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We’ve had a little time now for the full impact of the final fiduciary rule changes to sink in. With each day that goes by, I’m more convinced this thing is far from over. Lawsuits will be filed, and there’s a good chance the change will be flushed entirely or at least diluted enough to provide reasonable consumer protections without destroying an entire industry.
Disagree with me if you will, but here are my reasons for optimism:
Humans have an instinctual need to explore the unknown. We are attracted to the mysterious, the different, the puzzling and the fascinating.
If you can introduce some fact or tidbit that arouses your prospect’s curiosity, you will gain his or her attention and interest which can then lead to a sale.
So, how do you pique a prospect’s curiosity?
Make them want to know more.
“Life begins at the end of your comfort zone.” - Neale Donald Walsch
In a previous life, I was a trained engineering project manager. One of the foundational concepts of project management is the Triple Constraint Theory.
Simply put, the Triple Constraint Theory states you can have it cheap, you can have it fast, you can have it good… but you can’t have all three.
You can have it good and cheap, but it’s going to take longer. You can have it fast and cheap, but it won’t be good. You can have it good and fast, but it won’t be cheap.
You get the point.
In my old life, it was senior executives that wanted it all. Now it’s the occasional agent I encounter that wants to make good money, wants it right now, and wants to do it for free.
Now, I can handle good and fast. My team knows how to do that. Believe it or not, we even know how to do it ethically. The problem is doing it without the agent investing something of significance.
The good news is cash is not your only investment option. It’s entirely possible to make good money quickly and ethically with nothing more than sheer determination and a willingness to step outside your comfort zone. I know this because I have seen it done, time and time again.
But you have to want it. Really want it.
Seriously, how important is your client’s character? Are you aware of the implications it has on your ability to successfully close a sale with them?
In the world of psychological sales, such as what you deal with every day in your business, it can have a tremendous impact on whether or not they buy. It can also lead you in your strategy to convince a prospect to make the purchase.
So, what are some of the most common character traits to look for in your prospects and clients? According to behavioral psychologists, they are:
After months of speculation and consternation, the Department of Labor finally released their new fiduciary standard for all to see. What a marvel it is too; a real work of regulatory art. A thousand pages of legal mumbo jumbo chockfull of incredibly boring jargon and endless opportunities for unintended consequences.
But that’s not the best part. The best part is all of the surprises hidden inside. Just when I thought I had a pretty good handle on what to expect, WHAM! I should have known. This is government.
Let me be clear. I get what the DOL is trying to accomplish. I really do. I even admit some of the changes to the original proposal are positive. Heck, it’s a pleasant surprise any time the government actually listens to the people and adjusts a plan. However, some of these changes are not good for those of us who sell insurance products. Certainly not in the short term. Time will tell in the long term.
Now that I got all of that off my chest, allow me to share a few things that really caught my attention as I started enveloping myself in this instant classic.
You finally mustered up the courage to consider asking a client for a referral and, after a bit of squirming, you made the request… only to hear an evasive response:
While a great deal of what I teach in my Referral Mastery Webinar Series is how to discuss introductions in a way that trumps these evasive responses, objections will still come—no matter what.
However, most of these objections are Automatic Negative Responses (ANRs) or smokescreens for the four real reasons clients raise them:
It was a rough day in the office today. It seemed like every client I encountered had a totally different personality. Thankfully, I have taken the time to study psychology and prepare myself for days like this. If I hadn’t understood the various personality styles I was dealing with, my day would have certainly ended in a disaster.
Instead, I made record sales!
Understanding the different temperaments your clients and prospects might possess is vital to knowing how to deal with each unique situation and, ultimately, will lead to increased sales.
When you truly appreciate who your client is and what makes them tick, you can tweak your presentation to meet their expectations—and that will result in more sales.
So, what types of prospects and clients are you dealing with? Do you know?
Here is a rundown of the most common personality styles you will likely come across:
I participated in our local spring home & garden show a couple of weekends ago on behalf of our career agency, Postema Insurance & Investments. We’ve done this for a few years now, and each time our results are more impressive. I was really happy with the turnout this year and amazed by the number of solid leads we generated.
After the event, I spent a little time reflecting on the things we’ve learned to help blow the lid off of events like this and generate more quality leads every year. These are not just “give me free stuff and leave me alone” leads either. We had terrific engagement with most of the folks. In fact, I had multiple attendees walk up to me and say, “I’d like to buy life insurance. Can you help me?”
Can you believe that?
I don’t know that I have ever had that happen in the past. Not multiple times in just a couple of hours anyway.
So what did we do to drive such crazy-good results?
I knew our team had planned several clever things, but I had no idea how many until I started compiling this list. Once I saw it, I knew I had to share it.
Please note this was an indoor event, so some of these suggestions are specific to that. However, there are still several that apply to outdoor events as well.
In the wake of the Academy Awards, I’ve been thinking about how most of the people who took the stage got all the way to the point of receiving that coveted prize.
Yes, a little luck and some great connections were involved in them getting those noteworthy jobs in the first place. However, for each person, when it came to doing the job itself—the work that resulted in the nomination and, ultimately, the win—it was about having total intense focus on his or her chosen career.
Whether it was in acting, directing, set design, costume design, editing, or any other category, the winners were talented people who had been totally immersed in their work for many, many years.
What’s your category?
If you’re a CEO, are you a contender for an Oscar in running a company? If you’re a sales rep, an advisor, or an attorney, would you ever be nominated for Outstanding Service in your field?
Imagine if there were Academy Awards for the work you do. If you were to be nominated, what would you need to do that you’re not already doing? Where would you have to intensify your effort or learn something you don’t already know?
Here are four tips to help you earn your Oscar:
The other day I was reflecting on my career and how I could have never achieved my current level of success without my desire to always know more. Depending on the specific industry you’re in, you may be required to take continuing education courses to maintain an active license, like what I must do for retirement planning. However, I’m referring to knowledge that reaches far deeper.
Whether it is for business or life, whether it is required or not, continuing education significantly impacts the level of success and happiness you are able to accomplish.
Look at your mentors… Do they have a thirst for knowledge that seems impossible to quench?
If continuing education isn't already a central focus of your personal and professional life, don't fret. Here are some simple ideas to help you get started:
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