How to Eliminate “It costs too much” When Selling Financial Services

After you’ve met new potential  clients and established rapport with them is the time to qualify them not only as to their needs, but as to their expectations regarding making a financial commitment to their futures. When you establish early on what investment range they would be comfortable with, you can eliminate the stall that move untrained financial services advisers and representatives encounter — “It costs too much.” [Read more…]

Closing from a Distance

In the past, most companies divided territories by geographical area. Today, many salespeople specialize in particular products or services and concentrate on clients who have needs that match the products no matter where they are on the planet. So, companies are more likely to claim as your territory any client who has a need for your specialty. That means your client base may well be anywhere in the world. If that’s the case with you, you’ll do very little face-to-face selling and a whole lot of remote closing.

What do you do when you’re not able to close face-to-face? Well, when you close from a distance, you call upon your skills as a closer and rely on the wonders of technology like phones, fax machines (yes, some industries still find this a successful way to do business), the Internet, email, and express or overnight delivery services. [Read more…]

Less is More

Most people think that in order to persuade others, you have to be a real good talker. You have to have “the gift of gab,” “a silver tongue,” or be a “natural born salesperson.” The truth is just the opposite.

The true professionals—the successful people in sales are great listeners. What are they listening to? Their potential clients telling them their wants, wishes, needs and fears…and what they want to own. Yes, people will pretty much tell you what they want to own, if you’ll only give them the chance to speak. All you need to do is get them started. Then you simply guide the conversation along the lines you know it needs to take in order for you to determine needs, qualify and close the sale.

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Keep Your Boat Afloat

How do negative thought patterns affect your life? They give you the emotional droops. Your drooping emotions bring on a mental sag. Then your sagging mental powers cause a downturn in your job performance. That downturn leads directly to a sharp decline in your income. The decline in your income gives you more negative thought patterns, and they add more spin to your downward spiral.

We all go into declines. We all slide downhill now and then. Here are a few things you should be continuously doing to keep from getting exposed to depression:

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Creating a Consultative Environment in Selling

Once all of the rapport-building is done and you’re ready to get down to business, it’s important to set the tone for your time with these clients. I suggest creating a consultative feeling by using a legal pad to make notes. In some types of selling, this doesn’t make sense, but it is helpful if you can do it. When you make notes of their concerns or other details they are sharing, the potential buyers feel that you’re truly interested in them. They feel you care enough to pay attention to their pain points. [Read more…]

Financial Services Guidelines for Asking Questions

Three Guidelines for Asking Questions

Because asking good questions is such an integral part of good selling I’ve given the matter a lot of study and thought over the years. I’ve boiled down all that knowledge into three basic guidelines.

Guideline #1. Establish a bond before you attempt to control the process with questions. Establishing rapport is essential because people want to do business with people they like and trust. They’ll never get to the trust issue if they don’t like you. There’s no need (or reason) to attempt to become “best buddies” on the spot, but it is important that your prospect comes to like you very early in the process. This is one of the reasons for the brief chit chat that takes place before the selling begins. [Read more…]

Getting More Business from Existing Clients

getting more businessIn my comprehensive selling skills book, How to Master the Art of Selling, I teach three ways to get more business from existing clients (Chapter 18). I like to think of it as “expanding your sales volume.”

One system for expanding your sales volume covered in that chapter involves using your imagination. Keep thinking of ways to add-on accessories, warranties, extended programs and additional products. Share different uses for your product or service with your existing clients. They may only have thought about using it for a single purpose. When additional benefits are recognized, additional needs may also come to light.  [Read more…]

Rapport Building – Step 8: Act Relaxed

If you have a nervous or stilted manner when trying to establish rapport with clients, instead of relaxing them, you’ll put them on edge. If you’re nervous, they’ll get nervous and start raising their walls of sales resistance. They’ll question your reasons for wanting to talk with them. They’ll become suspect of your every move.

In selling situations, many of your clients will respond to your demeanor in kind. What that means is that if you come across friendly and non-threatening, they’ll feel friendly and not threatened by you. In other words, you get what you give. That’s why it’s so important to be well-prepared before meeting with your clients. [Read more…]

Rapport Building – Step 7: Giving Sincere Compliments

Step #7 in the Rapport Setting process is to give a sincere compliment to your potential clients. This doesn’t have to be a grand gesture. Something simple is fine as long as it’s sincere. That means it must be honest. You would never compliment someone on their “lovely home” if it was a disaster. Likewise, you wouldn’t say you like anything that you don’t honestly like.

Rule of thumb: If you don’t like something, say nothing about it. Instead, look for something else that you do like or can honestly compliment them about [Read more…]

The Creed of a Champion

As I began my long journey from complete failure in selling to millionaire success, I had a lot of self-image building to do. You see, I was the kid in school who was too shy to read out loud in class. I was more interested in playing sports and making mischief in high school than in studying. I dropped out of college after 90 days because it just wasn’t “for me.” When I did that, my dad told me, “Son, your mother and I will always love you…even though you’ll never amount to anything.” You can imagine where my self-image was as I took on the responsibility of a wife and baby with no real plan for my life. Not being a great student, it was a real struggle for me to get my real estate license after deciding construction work had no future for me.

Once I got my license, though, and started hanging around people who were making pretty good money, I wanted to do the same. I wanted it bad enough to do whatever it would take to succeed. I started learning what they knew. Every personal development seminar that was available had Tom Hopkins sitting in the front row absorbing every word the speakers uttered. This was a whole new world for me. [Read more…]