Yesterday I had conversations with two of my bank advisor sales coaching clients.  The first conversation was with an advisor who came to me as part of a corporate sales coaching agreement.  Take a look at the excuses he made in only one hour:

• Our customer base has no money
• (My former bank) is better / has wealthier, older clients - has fantastic relationships.
• (Present Bank) is different
• Branch managers are order takers / sell the product of the month / have poor product knowledge
• Branch managers don’t market
• Branches don’t have many commercial customers
• Branch managers turn over every six months
• Does not see any business potential coming from the branch managers or loan officers
• Has to get loan officer approval to call on their clients
• Tellers provide referrals but he gets “none, nada…they don’t have the relationship”

In case you wondered, he has very poor production.

Later in the day, I spoke with another advisor who could see nothing but opportunity.  He earns a great income, but still wants to grow his business.  He views his relationship with his banking colleagues as a partnership, and looks for ways to help them grow their business.  In addition to reviewing his marketing plan, he wants me to help him improve his fundamental sales skills.

This advisor sells six times more than the previous advisor.

What comes first – the attitude or the production?  Consider your attitude toward all aspects of your business.  Examine how you can improve, and make plans to pursue that improvement.  Your basic beliefs about your opportunity always translate into tangible results.  Ask yourself if your attitude empowers or hinders you.  Guard your attitude with your life, and constantly look for ways to improve – and you will!

Good selling!

Technorati Tags: bank advisor, sales coaching

Selling financial services as a financial advisor, stock broker, insurance agent, or banker involves six critical factors to be successful – long term. Short term success is possible without attention to these “Critical Success Factors,” (CSF’s) but long term success requires proficiency on a regular basis in each area. The CSF’s include:

1. Prospecting
2. Sales Approach
3. Presentation
4. Answering Objections
5. Closing
6. Service

Nothing revolutionary here; these topics have been taught since the earliest days of sales training. However, today many firms neglect basic sales training, and we always benefit from a reminder to step outside ourselves and objectively examine our business. Let me ask you a few questions:

• Are you weak in one or more CSF’s?
• Do you pay attention to and seek to improve each factor?
• Do you continually evaluate yourself and your business?

If you are new to financial product sales, or if you are experienced, consider reading my book, The Ultimate Small Cap Business; Building A Financial Advisory Practice. This concise book provides a comprehensive overview of financial service selling and practice management. Look for future posts to provide tips for each of the Critical Success Factors of Sales.

Good selling!

Technorati Tags: financial advisor, stock broker, insurance agent, banker

Yesterday I was speaking to a sales coaching client who works as a financial advisor in a bank in New York. She asked me how to answer an objection that she had received on a recent sales call. After suggesting a response, she asked me about another objection – and then another and another. We spent the rest of our coaching call discussing how to answer a wide variety of objections, and I shared several “techniques” for dealing with objections.

This conversation reminded me that the long lost art of sales training has been, to some extent, marginalized and in some cases forsaken. “Sales trainers” – and I use the term loosely – suggest that selling has evolved. Salespeople should sell in their “own style” they say. Salespeople should listen, ask open ended questions, offer solutions, and then…

What happens is the prospect inevitably says, “I want to think it over,” and today’s salespeople lose the sale, at least temporarily, because they cannot deal with objections and close the sale. Let there be no doubt that selling has evolved and for the better. Professional salespeople do develop their own style, and always have. However, salespeople need a foundation of skills to help them survive – and actually sell something – until they have the experience and wisdom to sell within their style.
My suggestion for this sales coaching client was to make a list of every product and service she presents on a regular basis, and then list the four most common objections she hears to the offering. Then I suggested she consider how to answer these objections. Being prepared in this fashion will make her more confident – and successful – as she grows in her sales skills.

Sales training still provides a foundation for all new financial advisors. With a multitude of resources available there is no shortage of opportunities to learn the ways of the masters.

Good selling!

Technorati Tags: sales coaching, financial advisor, sales call, Sales trainers, selling, Salespeople

Yesterday I was in New York at the National Speakers Association Convention.  While I was in town, I called the office of a sales coaching client who is a retail financial advisor for a large bank.  This bank has about fifty offices spread over seven states from coast to coast.  I provide sales coaching for their advisors, and thought I would stop by and say hello to this particular person.  I called the advisor’s office and asked “Do you know which branch [advisor] is covering today?”  The answer was short and to the point.

