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!
