This is an important component but it is also about what you as a leader of your sales team have delivered in removing hurdles for outperformance and what incremental improvements have been made in the previous week for example.
It's a mechanism for communicating success and for looking at what conversations and techniques the team will try in the next period (say for example over the next fortnight) in their sales conversations.
So very quickly this type of communication becomes not only a performance tracker but a performance monitor and a guide and mechanism to share ideas.
Most importantly having leaped over hurdles it allows for time out for ideas development. By allocating 20% of sales team time for them to innovate - after of course this type of board has been in operation for a period that you are comfortable that the right behaviours have been adopted - you give through a process the right and autonomy to be creative.
Creativity through disciplined process.
At PCE we think the two go hand in hand.
By providing the boundaries and automation of process staff are empowered by understanding how the core of their required KPI's can be built into daily, weekly and monthly process - some of which can be automated, the balance of which becomes habit.
From there staff, you and your sales professionals, have the freedom, flexibility, well defined boundaries, empowerment and most importantly the time to be innovative.
So how do you create a process that leads to freedom and flexibility?
At PCE we believe it's all about communication and transparency and leadership by example.
A mechanism to communicate with clarity and transparency is a good old fashioned communication board.
Now let's get this straight - having worked in the boiler room environments of high performance and cut throat sales - we are not talking about a leader board that is fear driven.
Rather we are talking about a pulse board. A snapshot of the mood of your office, of the development plans for individuals. Yes it's also about results and activity that people have achieved and have committed to. This is an important component but it is also about what you as a leader of your sales team have delivered in removing hurdles for outperformance and what incremental improvements have been made in the previous week for example.
It's a mechanism for communicating success and for looking at what conversations and techniques the team will try in the next period (say for example over the next fortnight) in their sales conversations.
So very quickly this type of communication becomes not only a performance tracker but a performance monitor and a guide and mechanism to share ideas.
Most importantly having leaped over hurdles it allows for time out for ideas development. By allocating 20% of sales team time for them to innovate - after of course this type of board has been in operation for a period that you are comfortable that the right behaviours have been adopted - you give through a process the right and autonomy to be creative.
Creativity through disciplined process.
Sunday, 20 May 2012
Marketing to your client base - set your expectations!
So you've decided to run a sales campaign, promote a new product, re-engage your client base with a new service offer, re-launch your business with a family advice offer to tap into the intergenerational opportunity or simply try and sell more products into your client base and increase the number of connections your clients have with you.
Let's suppose for arguments sake that faced with an opt-in regime and the need to clearly articulate your services you've designed a unique proposition for your clients. Perhaps you plan to engage your clients differently even positively with things like a lifestyle questionnaire or a wealth index.
How many people will adopt this new paradigm of service?
Turn to marketing 101 and understand the adoption of innovations and understand your client base.
Innovators - are who you should aim to target first. These people are typically adventurous, better educated, younger than the norm and financially stable. Who are these clients in your data base? They will be small in number perhaps 2.5% of your clients.
Hence don't expect huge numbers to beat down a path to your door in these initial days.
But don't give up, the next segment you need to target are the early adopters. These people like to be socially accepted and your marketing needs to speak to that need so tailor your communications accordingly. It's worth it as these 13.5% will reap significant rewards for your efforts.
Next who in your data base are the middle class, deliberate and cautious clients, with above average education and income but need something that is proven - tried and tested. This is when you change your marketing message to use social proof that is tell them stories that this has worked well with clients you have already worked with.
This retake on your marketing - version 3 as it stands is worth the effort as typically they make up the next 34%.
So the messages you need:
version 1 - it's cuttng edge, new and a different way of doing things.
version 2 - this is working and there are opportunities to be part of it.
version 3 - this really works and we have proven results for you to examine.
So be it a new holistic way of engaging your clients. A cutting edge product or service. Or a relaunch of your business - tailoring your message and carefully selecting your targets from your client base not only works but is crucial to your success. Knowing what to expect as above will help you keep motivation to keep pushing ahead with your innovation!
Let's suppose for arguments sake that faced with an opt-in regime and the need to clearly articulate your services you've designed a unique proposition for your clients. Perhaps you plan to engage your clients differently even positively with things like a lifestyle questionnaire or a wealth index.
How many people will adopt this new paradigm of service?
Turn to marketing 101 and understand the adoption of innovations and understand your client base.