“No,” was the reply, followed by silence.  No offer to find out the answer or find someone who could assist me; just a simple no.

First impressions make or break sales.  If I had wanted to discuss opening a new account, I would have chosen not to dig any deeper.  Were I an existing client, I may have considered moving my account.  Shep Hyken, CSP, CPAE is one of America’s top customer service experts.  In an article titled “First Impressions”, Shep states that “Most of the statistics range between eight to twelve good things to make up for a Moment of Misery.” 

Solution: Make certain your staff and colleagues are trained on proper telephone technique.  Script them, and leave nothing to chance.  In today’s world, tolerance is preached on every corner, but never be tolerant of poor or rude telephone technique.  Believe this; your clients won’t be tolerant if they are treated poorly.  Conversely, if people are trained and expected to deliver exceptional client service in every way, people will want to do business with you, and refer you to others.

Good selling!

Technorati Tags: sales coaching, financial advisor, refer

Last Saturday, I enjoyed a special experience. I worked a booth with a sales superstar.

Working a booth at a trade show or professional association meeting exposes salespeople. In a matter of nanoseconds you must identify a suspect. Then you have 30 – 60 seconds to qualify them, make your presentation, answer objections, and ask for the order. As a professional speaker I serve the National Speakers Association – Minnesota as President. In that role I attended a Toastmasters Conference in Minneapolis and manned a booth to create awareness of our educational offerings with Stuart Gray, a fellow professional speaker and entrepreneur, and Director of NSA-MN.

Stuart is co-founder of 4Remarkable Service, a firm “works with restaurants throughout the world helping them implement wait staff training that focuses on service AND sales.” In addition, Stuart is the founder of the Hospitality Business Breakfast, which provides monthly programs of professional speakers as a service to the hospitality industry. Stuart is a master salesperson, and operates from a position of providing extreme value to his customers and clients.

A gentleman approached our booth, and showed interest in our “Institute for Professional Speaker Development” programs. Stuart identified his interest, and made a short presentation of the program. This man said, “Well, that’s interesting, but you may be wasting your time on me,” to which Stuart asked a clarifying question about the man’s question, answered it, and resumed his presentation. The end result – this gentleman changed his mind, and enthusiastically signed up to attend a future information session! The lesson – be persistent, and welcome objections as a request for additional information. Deliver this new information to your prospect with new perspective, and keep selling.

Once again, I was fortunate to witness sales greatness. Stuart, you rock!

Good selling!

Technorati Tags: professional speaker

Last week I went to one of my favorite places in the world – a fishing camp in Canada with my boys. While I love my role as a professional speaker and business strategist, it is good to have seven straight free days with no calls and no email. It was bliss.

This camp provides customer service beyond the exceptional. Every detail is focused on the guest. But no business is perfect - mine included. One morning I noticed my boat battery charger was unplugged, so I assumed the on-duty dock attendant (average age for this role is about 19) had forgotten to plug it in the night before. A different attendant was on duty than the night before, so I commented that there might have been an oversight. His comment was, “I wasn’t working last night. My co-worker was on the dock. ” The implication was clear – he was suggesting it wasn’t his fault.

The proper response would have been something like “I’m sorry if your boat wasn’t charged. I’ll ask my coworker about it. Would you have a few minutes for me to charge it now?

I can easily forgive a teenager for this response, but this incident reminded me that too often we don’t take responsibility in our business. If a colleague or the service department fails to deliver, you are the company to the customer - it is your responsibility to see that the problem is fixed. So when a customer encounters a problem, step up, say you are sorry, and do your best to fix it or accommodate the customer – even if it isn’t your fault. Even if the customer isn’t appreciative, you will know you did the right thing, and that always pays off in the long run.

Good selling!

Technorati Tags: professional speaker, business strategist, customer service

When we speak of being “over-served” normally we are referring to something that has to do with adult beverages. Not always, however. Tony Pappas represents the best of professional salespeople, and has been a consistent sales leader over a career that spans four decades. Tony wholesales insured investment products for John Hancock, calling upon independent financial advisors. Recently he spoke with one of his best clients, an advisor in Michigan, and Tony asked his client for the secret to his success. The advisor said that one factor in his success was that he consistently over-served his clients. This advisor’s clients received such a high level of service that these clients consistently told their family, friends, business associates, and neighbors about the advisor’s exceptional service.

