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!

Today’s kids just aren’t motivated. We have spoiled and coddled them. They don’t have drive, and can’t deal with competition.

Yeah, right.

Yesterday Missy Franklin put an exclamation point on her first world swimming championships in Shanghai.  She won five medals in all — two golds and a silver in relays as well as a gold medal in the 200 back, and a bronze in the 50-meter backstroke. Her performance put Michael Phelps meet – which was outstanding – into the second paragraph of news articles. Phelps was quoted as saying, “She does it all… she’ll remember this for a long time.”

Did I mention Missy Franklin is only 16?

Missy teaches us some wonderful lessons. You are never too young (or too old) to realize big dreams, but those dreams come with a price! During the broadcast, the commentators from NBC mused about the influence of Franklin’s coach, Todd Schmitz. Schmitz taught his young swimmer that when you practice, it is similar to making deposits in the bank. You keep making deposits whenever you practice, and you equate the amount of the deposit to the quality of the practice. When you compete, you get to withdraw everything you have deposited!

Apply this to your business. How can you make “deposits” into your business? What can you “practice” that will result in significant withdrawals in the future? Consider practicing:

• Exceptional Service
• Keeping Promises
• Presentation & Delivery
• Staff Empowerment & Development
• A Never-Ending Commitment to Improvement & Excellence

Congratulations, Missy Franklin. Thank you for your inspiration, and best wishes for continued success, and a long and happy life.

And to you…

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!