Innovators - are who you should aim to target first. These people are typically adventurous, better educated, younger than the norm and financially stable. Who are these clients in your data base? They will be small in number perhaps 2.5% of your clients.
Hence don't expect huge numbers to beat down a path to your door in these initial days.
But don't give up, the next segment you need to target are the early adopters. These people like to be socially accepted and your marketing needs to speak to that need so tailor your communications accordingly. It's worth it as these 13.5% will reap significant rewards for your efforts.
Next who in your data base are the middle class, deliberate and cautious clients, with above average education and income but need something that is proven - tried and tested. This is when you change your marketing message to use social proof that is tell them stories that this has worked well with clients you have already worked with.
This retake on your marketing - version 3 as it stands is worth the effort as typically they make up the next 34%.
So the messages you need:
version 1 - it's cuttng edge, new and a different way of doing things.
version 2 - this is working and there are opportunities to be part of it.
version 3 - this really works and we have proven results for you to examine.
So be it a new holistic way of engaging your clients. A cutting edge product or service. Or a relaunch of your business - tailoring your message and carefully selecting your targets from your client base not only works but is crucial to your success. Knowing what to expect as above will help you keep motivation to keep pushing ahead with your innovation!
Thursday, 3 May 2012
Successfully Engaging Centres of Influence - Slide Set
For the full presentation, Australian based personal risk insurance advisers can contact PCE. But here's a snippet for everyone.
Is strategy advice the key to successful centre of influence engagement?
So select your COI targets carefully.
And match them to your ideal clients.
As an example maybe your ideal clients are like these?
Build and be ready to articulate your capabilities and pitch.
Tailor your pitch to something that suits your style.
Then deliver to your chosen COI.
Finally use PCE tools such as the Wealth Management Index and Client Lifestyle Questionnaire to give the relationship with your COI ongoing life.
Is strategy advice the key to successful centre of influence engagement?
So select your COI targets carefully.
And match them to your ideal clients.
As an example maybe your ideal clients are like these?
Build and be ready to articulate your capabilities and pitch.
Tailor your pitch to something that suits your style.
Then deliver to your chosen COI.
Finally use PCE tools such as the Wealth Management Index and Client Lifestyle Questionnaire to give the relationship with your COI ongoing life.
Thursday, 1 March 2012
How to positively change your world in 2012
So as we draw close to the next stage of Positive Client Engagement - the specific tools and processes (including process maps) to develop, launch, implement and maintain the positive client philosophy and grow your financial planning and insurance business it is important to understand that one of the critical things you need to change in your business is....you.
This means adopting some key behaviours and processes in how you manage yourself and mentor your staff.
1) Set your success goal
The need for setting goals to aim for and measure yourself again is critical. Just as you need to coach your clients towards the ideal of success for them, you need to to design what success looks like for you.
2) Develop your networks
Nowadays people link through networks more than ever through the speed and depth that technology caters for. How you manage, contribute and participate in networks is crucial. Diary management and setting aside time to network is a success strategy that with only as little as 2 hours per week can build your networks exponentially.
3) Get your own success coach
If olympic atheletes at the peak of their prowess, tennis players at the height of their career seek out coaches - why are you any different? A mentor/coach/professional business consultant is someone to challenge, guide and keep you accountable to the promises you make to yourself and are a vital element of your success plan.
4) Understand yourself
This means assessing yourself, having other assess you and all in all means developing your emotional intelligence and capacity to become a transformational leader.
5) Understand your skills and capabilities
Conducting an audit on yourself and importantly on what it is that empowers and motivates you delivers the will and the attitude and focus that you will need to deliver on your success plan.
In our next series of posts we will take all the discussions so far from Positive Client Engagement and walk you through the process of engaging your clients in real life scenarios.
This means adopting some key behaviours and processes in how you manage yourself and mentor your staff.
1) Set your success goal
The need for setting goals to aim for and measure yourself again is critical. Just as you need to coach your clients towards the ideal of success for them, you need to to design what success looks like for you.
2) Develop your networks
Nowadays people link through networks more than ever through the speed and depth that technology caters for. How you manage, contribute and participate in networks is crucial. Diary management and setting aside time to network is a success strategy that with only as little as 2 hours per week can build your networks exponentially.
3) Get your own success coach
If olympic atheletes at the peak of their prowess, tennis players at the height of their career seek out coaches - why are you any different? A mentor/coach/professional business consultant is someone to challenge, guide and keep you accountable to the promises you make to yourself and are a vital element of your success plan.
