Today, information is readily available and easily accessible for everyone! Alternative choices are increasingly plentiful. How does someone decide to use one professional versus another? How does one professional differentiate themselves from another professional? When the service or end product is not easily differentiated, most say it’s better Customer Service. Perhaps so, but how can prospective clients know that one professional’s level of service is that much better than another’s? Others will use Price to bridge this gap. Admittedly, not as relevant in the “Fund pays fees” world of advisors; regardless, price rarely works anyway. Could it be Product that is the differentiator? There is so much out there! How does an advisor get them to understand what “the best” is? So what is a professional to do, to differentiate themselves and to the close the sale?
This article contends that increasingly the world of business is about Emotional Intelligence, (EQ), added to the traditionally accepted rational, linear thinking, (IQ). In this article we will explore four unique points of differentiation, which will enable you, to be more effective at serving your client and closing the sale? Differentiation occurs through enhancing your communications skills and building Trust In this fashion you will expand your personal capacity and improve your personal performance.
Trust
Trust, is so difficult to attain, so easily lost and so difficult to recover. Most prospective clients enter into a potential advisor relationship with suspicion. They’re suspicious with respect to your motives and your intent. Their suspicious of what you offer and is what you offer really any better than that of a competitor. How do you get past this suspicion?
Take a moment, sit back and reflect. Do this now. Think of a person, with whom you have a personal or professional association, someone that you really, really trust. What characteristics, what behaviours does this person exude? Let’s look at Intention. What is their intention, in your association with one another? It is a fact, that most will reply to this question with answers like, they’re real, there is no hidden agenda, the facts are all on the table, there’s no judgment, no evaluation, your best interests really matter to them. What about their Language? For those who you really trust are their words and sentences charged with emotion? Or is their language paced and calming, reassuring, and supportive? And what about the Relationship? In these associations, the relationships are strong; each prepared to put themselves out for the other. In so doing, they move to better solutions in their mutual best interests. This is Trust!
Can you think of such a person? What other words would you add to this list to describe such an individual? What would your personal and professional lives look like, if all your relationships looked and felt like this? In your day to day dealings with prospects and clients, how can you demonstrate your real Intent, what Language would you chose to use and in building such a Relationship, would Trust be a result?
Communications:
Above we speak of intent. That is the intent to be transparent, candid, honest, real or authentic. Sounds good, but how do I do that? Well life and business are all about communication. To the extent that we communicate well, strive to understand the other’s point of view and build on it, our prospects for success grow. It’s a fact that in most conversations while one speaks, the other, half listening, is really formulating their reply. What if we really listened … here we mean, Really Listened? What if we emptied our head and for a moment put aside our beliefs and biases and just listened to the other’s opinion. Let the other person heap on to the table what they believe, what their issues, pain, problems and ideas are. What could we learn? Think of it in a client context. A few words out of the client’s mouth, (and our thoughts engage, … “I’ve seen that before”, “I have a solution” or “I have a product”). As our mind races, how well are we listening? Are we demonstrating an authentic intent? Whose agenda is it anyway? Ours or our clients?
Now before you can really listen, you need to get conversations started. How? Through Questioning is how. Not leading questions, (that’s our agenda, not the Client’s). Not by rapid fire interrogation. Rather, it occurs through insightful, well thought out questions, which will illicit as much understanding of the clients issues, problems and pain as possible. It’s about asking impactful, succinct, open ended questions concerning processes or procedures where the Client encounters difficulty, eg. “I can understand how that must be a real problem for you! How does this process/issue impact your operations?” Be inquisitive, be curious. Once having established such a supportive intent in your relationship with your client and having established the impact of such an issue(s) on them or their operation, what in your toolbox could minimize or eliminate this pain. Until the real need or pain is established, you want them to do 75% -80% of the talking.
Performance Improvement
The sustainability of a successful life/career, personally and professionally, is what keeps clients up at nights. The onslaught of issues that overflow their available time and the important issues and gaps to sustained success, which need to be closed, are forever in their minds. The reality is that there is so much coming at us today, that we only have time to react. The important issues necessary to move them or their businesses to the next level are most often not attended to. In the context of an advisor, how can you differentiate yourself as the one who can best support them with the important issues that they not getting to?
At Beyond Possibility, we deliver workshops that promote a communication process and framework to enable you to close the gaps to performance improvement and goal achievement. Be it a situation that needs remedy, a task that needs doing, a financial strategy that cries out for execution, this Model closes the Gap. At the heart of this communication process is establishing very explicitly the Focus of the issue at hand. What’s the need, what’s the pain, what’s the problem? Once this end goal is established, where is the client at now? How big and daunting is the gap? Then armed with the listening and questioning techniques taught and practiced in the work shop, the client can be supported to self identify what they want and need to do. Now, as an advisor, what can you do to support them down their path? It’s now their agenda and you have differentiated yourself as a source of knowledge and skills to help them move down their path to personal performance improvement. How could such a process assist you in dealing with your prospects and existing clients?
Capacity and Capability
To what extent would it be beneficial for an Advisor to possess communication skills and tools that would serve to expand their own and their clients Capacity & Capability? Once having established intent and through language having built tighter and deeper relationships, what value would exist for both? Adding heightened listening and questioning capability to this mix would serve to add what further benefit? Would you be well served to have more arrows in your quiver than your competitors? Having internalized a process for creating awareness of explicit gaps, on explicit issues and the actions needed to be taken, could do that. Yes, barriers and obstacles will surface, however, knowing how to anticipate these and how to support your prospects and clients deal with them, could be a step up. Would that help you differentiate yourself, your skills, your offerings, …. your value add? Importing an improved communications style into your personal tool kit and that of your workplace is uniquely differentiated from more traditional people, product and pricing strategies. In so doing, you’ll truly possess a skill set that will make a tangible difference for your prospects and existing clients.
Life and Business are all about communications. Process and products and technology are enablers, but, the real differentiator is getting more information on the table, from which you as the advisor can effectively address a client’s needs and pain. Through this process, the real benefit is that the solution will be of your client’s doing! Through building Trust and improving your communication skills, you will enable personal performance improvement and in turn improved results. It’s not about product, price or service; it’s about a more effective, collegial and collaborative communication style.
Beyond Possibility:
Beyond Possibilities is a Partnership of four accomplished professionals, with an aggregate of more than 100 years of experience in Financial Services, Accounting, IT, Telecommunications and Change Consulting. Global in their reach, they have been there, as accomplished business owners, senior managers and executives. They are all accredited business coaches and all licensed in programs designed to deliver a more collaborative and effective communication style into the work place. Life and business are all about communication. Add some EQ to the IQ in your tool box, to be more effective solving issues and problems for yourself, your team and your clients.
Beyond Possibility will be offering their next workshop at the Briars in Jackson Point Ontario, Oct 1st - 3rd, 2008
. A three day retreat with which includes just such a workshop, accompanied by designated down time to enjoy the many wellness and sporting offerings provided by this unique venue.
