We are a society of gift givers. “Never arrive empty handed,” applies to business as much as it applies to social settings. Recently I dropped off some dry cleaning, and asked the impossible: Could I get it in an hour? Usually – in fact, almost ALWAYS – the answer would be “NO!” One-hour dry cleaning has gone the way of the full-service gas station. However, this time the answer was YES, because the owner is a customer service fanatic. In addition, I drop off cookies once a month. Gifts make a difference.

However, a gift protocol exists in business that says gifts should not be bribes. In addition, many industries have limits – or outright bans – on gifts to prospects and clients. Always be aware of firm and industry rules concerning gifts. Make gifts appropriate and compliant. Nothing is more embarrassing than having to unwind a gift that exceeds gift limits.

SOLUTIONS: First of all, know the rules. Second, know your client. A gift doesn’t have to be huge or expensive. A well thought out gift for a client based upon their interests or passions makes for a better relationship than something that you give to everybody.

FOR ADVISORS: Don’t do business with a vendor strictly because they always arrive with gifts in hand. Select products and services based upon their benefits to your clients and your business. Beware the product-pusher who wants you to business strictly on the basis of gifts or entertainment, especially when no previous relationship exists. In addition, make YOUR gifts to clients appropriate and compliant as well. An advisor I know makes it a point to select PERSONAL gifts for clients. One of his assistants does the shopping once he builds the list.

Gifts are a sign of friendship and relationship. Use them, and use them well.

Good Selling!

This is the second post in a series of ten discussing major faux pas’ made by wholesalers, ideas on how to correct them, and suggestions for advisors on how to deal with wholesalers who make these mistakes.

Mistake #2: Telling, Not Selling

Presenting is an essential skill for wholesalers. You demonstrate your product in such a way so the advisor knows what it does, how it works, where it fits, and how to sell it. And to say nothing about group presentations! Master wholesalers dominate when it comes to individual and group presentations.

However, hear the words of Jaime Calva, a selling sage with 60 years under his still productive belt:

“Telling is not selling.”

Dialogue happens when two or more people converse. Like the Tango, it takes two to dialogue, and in order for a sale to be made, both parties must communicate. While this involves feedback, it means more than the typical sales feedback loops. Selling involves interviewing your prospect. Selling means knowing your prospect, and in order to know someone you must ask questions. Asking questions does NOT mean interrogation with “Fact-Finding” questions, but professional rapport building with “Foundation Building” Questions, such as:

• “Tell me about your family.”
• “How did you get into the business?”
• “If you were to bring me on as new vendor relationship, what has to happen in the next twelve months in order for you to consider your decision a success?”“
• In looking at your practice / business today, what do you consider your biggest challenges?”
• “What is the biggest factor in your success?

SOLUTIONS: Develop a standard interview structure, and be flexible. Build a list of 20 Foundational Questions as a goal for each advisor relationship. Ask these questions over a couple of meetings to find the advisors passions, drivers, and motivations. Don’t forget to build effective feedback loops into your presentations, as well.

FOR ADVISORS: You should do the same with your clients. Ask better questions. And, beware the wholesaler who leads with, “What part of your sales is made up of [PRODUCT]?” Chances are he/she is looking out for himself/herself alone. For your part, get to know your wholesalers better with every meeting. Learn about their internal drivers, and what they need and want in a professional relationship. Expect wholesalers to truly be your partners, and be a partner with them as well.

Good selling!

Wholesaler utilization continues to be a never-ending topic of discussion. Professional advisors seek new ways to partner with quality wholesalers and wholesaling companies, and the wholesalers also look for ways to differentiate themselves. There are a number of successful strategies for wholesaler utilization, including “5/60 Events (TM).”

A wholesaler comes to you with an idea you feel merits attention by a number of your clients. You have decisions to make. Do you:

• Present the idea to one client at a time at reviews?
• Conduct a large seminar?
• Do a mailing?

Consider a “5/60 Event.” Contacting clients one by one is a long process, and labor intensive. Seminars can be expensive and are also labor intensive. All of us know the challenges with large mailings, and quality advisors often prefer a more personal approach. A 5/60 Event involves inviting five, (yes, only five) clients/prospects to a luncheon, breakfast, or coffee to hear an idea of interest. The time commitment is 60 minutes, and the small number of attendees allows for prompt, professional follow up. A 5/60 Event is economical, efficient, and effective. You and your staff avoid the challenges of complex meeting planning, and the small number of invitees provides a wonderful forum for idea sharing and relationship development. The wholesaler presents and participates in the cost of the event. Simple!

How many wholesalers call upon you with quality ideas? What if you did monthly 5/60 Events? What if you opened accounts with just a third of those who attend? What would that do for your business? Consider building 5/60 Events into your Q4 Marketing Plan.

Good selling!