4) Understand yourself
This means assessing yourself, having other assess you and all in all means developing your emotional intelligence and capacity to become a transformational leader.
5) Understand your skills and capabilities
Conducting an audit on yourself and importantly on what it is that empowers and motivates you delivers the will and the attitude and focus that you will need to deliver on your success plan.
In our next series of posts we will take all the discussions so far from Positive Client Engagement and walk you through the process of engaging your clients in real life scenarios.
Saturday, 25 February 2012
The Ultimate Guide to Re-creating your business for Opt In success
For most financial planning businesses "opt in" means you will need to change systems, processes, methodologies and the philosophy of how you do business. To do that you need to bring the people in your business along the journey and you need to have something to implement that maximises the possibility of opt in success.
This is an organisational change process. And it is a process that needs to be specific to financial planning where the critical factor affecting success is relationships.
Rather than approaching this traditionally with problem - solving change management protocols an approach of appreciative inquiry seems to dove tail into financial planning businesses.
This approach reframes relationships around what is positive and what is possible.
It is representative of positive organisational behaviour - where the people in the business focus on positive aspects and in so doing improve business and personal success and subjectve well being as a consequence.
The beauty of this for financial planning businesses contemplating an opt in world is that the process you can use to re-create your business can also be directly applied (with the help of tools from Positive Client Engagement) when working with your clients.
There is a "four D" model for this process.
Discovery, dreaming, designing, delivering.
Discovery
- identify positive elements of your business
- document and create stories about positive client outcomes you have created
- interview your staff about what drives them in serving clients
- interview successful businesses that you know of - perhaps in the same AFSL as you and discover the strengths of these businesses
- look to sources of research on businesses - eg: The groundbreaking Asteron Life 2 year study on the 7 best practices adopted by businesses who have successfully tapped into the intergenerational opportunity
Dreaming
- gather your staff and have a vision coaching session where you imagine the possibilities and what you would deliver to clients in the ideal business
- remember it's a hypothetical business so feel free to fearlessly design a cutting edge business without barriers
Designing
- also involves your staff and now you shape the dream into what becomes a common and shared image of what can be for your business - and it shifts focus back to the day to day roles and how such a model would be implemented
Delivering
- set specific tasks, objectives, directions, time frames, resources for the agreed upon model
What does the ideal business look like? And how do you apply the same model to clients?
The ideal business discovers what a client sees as positive elements of their life and in so doing provides motivations to overcome the negative aspects of their financial world.
The ideal business tells stories about success they have had with similar clients and uses the concept of social proof to de-mystify the process of financial planning.
The ideal business writes white papers that research the areas of the businesses expertise that are a demonstration of ability, empathy and experience to your clients and prospects.
The ideal business has a process for assisting a client to dream what is possible in their financial world and imagine possibilities unlimited by past experiences or current circumstances.
The ideal business takes a palpable stake in the clients vision and designs the success plan as a shared image of what is possible clearly identifying the role the business plays in the outcomes and the journey.
The ideal business delivers the direction, objectives and plan in a way that is meaningful and relevant for the client and is achieveable, measurable and timely.
The ideal business engages it's clients positively, uses tools such as a Positive Client Engagement Lifestyle Questionnaire (c) and the Positive Client Engagement Wealth Management Index (c).
So let go of your structured norms and change your mindset. Investigate the positive possibilities and have queues of advocates opting in to your financial planning business.
This is an organisational change process. And it is a process that needs to be specific to financial planning where the critical factor affecting success is relationships.
Rather than approaching this traditionally with problem - solving change management protocols an approach of appreciative inquiry seems to dove tail into financial planning businesses.
This approach reframes relationships around what is positive and what is possible.
It is representative of positive organisational behaviour - where the people in the business focus on positive aspects and in so doing improve business and personal success and subjectve well being as a consequence.
The beauty of this for financial planning businesses contemplating an opt in world is that the process you can use to re-create your business can also be directly applied (with the help of tools from Positive Client Engagement) when working with your clients.
There is a "four D" model for this process.
Discovery, dreaming, designing, delivering.
