If I could go back in time, I’d start by choosing a different major in college. Instead of business, I’d choose psychology, because, let’s be honest, so much of what we do as salespeople is psychology.
As financial planners, it’s our primary duty to lay out a path for our clients to follow. Yet, you can create the perfect plan, leading to the perfect outcome, as specified by the client, and still, they won’t bite.
I’ve spent countless hours over the course of my career, quite literally scratching my head, wondering what I could be missing.
Here’s what I’ve come up with:
Here are three ways to really understand your client and get to the root of their desires.
If you’re not retaining the information provided by your client, you can’t adequately serve them. There’s a huge difference between listening and active listening.
I liken it to the difference between hearing and listening, where hearing is the simple act of your ears absorbing sound, listening, and especially active listening is not only hearing the words but absorbing their content and attributing meaning.
Active listening is a honed skill. Here are a few tips:
Long-term relationships should be your goal. A surefire way to turn off a client is by getting straight to business, focused solely on the sale and not on the client.
Building rapport with your client is a never-ending process and can be your differentiating factor from competitors.
Here’s how you can build rapport:
To serve your clients, as best as you can, you must understand their vision. Where do they want to be and how are you going to get them there?
Avoid focusing solely on what they want or need at present and take a broader perspective. Establish the expectation of a long-term relationship and how you’re going to serve their needs down the road continuously.
Secondly, discover their purpose or their “why.”
Understanding their purpose will greatly inform your financial planning process.
Without knowing who your client is, you might as well be going at it blindfolded. Get to know your prospects and clients, so you give them your best.
Did we miss any tips on the psychology of sales? Let us know in the comments below!