Capitalizing on Credibility - What's the Biggest Payoff? August 2010

The Myth of Client-Focus July 2010

Marketing Therapy - Just lie back and relax... June 2010

The Producer's Guide to Asking Questions May 2010

Questions - The Shortest Path from Prospect to Client April 2010

How to Build Your Credibility March 2010

Credibility's Impact on YOUR Bottom Line February 2010

How to Use Social Media in Your Business December 2009

Psychological Analysis of Your Marketing September 2009

How Contrarian Logic Makes Sales for You August 2009

Words that Sell - How to Use Psychology in Your Marketing and Selling July 2009

The Secrets of Marketing Psychology (Part I) June 2009

You've been replaced by a cartoon! May 2009

8 Ways to Distinguish Yourself in a Challenging Market (Part II) April 2009

8 Ways to Distinguish Yourself in a Challenging Market (Part I) March 2009

The Worst Mistake in Selling Financial Services January 2009

Fighting for Success! The “Special Forces” Approach December 2008

Yours - Free! November 2008

First-Impressions of Credibility - Part One October 2008

12 Ways to Screw Up Meetings -- And How to Fix Them September 2008

Article Index

It is safe to say that your business is built on two skills - listening to the prospect and asking insightful questions. Without those two skills you have very little chance of gaining or keeping a client.

But, most advisors focus on something completely different - talking! That means you have a terrific chance to catapult yourself over those people in the race to success. But, you must get better at asking questions and listening to the answers. That's what this article is all about.

Asking Questions

Asking the right kind of question will show your wisdom and relevance to that prospect. Asking the questions at the right time can cause people to see you as a one-in-a-million advisor.

We've been coaching advisors for many years, finding out what problems they have in their new business processes, then fixing those problems. In nearly every case, the problems are:

1. Talking instead of listening.

2. Asking scripted or irrelevant questions.

3. Asking questions, but then not listening to the answers.

4. Interrupting.

5. Selling instead of solving the problems.

Demonstrate listening. We teach a two-step process.

1) Adjust a window or curtain and say, "That's better. I don't want any distractions while we talk." Then, buzz your assistant and say, "Please hold all my calls while Mike is here."

2) Forget about your slides, flip book, company brochures and assorted paraphernalia. Place only a notebook and a pen on the table or desk. Write the prospect's name across the top of the page, along with the date and time. This shows him/her that you intend to listen and learn.

Guidelines: How to use questions to build the relationship

Think of the most obnoxious and invasive questions you've ever heard. Would you ever ask them? It's possible that those questions were simply the right questions asked at the Wrong time and in the Wrong way. The way you approach your conversation makes a huge difference in how the prospect responds to you and your questions. Let's look at some guidelines that will help you gain the trust of any prospect:

1. Remember, it is a dialogue not an interrogation or soliloquy.

2. Think conversation versus presentation.

3. Some people need time to think and may not respond immediately. Respect the pause.

4. Trust is an essential part of question effectiveness. If the customer doesn't trust you, then he/she is not likely to be comfortable answering your questions.

5. Engagement is your key. A more engaged person is more likely to buy - multiple times.

6. Use a combination of short-answer and open-ended questions.

7. Specific short-answer questions are better for building credibility.

8. Questions let the customer sell themselves, which is a key enabler of sales success.

9. Continue asking questions throughout your client relationship. They help maintain trust and commitment.

10. Being a good listener invites people to answer your questions.

11. Nothing - NOTHING - can make up for failing to listen.

Guidelines for Effective Listening

First ask the question. If you get an answer, listen. Then, ask a follow-up question. That's pretty much it. We can script out all the initial questions, but the follow-up questions are by far the more important. Still, even more important is your ability to listen. Here are some simple guidelines you can use to become a better listener.

1. Quiet inner chatter.

2. Focus on the other person (focus outward rather than inward). Remember the Lincoln quote - 1/3 of your time focused on what you're going to say and 2/3 on what the other person is going to say.

3. Let the other person talk without interrupting.

4. Answer the question they ask, not one they don't ask.

5. Leave "space" in the conversation. When the prospect comes to the end of a statement, pause for a few seconds before responding.

6. Listen with your body and your eyes. Keep your focus on the person and employ a receptive posture.

7. Listen for the values words.

8. Probe for clarification. Question the meaning of words. If the client says "We want to plan the ideal retirement" ask "What do you mean by 'ideal'?".

9. Validate or reflect back their feelings and statements.

10. Restrain from giving advice, offering help, making suggestions or solving problems until after the other person has had an opportunity to fully communicate what he wants.

11. Don't just summarize - Synthesize! - Add your own analysis to your reply "So it seems like there are really three different issues going on here, which are..."

In Conclusion

I'm still surprised - after twenty years - at how poor the questioning and listening skills are in the insurance/financial industry. Where did this flaw come from? Perhaps it is related to the lack of respect given to advisors by the general population. Advisors seem to have something to prove, and they do it by talking, talking, talking, rather than listening. I think the funniest words of wisdom I've learned over the twenty years I've been helping advisors is, "the more they talk, the smarter you look."

Your Reward!

Last month I offered our white paper, "The Producer's Guide to Asking Questions." We received easily ten-times the normal response. So, I'm offering it again. To get your copy, just copy this paragraph into an email, along with all your contact information, and send it to me at: michael@aboutpeople.com. I'll personally send the Guide to you. This Reward expires on July 1, 2010.

MICHAEL LOVAS is the author of ten books, three columns, and a thousand articles on Professional Credibility and the Psychology of Communication in the financial industry. He's the co-founder of AboutPeople and the founder of Credibility Marketing.

Michael speaks at conferences and seminars in Canada and the US. He is an inspiring trainer and coach who helps advisors improve their businesses. He holds three prestigious certifications: Licensed Master Practitioner of Neuro-linguistic Programming (NLP), Licensed Trainer of NLP; and Clinical Hypnotherapist. They make Michael an expert at helping financial professionals succeed at a higher level by building more meaningful business relationships.

AboutPeople Books:

1. (NEW) Questions Are the Answer! - A guide for using questions effectively in sales conversations
2. (NEW) Axis of Influence! - How credibility & likeability intersect to drive success!
3. (NEW) Words that Sell - The language of psychological marketing & selling
4. Face Values - How to read people and connect with them in less than 3 minutes!
5. The Boomer Report - The financial advisor's guide to understanding the boomer mind
6. Presentation Magic - How to gain a psychological advantage in your seminars and sales presentations
7. The 5 Levels of Rapport - How to create a meaningful connection with people who are important to you
8. Magnetic Connections - Consultative selling for financial professionals
9. IDENTITY - How to create and deliver the most important statement of your business life
10. Inside the Mind of the Senior Market
11. Beyond Wave Marketing - How to add credibility to your relationship marketing

Find AboutPeople books at: www.aboutpeople.com

Michael Lovas, C.Ht.
AboutPeople
(509) 465-5599
1503 E. Riverview Dr.
Colbert, WA 99005
www.aboutpeople.com

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