Discovery
- identify positive elements of your business
- document and create stories about positive client outcomes you have created
- interview your staff about what drives them in serving clients
- interview successful businesses that you know of - perhaps in the same AFSL as you and discover the strengths of these businesses
- look to sources of research on businesses - eg: The groundbreaking Asteron Life 2 year study on the 7 best practices adopted by businesses who have successfully tapped into the intergenerational opportunity
Dreaming
- gather your staff and have a vision coaching session where you imagine the possibilities and what you would deliver to clients in the ideal business
- remember it's a hypothetical business so feel free to fearlessly design a cutting edge business without barriers
Designing
- also involves your staff and now you shape the dream into what becomes a common and shared image of what can be for your business - and it shifts focus back to the day to day roles and how such a model would be implemented
Delivering
- set specific tasks, objectives, directions, time frames, resources for the agreed upon model
What does the ideal business look like? And how do you apply the same model to clients?
The ideal business discovers what a client sees as positive elements of their life and in so doing provides motivations to overcome the negative aspects of their financial world.
The ideal business tells stories about success they have had with similar clients and uses the concept of social proof to de-mystify the process of financial planning.
The ideal business writes white papers that research the areas of the businesses expertise that are a demonstration of ability, empathy and experience to your clients and prospects.
The ideal business has a process for assisting a client to dream what is possible in their financial world and imagine possibilities unlimited by past experiences or current circumstances.
The ideal business takes a palpable stake in the clients vision and designs the success plan as a shared image of what is possible clearly identifying the role the business plays in the outcomes and the journey.
The ideal business delivers the direction, objectives and plan in a way that is meaningful and relevant for the client and is achieveable, measurable and timely.
The ideal business engages it's clients positively, uses tools such as a Positive Client Engagement Lifestyle Questionnaire (c) and the Positive Client Engagement Wealth Management Index (c).
So let go of your structured norms and change your mindset. Investigate the positive possibilities and have queues of advocates opting in to your financial planning business.
Saturday, 11 February 2012
Laying the Ground For The Perfect Sales Pitch
The perfect sales pitch delivery doesn't happen on the day of the pitch. The fertile ground that is sown during the initial discovery meetings with your clients AND how exactly you sow that seed will determine your success.
In fiancial planning and insurance sales this involves you as the professional adviser enaging the client on:
- areas of discomfort for a client and doing this early in the engagement process removes/reduced barriers to change
- sharing commonalities, shared experiences, shared values and aspirations
- winning their heart and mind by showing that you understand their point of view AND that you have had experience dealing with the situations they face
THIS IS NOT THE TIME to share with them a diatribe on your education, experience and your financial services guide. (We expect of course there is some compliance requirement that has been met appropriately).
THIS IS THE TIME TO:
- question them on why they have not taken action before
- their experiences with the provision of advice
- sharing your story with them about what you have done to insure and plan for your family
- what experiences your other clients have had and NOT how you dealt with and provided solutions BUT rather how they felt when the solution you crafted was put in place
You NEED THEREFORE
- to adopt the techniques described in how to use the family tree technique
- to tell your own story
- to tell compelling client stories - insurance claims are key here
- to engage them on values
- to verbally acknowledge the barriers they may have and respect them
A well crafted client questionnaire such as those now available from Positive Client Engagement will be a success guide and tool for you and an assessment for a client that can lead with your help to outcomes that are transformational.
In fiancial planning and insurance sales this involves you as the professional adviser enaging the client on:
- areas of discomfort for a client and doing this early in the engagement process removes/reduced barriers to change
- sharing commonalities, shared experiences, shared values and aspirations
- winning their heart and mind by showing that you understand their point of view AND that you have had experience dealing with the situations they face
THIS IS NOT THE TIME to share with them a diatribe on your education, experience and your financial services guide. (We expect of course there is some compliance requirement that has been met appropriately).
THIS IS THE TIME TO:
- question them on why they have not taken action before
- their experiences with the provision of advice
- sharing your story with them about what you have done to insure and plan for your family
- what experiences your other clients have had and NOT how you dealt with and provided solutions BUT rather how they felt when the solution you crafted was put in place
You NEED THEREFORE
- to adopt the techniques described in how to use the family tree technique
- to tell your own story
- to tell compelling client stories - insurance claims are key here
- to engage them on values
- to verbally acknowledge the barriers they may have and respect them
A well crafted client questionnaire such as those now available from Positive Client Engagement will be a success guide and tool for you and an assessment for a client that can lead with your help to outcomes that are transformational.
