This is a series of ten 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.
#1 Poor Defining Statement
Most wholesalers cannot tell you what they do. When asked, wholesalers tend to say one of two things:
“I’m a Regional Vice President for DCH Investors.”
OR…
… they drone off into a sales pitch.
Wrong, wrong, WRONG!
Advisors don’t care about your title, and they didn’t ask for a pitch. To be more precise, when you are asked (or volunteer) what you do, advisors want you to tell they what the advisor gets out of the relationship. The conversation isn’t about you or your title or your company or your product; it’s about them!
A “Defining Statement” is today’s Elevator Speech. Here’s the biggest problem with the traditional Elevator Speech:
It’s too long!
In today’s marketplace, where we send text more than we talk and commercials have gone from two minutes to as little as 10 seconds, you better be brief. The average buyer makes up their mind to listen in SEVEN seconds.
Build a Defining Statement that:
- Identifies Your BEST Client
- Focuses On Benefits To The Client
- Can Be Repeated In 7 – 10 Seconds
- Makes Them Ask A Question
An example:
“Advisors that want to add 10 to 20 percent to their bottom line without working harder use me because I ALWAYS give them three new ways to work smarter.”
9.4 seconds.
SOLUTION: Build a Defining Statement that tells advisors how they will benefit from doing business with you that is short, repeatable, and makes them ask, “How do you do that?”
FOR ADVISORS: Save some time for yourself. When a wholesaler calls on you, ask them to tell why you should hear their story, and ask them to do it in 15 seconds or less. You will find out real fast if the wholesaler is a master or just another product person.
Good selling!
Recent Comments