The Problem with Best Practices - Why They Don't Work (Part I) September 2010

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You've been replaced by a cartoon!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

Article Index

Note: Pam and I have several "advisors" who help us improve our programs and market our speaking and training. One of them said to us this past week that our work in Credibility is unique, and has global implications. What makes it unique is that we present, not only concepts of Credibility, not only the "how-to" of Credibility, but also the science behind it. That's just our way. If the research and science are not also included, then it's just opinion, and who cares about that?

Experience counts. Our work in Credibility began in 1991. I gave a speech to the Million Dollar Round Table and every one of the questions dealt with Credibility. To learn the actionable lessons, I interviewed people who had a great deal of Credibility and asked them what they did to get it and what impact it had on their businesses. I was astounded — all those people gave me the exact same answers.

Since then, we've continued working to up-date and refine what exactly Credibility is and how you can improve yours. Mainly, we use this intel in our coaching. Now, the time has come for us to put our knowledge and experience into print. In the new year, we will release our newest book, the working title of which is CREDIBILITY - The Art & Science of Influence Management. It's written for financial professionals and is very specific.

One of the main points in the new book deals with the value of Credibility. I mean, why bother with it? Here's what Roger Dawson has to say about it:

"The cornerstone of your ability to persuade — what it all rests upon is the level of Credibility you have with the other person. When you speak, do they believe you? Unless they do, there is no possibility that you can get them to do what you want them to do." — Roger Dawson, Secrets of Power Persuasion

In other words, it is a bottom-line consideration. Credibility is important to you because (if you are still reading this) your entire business is based on it.

We are convinced that one of the first steps to improving your own Credibility is to position yourself against the hard-sell producers and show exactly how you are indeed better than them. This is one of the major topics in our coaching and training.

Back to the question — why is Credibility important? Why would you want to spend time and energy to improve it? Please, don't only trust me on this. In addition, let's look at what other people have to say about it:

Quote 1. "Clients value trust, integrity and Credibility over product or service selection, cost, or even over knowledge and competence, when it comes to choosing financial services providers." — Goldman Sachs, The Coming Evolution of the Money Management Industry

Quote 2. A large percentage of the people who accept a product or service do so not because they are sure that it will solve their problem, but because they trust the individual who offers it to them, and feel sure HE is convinced that it will solve their problem. — Cavett Robert, Success with people through human engineering and motivation

Quote 3. Purdue University researchers Tim Christianson and Sharon DeVaney examined interpersonal relationships between financial advisors and clients. In particular they identified factors that facilitate a client's feelings of loyalty. Of all the factors examined in their study, communication, by far, had the strongest influence on an advisor's ability to win a client's trust and commitment. — Christianson and DeVaney

The point is — Based on those quotes, you now know that you can help your business by proving that you're worthy of trust, and improving how you communicate. Further, mere competence (while important) is not nearly enough. By the way, all three of those elements (communication, trust and competence) are essential to gaining Credibility.

What happens when you lose your credibility? "When you've lost your credibility, what are your chances of full recovery? In our research, when 2,300 executives were asked, 'If a person were to lose credibility with you how difficult would it be to get it back?' 97 percent said it would be 'very' difficult." — Dennis and Michelle Reina, Trust & Betrayal in the Workplace

In other words, Credibility is vital to gain or increase, but more importantly, it is a disaster if you lose it. So, with that in mind, the next logical step for you is to figure out how to improve your communication and increase your trustworthiness. How to do that? Look at these Tips:

Tip 1. Communication is entirely based on how the other person prefers to receive it. The basis for this tip is the most basic fundamentals of psychological communication:

1) The map is not the territory
2) The meaning of the communication is the response you get.

How can you activate those two fundamentals? By focusing on the result of your communication. Ask a question. Listen closely to the answer. Make a comment and see if the other person really received your message. Then, ask another question based on what the other person has already said. This way, you're basing what you say on what the other person says, not on what you want to hear.

Tip 2. To make a sale, you first need to make the emotional sale, then substantiate it by making the rational sale. The emotional sale is made through communication, rapport and psychological connection. Further, your mind is comprised of 90% subconscious — which controls the emotions — and 10% logic and rationality. In other words, if you do what most financial advisors do — fill your client communication with logic and data — you'll be shooting yourself in the foot. But, if you make the necessary adjustments to connect on a more personal level, you'll be enhancing and improving your potential for success.

How can you activate that? Take the time and make the effort to understand your prospect before you start giving data. It sounds simple, but it is one of the most frequently made mistakes we see advisors make.

One final quote. Advice given that is not specifically developed for the one individual in front of you is by default generic and inappropriate. Relevance is a necessary fundamental of Credibility. — Michael Lovas, CREDIBILITY

In Conclusion. A few weeks ago, Pam and I delivered a one-hour program to the top advisors for Edward Jones at their home office in St. Louis. Part of that program was on Credibility. We were surprised when we saw how animated the audience got when we began teaching them the specifics of how to increase their Credibility as Edward Jones advisors.

When companies call us to discuss training, they always want to know how we can help them specifically. When they see how much experience we have in building advisor Credibility, they get excited. When they see that we will customize a program for them, they get highly animated and energized. More and more Financial firms today understand that Credibility is the missing link in the sales chain. But until now, they had no idea how to help their advisors improve their Credibility.

Your Reward. If you are truly interested in Credibility (and have read this entire piece), you deserve a reward. If you'll copy this paragraph and paste it into the Feedback form below, I will send you "10 ways to Improve your Credibility." Be sure to include your contact information!

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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