What You Need to Know
- The more you know about a prospective client up front, the greater your chances of making a sale.
- Explain clearly how the products and services you're offering can meet the person's needs.
- Just because your prospect isn't buying now doesn't mean they won't later. Follow up.
Life would be great if sales were like shopping for a suit.
“What would you like?”
I want a gray, single-breasted suit in a 44 long.
“Here you go, sir. It looks great on you.”
Thanks, I’ll take it.
The financial services industry is different.
6 Ways to Increase Your Chances the Prospect Will Agree
Let’s revisit some basics for getting the order.
1, You need to ask for the order. If we revisit the clothing store analogy, the salesperson would be saying: “Shall I wrap that up for you, sir?” and “Will that be cash or credit?”
Financial services: You need to ask for the order. Like buying a suit, it’s a yes-or-no question.
2. Get as much information up front as possible. In the clothing store, you will be asked: “What color fabric?” “Single- or double-breasted?” “Do you have a favorite designer?” “What size?”
Financial services: The more you learn up front, the better you know your prospect’s preferences.
3. Solicit feedback, and act on it. Ever watch “Say Yes to the Dress”? The bride-to-be explains her preferences. They bring out a dress. She changes her mind, “What I really want is more of this and less of that.” The next dress aligns more closely to the new criteria.
Financial services: Trial closes are the feedback you solicit. “Does this make sense to you?” “Are you comfortable with that?”
4. Provide positive feedback. In restaurants, your server says “Good choice” after you order. When you buy a new shirt, the salesperson says: “It looks great on you!”
Financial services: Your client identified their needs in the financial planning process. You delivered a proposal. Circle back, explaining how different elements in the proposal address those needs.