Wednesday, 25 January 2012
Closing Sales Questions That Matter - Managing Client Sales Psychology
It's time now to take your closing skills to the next level.
You can only use the techniques we'll talk about today in engaging your clients in the sales process to provide fantastic client outcomes if you have successfully and expertly identified:
- the areas of the clients financial and insurance solution that are lacking, and these have been clearly identified to the client and importantly to the referral source that ideally these clients have come from due to the success of the use of the wealth management index questions (as dicussed in our early posts)
AND
- you have engaged the client on a psycho-emotional level and discovered invaluable information about how they feel about specific areas of their lives, how they rate those aspects now and what they would like to see in the future around those specific areas
AND
- you have explored what success looks, feels, sounds like to the client and what are the regrets the client would have should time escape them and they do not fulfil their dreams
By doing this you would have positively engaged your clients in a manner and depth that few sales professionals in financial services do.
You would have clearly differentiated yourself from competitors and you would have developed an incredible level of rapport as a consequence of taking the time to understand your clients values and showing respect towards those values.
THIS DOES NOT MEAN THAT YOUR PROSPECT / CLIENT WILL BUY FROM YOU.
You now need to make a great attempt at pre-closing.
After you have followed all the above you have earned the right to ask questions about the clients final decision making process.
The range of questions you need to ask will cover:
- the types of financial and insurance decisions they have made in the past
- how and from whom that advice was delivered
- the experience the recollect in the delivery of that advice - their perception
- what stage they are at in the buying process
- what stops them making decisions
- who do they involve in the buying process decision - which voices do they listen to including the ones in their head
- what they expect from you
All of this combined with what you have learnt, from using the techniques we've discussed previously, about how they process information, will enable you to make the pitch of your life and win the deal.
And if you don't view every client presentation of the solution that you have invested so much time, education, professionalism and emotion is as the pitch of your life......the client/prospective client will know that.
After all what you do on a daily basis is make the lives of your clients better ....that's worth getting passionate about.
Follow Positive Client Engagement over the next few months and we'll show you how to deliver the best pitches possible.
Till next time
You can only use the techniques we'll talk about today in engaging your clients in the sales process to provide fantastic client outcomes if you have successfully and expertly identified:
- the areas of the clients financial and insurance solution that are lacking, and these have been clearly identified to the client and importantly to the referral source that ideally these clients have come from due to the success of the use of the wealth management index questions (as dicussed in our early posts)
AND
- you have engaged the client on a psycho-emotional level and discovered invaluable information about how they feel about specific areas of their lives, how they rate those aspects now and what they would like to see in the future around those specific areas
AND
- you have explored what success looks, feels, sounds like to the client and what are the regrets the client would have should time escape them and they do not fulfil their dreams
By doing this you would have positively engaged your clients in a manner and depth that few sales professionals in financial services do.
You would have clearly differentiated yourself from competitors and you would have developed an incredible level of rapport as a consequence of taking the time to understand your clients values and showing respect towards those values.
THIS DOES NOT MEAN THAT YOUR PROSPECT / CLIENT WILL BUY FROM YOU.
You now need to make a great attempt at pre-closing.
After you have followed all the above you have earned the right to ask questions about the clients final decision making process.
The range of questions you need to ask will cover:
- the types of financial and insurance decisions they have made in the past
- how and from whom that advice was delivered
- the experience the recollect in the delivery of that advice - their perception
- what stage they are at in the buying process
- what stops them making decisions
- who do they involve in the buying process decision - which voices do they listen to including the ones in their head
- what they expect from you
All of this combined with what you have learnt, from using the techniques we've discussed previously, about how they process information, will enable you to make the pitch of your life and win the deal.
And if you don't view every client presentation of the solution that you have invested so much time, education, professionalism and emotion is as the pitch of your life......the client/prospective client will know that.
After all what you do on a daily basis is make the lives of your clients better ....that's worth getting passionate about.
Follow Positive Client Engagement over the next few months and we'll show you how to deliver the best pitches possible.
Till next time
Tuesday, 24 January 2012
Increase client engagement and sales - client seminars and marketing
As we roll into the year and prepare to deliver you some new material and ideas to drive your sales, personal and business success as you positively engage your clients, we thought it important that you start with your marketing diary for 2012 and ensure that you provide continuous education opportunities for your clients.
This means revisting one of the four drives : the drive to learn.
