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Finding Gold
Fast Track! How to Improve Your Credibility — Now!
By Michael Lovas
May 1, 2007
| I've been coaching in the financial industry for about twenty years. The two problems I see most often are: 1.) Financial professionals don't know now to prove their credibility, and 2.) That makes them appear generic. This article shows you how to solve both of those problems — right now! |
Credibility! It's in the eyes of the client! I don't care how much training you have or how many years you've been in business. If you can't prove that you are Different and Better, then you are proving that you're the same as most everyone else and actually less than a few others. What does this mean to your business? Look…
Sales are not the results of events. They are the end result of a logical process. The process requires time for you to prove that you know what you're talking about, while not talking the prospect's ear off about yourself. Break the process and the prospect walks.
While you can't interrupt the process, you can shorten it by proving your credibility up front. Picture yourself handing your prospect a book and saying, "Before we get started, I'd like to give you a copy of my book." The result — a whole new ballgame, and you set the rules! See, credibility short-circuits the process. Along with credibility comes greater trust and, as psychologists say, "A heightened expectation of success in the mind of the prospect."
"Improve your Credibility!"
When someone comes into your office … when you address your seminar audience … when you enter someone's home … when you enter the board room to make your presentation — you have a choice. You can approach those situations just like everyone else — thus proving that you're generic — or you can give the other person/people what they want — thus proving that you're Different and Better. What they want is a reason to trust you. They main reason they're in front of you is that after years of searching, they have yet to meet an advisor they feel they can trust. That's also one of the reasons so few clients give their advisor ALL of their money.
Let's look at three basic facts that form the foundation of what I'm saying:
Fact One. People do business with people they perceive as being credible. It is such a simple fact that you can't argue with it. When the chips are down, we look for the best person for the job. When the client's wealth accumulation, preservation or distribution is at stake, he wants the most credible person to help him. Who is it? When the executive wants to roll her pension, she looks for the most credible person. That's the person with the best credibility. So, why not jump at a chance to show your credibility?
Fact Two. Most producers will opt to look generic. The cost of credibility is modest compared to what you get. But, rather than invest a modest amount of money and choose to get the credibility, most producers and advisors will let the opportunity for credibility pass them by. That's great news for you because it means you can stand out even more!
Fact three. When you have nothing that proves your credibility, your job is significantly more difficult. Actually, it's almost impossible. However, when your credibility enters the room before you or with you, your job is significantly easier, and your success comes more quickly.
Quick Quiz: What tool gives you the most credibility? Company brochure? |
The answer is NONE OF THEM! None of those things gives you any measurable credibility. OK, if not them, then what does: a book!
Example. If you were a business owner being approached by a financial advisor — one you didn't already know — would you easily trust that person? Probably not — unless she could quickly and easily prove her credibility. Most financial people try to prove their credibility by talking about themselves. All that does is prove you're self-focused. Who wants to do business with an egomaniac?
Now, let's look at you. Let's say you're going to deliver a presentation. You have only a few seconds to establish your credibility, otherwise your audience will roll their eyes and think, "Generic!"
Think of all the people who say to you, "I need time to think about it." Know why they say that? Because they're still looking for the solution to their problem, and you just showed them that you're not it. They continue looking because you failed to satisfy what we call their "Convincer Strategy." They are in information-gathering mode and your job was to convince them that you have all the information that it's possible to find. Your job was to convince them that you are an expert — experts have all the information. But, if they want time to think about it, you dropped the ball. That means you probably told them about your company, how you do business, how you got started in the business, your certifications, or some other meaningless bit of self-aggrandizing trivia. If I sound harsh, it's because this is such a no-brainer. Stop talking about yourself! Use something more powerful than your own words to make your points about yourself.
Now, what can you do — right now — to improve your credibility? What can you get that will speak loudly of your expertise? The answer should be obvious — publish a book! Think of it like this: only heavy-weights have books. Who would know of Wayne Dyer or Tony Robins if they had not published a book?
Closer to home, let's look at the financial industry. In the mid-west, Lee Hyder is probably the best-known financial professional. He has a book. In New York, hands-down the king of credibility in the senior market is Bob Sagar. He has a book. In Alabama, Benjie Lloyd owns credibility. He has a book. Are you starting to see a trend?
Very few people ever hear about any other advisors in those areas. Why would they? Advisors without books are a dime a dozen, but only a small handful of advisors have books. Why is that? I wish I knew, but it's good news for you. Think how many pieces of mail hit the average mailbox in a week. Now, think how many times your target market is offered a book by the author. It is a no-brainer.
Pick an industry, and do a Google search for the professionals working in that industry. When you link to those websites, one of the first things you'll look for is whether or not the head guy has a book. It is the proof that people look for. If you have a book, it gives your target market permission to trust you. It becomes OK for them to take that leap of faith and believe you. They say to their friends, "You ever heard of Mike Lovas?" Maybe not before that moment, but from that moment on, they have heard of Mike Lovas. The point is, why was the name Mike Lovas brought up in the first place? Because he has a book — eight in fact.
Bottom line —
People do not talk about financial advisors who do not have a book. Because so few advisors have books, those who do become celebrities!
Your Reward. If you want to solve your credibility deficiency, just let me know. I will help you save about $10,000 on your own book. Now, that's a real reward!
Next step. Link to:
http://www.aboutpeople.com/Solutions/CredibilityMarketing.php . There you will see some of the book covers we have created for our credibility clients.
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:
- (NEW) Questions Are the Answer! - A guide for using questions effectively in sales conversations
- (NEW) Axis of Influence! - How credibility & likeability intersect to drive success!
- (NEW) Words that Sell - The language of psychological marketing & selling
- Face Values - How to read people and connect with them in less than 3 minutes!
- The Boomer Report - The financial advisor's guide to understanding the boomer mind
- Presentation Magic - How to gain a psychological advantage in your seminars and sales presentations
- The 5 Levels of Rapport - How to create a meaningful connection with people who are important to you
- Magnetic Connections - Consultative selling for financial professionals
- IDENTITY - How to create and deliver the most important statement of your business life
- Inside the Mind of the Senior Market
- 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
