Do most people appreciate your help?
When we ask financial services professionals why they first went into the business, the No. 1 reason, by far, is that they wanted to help people. Coming in at a distant second is that they wanted to earn a very nice living, and third is that they are fascinated by finance. However, most professionals are very frustrated by the fact that when they meet with prospects, complete a needs analysis and make recommendations, most prospects do not buy. Instead, they have to think it over or get someone else's opinion, or they're just not ready or sure it's really what they need. Subsequent follow-up calls result in more of the same. It is no fun when you do your best work, it goes unappreciated and you seldom get paid for it. It's frustrating and irritating.
What does your help cost you?
Let's quantify the issue. The average financial service pro writes business with about 13 percent of their prospects. They visit with these prospects an average of 4.4 times. If you close one out of every seven, you are spending most of your time (26.4 visits) with prospects who will not buy and 4.4 visits with prospects who do buy.
What do top producers do?
Highly successful producers do business with upwards of 50 percent of their prospects. They visit with prospects an average of less than 2.5 times. They choose not to pursue the prospects who unlikely to buy -- and usually on the first appointment.
What do top producers know that others do not?
They know that it is very difficult to do business with someone who does not want to be helped. Most prospects that average agents meet with are curious, interested and may even realize they need help with their finances. But, they do not want to be helped. It's just that simple. No matter how well you present good financial services or products or solutions to them, and no matter how well you explain the benefits, if they did not want to be helped before you met with them, it is very unlikely that they will ever buy from you.
It is not about need or help: "Want" is the operative word.
Highly successful pros only meet with prospects who want their services and products. They seldom mention the word "help" because most of those prospects don't want help. They want the pro to understand them and their needs, to figure out how to fulfill them and to present products and services that result in good, sound financial benefits for them. The best producers get conditional commitments when they set up their appointments, or they don't go. At the appointments, they get commitments on every point of their sales process, or they leave. That way, they spend most of their selling time with prospects who become clients.
*To discover more of what Jacques Werth learned by observing hundreds of top producers interacting with their prospects and clients, please use the forum below and include "HPP - PW" in the subject line.
*For further information, or to contact this author, please leave a comment and your e-mail address in the forum below.