The drive to learn:
- educate your clients - provide them with third party material that educates them on financial and insurance issues - use the resources that this industry provides to educate and dispel myths about finances, investing and insurances
- run tailored seminars that are in line with your clients wants - and can be subsetted into the "clubs" you have created above
- providing them the resources to make educated decisions is critical in meeting these needs
- write a blog or an informative newsletter - a blog is preferable - and have this on your website - make your website a resource centre for your clients - have a client log in where they can find tools and information to assist them
This does mean building some collateral OR in its simplest form it means tapping into the resources you have at your disposal as a financial services/insurance professional and some diary planning.
Plan to run seminars and create newsletter and leverage your relationships with your product providers to do the hard work for you.
That means you save the fun for yourself - engaging the clients.
This means revisting one of the four drives : the drive to learn.
The drive to learn:
- educate your clients - provide them with third party material that educates them on financial and insurance issues - use the resources that this industry provides to educate and dispel myths about finances, investing and insurances
- run tailored seminars that are in line with your clients wants - and can be subsetted into the "clubs" you have created above
- providing them the resources to make educated decisions is critical in meeting these needs
- write a blog or an informative newsletter - a blog is preferable - and have this on your website - make your website a resource centre for your clients - have a client log in where they can find tools and information to assist them
This does mean building some collateral OR in its simplest form it means tapping into the resources you have at your disposal as a financial services/insurance professional and some diary planning.
Plan to run seminars and create newsletter and leverage your relationships with your product providers to do the hard work for you.
That means you save the fun for yourself - engaging the clients.
Tuesday, 17 January 2012
Reasons to Buy Life Insurance, Selling the Benefits to Your Clients
In our recent edition about the four drive theory, we talked about the drive to defend, that is enacted in response to threat. Particularly the threat to acquisitions (the drive to acquire) and to a clients self and family.
In financial planning a common train of thought is that insurance is sold, not bought.
We disagree.
We believe that insurance is bought. That financial planning and insurance agent clients make conscious emotional and strategic decisions to buy insurance, BUT ONLY IF they have been made aware of the consequences of adhering to the status quo.
Rather than a hard sell, we believe that clients will purchase the right insurance cover at the right levels and satisfy the drive to defend if you as a professional adviser in your sales process:
- give them the statistics......do your research and find issues that you are passionate about...namely underinsurance...and how changing family demographics and social issues exacerbate the underinsurance risk
- make them aware of the risks they know they face but don't speak of
- show them how they can defend themselves
- be passionate about it
- share your claims stories
- get emotional and connect in a profound way with your clients
This means you need to do your research. Good resources are:
- lifewise.org at www.lifewise.org.au
- the family characteristics and transitions report or any such demographic report that looks at issues facing families and highlights the value of intergenerational advice
But the most important tools in your arsenal are:
- you
- your clients that have claimed
- the client sitting in front of you
By using appropriate questions about what is important to them in their social and family circle and by dispelling myths they may hold about their vulnerability and capacity to cope, they will with your professional guidance self select the appropriate levels of insurance cover.
Your role in this is a guide, a resource and an advocate.
In financial planning a common train of thought is that insurance is sold, not bought.
We disagree.
We believe that insurance is bought. That financial planning and insurance agent clients make conscious emotional and strategic decisions to buy insurance, BUT ONLY IF they have been made aware of the consequences of adhering to the status quo.
Rather than a hard sell, we believe that clients will purchase the right insurance cover at the right levels and satisfy the drive to defend if you as a professional adviser in your sales process:
- give them the statistics......do your research and find issues that you are passionate about...namely underinsurance...and how changing family demographics and social issues exacerbate the underinsurance risk
- make them aware of the risks they know they face but don't speak of
- show them how they can defend themselves
- be passionate about it
- share your claims stories
- get emotional and connect in a profound way with your clients
This means you need to do your research. Good resources are:
- lifewise.org at www.lifewise.org.au
- the family characteristics and transitions report or any such demographic report that looks at issues facing families and highlights the value of intergenerational advice
But the most important tools in your arsenal are:
- you
- your clients that have claimed
- the client sitting in front of you
By using appropriate questions about what is important to them in their social and family circle and by dispelling myths they may hold about their vulnerability and capacity to cope, they will with your professional guidance self select the appropriate levels of insurance cover.
Your role in this is a guide, a resource and an advocate.