Tony gave me another example of exceptional service. He took his wife, Judy, to the Capital Grill in Troy, MI for dinner. Capital Grill is a high-end chain restaurant known for exceptional food and premier service. When Tony and Judy arrived for dinner, the server asked if this was a special occasion. Tony responded by telling the server they were celebrating their fortieth wedding anniversary. The server returned with complementary champagne. In short order a photographer arrived to take a photograph of the Pappas’. The head waiter and general manager soon arrived with greetings and congratulations. When they left the restaurant, the maître d’ presented them with the photograph – framed! Two days later they received a congratulatory card from the restaurant.

Do you think they will go back? Might they recommend Capital Grill to others? I suggest they are enthusiastic customers – for life.

How do you make your clients feel special? What client service touches demonstrate your appreciation for their business and relationship? Would they say you are their only advisor - their advisor of choice? Over-serve your clients, and you will increase your business through repeat sales and non-stop referrals.

Good selling!

Technorati Tags: professional salespeople, sales leader, client service

All of us learn from our experiences. The problem with learning from personal experience is that you have to take the test before you learn the lesson, and that can be painful to you and your clients. One solution is to learn from the experiences of others. By learning from others you compress time and omit unnecessary mistakes. To benefit the most from this strategy, choose to listen exclusively to the masters.

No greater master exists in the investment business than Don Connelly. Don has long been acknowledged as America’s leading advisor to financial advisors. With forty years of unparalleled experience and success, he provides common sense ideas that benefit advisors regardless of their distribution channel or level of achievement. Today Don shares his expertise through “Camp Connelly.” Don possesses a wealth of information gathered from the best of the best in the investment industry. This is a can’t-miss resource for financial advisors.

Still have more to learn about the investment industry? Check out “Camp Connelly.”

Good selling!

Bill Metrey is a sales hero.

Bill works with TSC, a firm that provides qualified retirement plan administration services. TSC retains me as a consultant to provide sales and marketing strategies, so I am in their offices on a regular basis. When I started calling on TSC in the fall of 2006, whenever I saw Bill in the office he always asked me to move my company’s 401k account over to TSC. It never failed that every time I saw Bill he would ask me for the order. He asked creatively and always with a little different twist, but he always made a point to remind me that TSC would serve me well.

Finally, I decided to move the account. Instead of mailing paperwork, Bill took the time to bring it by for my approval. He sold me.What makes this ironic is that Bill isn’t in the TSC Sales Department – he works in Plan Sponsor Services! Even though it wasn’t his job, Bill sold TSC and its services.

Are your service team members selling for your company? For that matter, are your salespeople asking for the order like Bill?

Bill Metrey is a sales hero. Good selling, Bill!

Today I spent my lunch hour with one of my favorite people, author and professional speaker Ross Bernstein. Ross writes some of the absolute best sports books on the market, and his new book, The Code: Baseball’s Unwritten Rules is fantastic. If you like baseball, you have to have to get this book. Ross has written nearly forty books, with titles on every major sport. In addition, Ross rates as one of the best speakers anywhere. With an incredible number of relationships in and stories from college and professional sports, his presentations are always a hit, and he uses his experience to teach powerful business concepts. Check out his website at http://www.bernsteinbooks.com.

Today we as we discussed marketing, I was so impressed by the way Ross is always willing to help his clients by going the extra mile. He always gives more than he is paid for, and the result is a continuous stream of new business. On top of that, Ross contributes significantly to many worthwhile causes that result from his speaking engagements.

When delivering your services, what do you provide over and above your clients’ expectations? Limitless opportunities exist for us to provide service that is exceptional by doing just a little bit more than our clients pay for. Examples of value-added services include:

• Customized portfolio reviews
• Provide books on financial topics
• Shareholder update seminars
• Speaking on financial topics for groups of interest to a client

Examine those little extras you provide to your clients – and think about how you can do even more. This extra effort always produces repeat business and referrals. What makes your service special? Answer that question, and your business will grow as a result of your efforts.

Good selling!

Technorati Tags: author, professional speaker, Ross Bernstein, The Code: Baseball’s Unwritten Rules