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We are currently experiencing a weak economy. People are in a wait-and-see mode and bad news taints financial scene reports daily. The consequence? Prospects are reluctant to make a decision; they're hesitant to spend much money or make any kind of long-term (or short-term, for that matter) commitment. Wow, talk about a marketing challenge!
As sales professionals, we are persistent. After all, persistence pays off… right? Except that after a while, our persistence feels like pestering (both to us and to our prospects). We then work on our powers of persuasion, but it seems that no matter how persuasive we are, people still balk; they hesitate to take action. Finally, as our frustrations rise, we resort to "closing techniques." We become assertive (which is contrary to our nature), but to no avail. We succeed only at annoying or even alienating our prospective clients.
OK, so if none of these approaches work, then what will? How can you get people to take action? Before I answer that, we first need to understand why those things don't work.
Although each of us is different, most of us have similarities in the way we react to things and situations. Because of that, I often suggest that people use their own experience as their best example. Doing that allows us to put ourselves in our prospect's shoes. It's not that hard to do because you are already someone's prospect. Just as you want to reach out, market and sell to people, others want to reach out, market and sell to you.
My suggestion for this exercise is to step out of the role of a "salesperson," plop yourself down on your couch and answer a phone call from someone wanting to sell you something. (Not from a telemarketer, but from a professional just like you.)
And, let's say they want you to spend or invest $2,000 in their solution. Or, maybe $200 per month so it's less painful. Here are my questions to you:
* If you really liked and wanted their solution, but were uncertain about your financial future, would you make the purchase or would you hold off making a decision? Unless it was truly an urgent matter, my guess is you'd probably wait.
* Would persistence by the salesperson change your mind? Not likely.
* Would better powers of persuasion cause you to change your mind? Maybe, but only if the reasons were compelling enough.
* Could closing techniques and/or assertiveness make the difference? Well, they may cause us to put up a wall to the salesperson, but in all likelihood, would not cause producers to take action.
These aforementioned marketing strategies just won't work in a tough economy. However, there is an approach that will work in a tough economy (and a strong economy as well): relationship building.
Building relationships is the key to marketing success and, in a tough economy, will throw open the doors as quickly and as widely as possible. When marketing is a challenge, it's tempting to throw money at the problem (if you have the money to spend). I mean, haven't we all heard that the last thing to cut back on is marketing when times get tough? But persistent, persuasive and/or assertive marketing just won't prompt enough people into action during times of financial uncertainty. Spending lots of money today isn't the key to marketing success.
It might even be tempting to ride it out — to do nothing until things turn around. However, this passive approach yields passive results. Nothing will happen while you're waiting and when things do turn around, the business will go to the people who've been doing something all along. The people who will get the lion's share of the business — both now and in the future — are the ones who work to build relationships.
So exactly how does someone build relationships? Building relationships does not mean becoming "best friends" with everyone. It doesn't require taking people out to lunch or coffee and it isn't about sending gifts to people. For the most part, building relationship is about being attractive to and adding value for the client. By being attractive, I mean being likeable, having integrity, being a good communicator and displaying your passion. These are all important topics, but we'll cover them in another article. Instead, let's spend some time talking about adding value.
Specifically, let's discuss how to add value to, and create connections with, prospective and existing clients. The real key to accomplishing this is to give without expecting something in return. The act of helping or giving without receiving creates a very powerful dynamic: It establishes you as someone who cares about others, and it shows you're not just focused on yourself. It also demonstrates an abundance mentality and makes you even more likeable and respected. And, last but not least, selfless giving creates a feeling of obligation on the part of your prospects and existing clients.
Below is a list of things you can do to add value to, and to create connections with, prospective and existing clients. Use it as a starting point for your relationship building efforts. Be creative with relationship building approaches that reflect your personality.
* Create and send out a useful, timely report, but make sure it's not self-serving
* Offer ideas and information that are fun, useful and/or interesting (most of them will not be related to your business, although some could be)
* Have conversations with prospects and clients to get to know them (people love to be heard)
* Send things of specific interest to specific prospects and clients (it shows you were listening to them and that you care)
* Offer free workshops of interest (but remember, no selling or pitching)
* Send out personal letters (handwritten is best, but they should definitely hand-signed)
* Personally call to say hi or thank you (dropping by in person is even better)
Especially when things are tough, it's more important than ever to prioritize building relationships as the cornerstone of your marketing strategy. It will cause people to act sooner and will cause more success to flow to you as things turn around. And besides that, it's just plain fun.
Written
by Michael Beck, "The Insurance & Advisor
Coach". Michael, an Executive Coach
and Recruiting Activist, helps insurance and financial
professionals succeed faster and easier. He can be
reached at 866-385-8751 , mbeck@theinsurancecoach.com
or mbeck@theadvisorcoach.com
Visit TheInsuranceCoach.com , InsuranceAgentRecruiting.com
or ClientProspecting.com
to learn more.
Permission to reprint with full attribution. ©
2008 Exceptional Leadership, Inc. |