Saturday, 14 January 2012
Sales Questions for Top Sales Results
Clients of financial planning advisers rarely use only logic and rational thinking to make decisions.
That assumption pre-supposes that clients when buying financial planning services have clear well-articulated goals when in reality clients often have as a consequence of how they percieve and process information, limited and imperfect data to allow them to make a choice that the financial planner sees as the most rational option for the client situation.
Financial planning clients often, because of the mis-match in the clients learning and information processing style and the financial planners style of communication, find the financial planning process confusing.
Because emotions play a major part in the sales process then it makes sense that to increase your sales results you need to ask better sales questions. By asking the best sales questions about a clients decision making process, you can dramtically enhance your sales results and in so doing positively engage your client and assist them in making choices that are in line with their financial and emotional needs.
Client emotions are critical aspects to manage in the sales process. Clients emotional processing determines initial preferences for solutions, moods and emotions influence the process of evaluating financial planning solutions and emotions provide guidance when making buying decisions.
Gut feel is a big factor.
Sales success is far greater when your financial planning client feels that you, as a financial planner, know them, the client, better than your competitors.
Client Lifestyle Questionnaires provide the knowledge for the financial planner to be able to break down the communication barrier and pitch the financial planning solution in a way that makes sense to the goals and dreams of the client.
To help your clients make more effective decisions and in so doing increase your financial planning sales success you need also to short circuit the limitations clients have when making decisions.
You need clients to imagine future scenario's and different emotions both positive and negative.
Another critical part of the sales questioning process are "what if" scenario planning.
Ask clients what if:
- they had all the money they could ever imagine?
- they had 10 years to live?
- they had one day to live?
Then explore all the emotions and plans that have either been accomplished or missed out on.
This provides the client with what they should do in a financial planning solution to ensure that the above scenarios are planned for.
This step is important particularly in the sales process involving insurance.
Clients unconsciously block negative scenarios, anything that challenges the status quo and in particular anything that challenges safety or the concept that they have not looked after their family.
It doesn't mean our clients don't love their family. They do, but these planning scenarios are not something they are rationally able to process - without your help.
Develop your client lifestyle questions and your what if scenario questions.
It's a proven way to dramatically increase your sales results and using your financial planning and insurance solution skills and love of your clients, you will change your clients lives for the better.
That assumption pre-supposes that clients when buying financial planning services have clear well-articulated goals when in reality clients often have as a consequence of how they percieve and process information, limited and imperfect data to allow them to make a choice that the financial planner sees as the most rational option for the client situation.
Financial planning clients often, because of the mis-match in the clients learning and information processing style and the financial planners style of communication, find the financial planning process confusing.
Because emotions play a major part in the sales process then it makes sense that to increase your sales results you need to ask better sales questions. By asking the best sales questions about a clients decision making process, you can dramtically enhance your sales results and in so doing positively engage your client and assist them in making choices that are in line with their financial and emotional needs.
Client emotions are critical aspects to manage in the sales process. Clients emotional processing determines initial preferences for solutions, moods and emotions influence the process of evaluating financial planning solutions and emotions provide guidance when making buying decisions.
Gut feel is a big factor.
Sales success is far greater when your financial planning client feels that you, as a financial planner, know them, the client, better than your competitors.
Client Lifestyle Questionnaires provide the knowledge for the financial planner to be able to break down the communication barrier and pitch the financial planning solution in a way that makes sense to the goals and dreams of the client.
To help your clients make more effective decisions and in so doing increase your financial planning sales success you need also to short circuit the limitations clients have when making decisions.
You need clients to imagine future scenario's and different emotions both positive and negative.
Another critical part of the sales questioning process are "what if" scenario planning.
Ask clients what if:
- they had all the money they could ever imagine?
- they had 10 years to live?
- they had one day to live?
Then explore all the emotions and plans that have either been accomplished or missed out on.
This provides the client with what they should do in a financial planning solution to ensure that the above scenarios are planned for.
This step is important particularly in the sales process involving insurance.
Clients unconsciously block negative scenarios, anything that challenges the status quo and in particular anything that challenges safety or the concept that they have not looked after their family.
It doesn't mean our clients don't love their family. They do, but these planning scenarios are not something they are rationally able to process - without your help.
Develop your client lifestyle questions and your what if scenario questions.
It's a proven way to dramatically increase your sales results and using your financial planning and insurance solution skills and love of your clients, you will change your clients lives for the better.
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