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Finding Gold
Your Credibility Strategy
By Michael Lovas
January 1, 2008
I've been talking to you about Credibility since 1991. That's when I began researching it (what it is and how to capitalize on it). Now, about seventeen years later, I've learned a plethora of surprising facts about Credibility in the financial industry. Perhaps the most surprising thing I've learned is this — what creates it remains constant, but what most advisors do to get it continues to be wrong. Let me show you a few of the blunders we see all the time:
Credibility Blunders:
- People on the securities side believe that their knowledge gives them Credibility. Truth is, their deep knowledge usually hurts them.
- People on the insurance side believe that their Credibility comes form their credentials. Nonsense. Consumers have no idea what those credentials mean, so they can't help Credibility.
- Many advisors believe that merely speaking at a seminar gives them Credibility. In fact, since so few advisors have the skills to speak powerfully and effectively in public, conducting a seminar hurts them more than it helps. Who wants to do business with someone who is pompous, weak or confusing on stage?
- Most advisors believe that Credibility comes all at once, like the result of an event. Actually, it's like gaining or losing weight — you add Credibility bit by bit, over time. Or, you shed skepticism bit by bit, over time. However, you can lose it in a flash.
- Many insurance agents think (hope) that their Credibility comes from the products they sell or the companies they do business with. Both are wrong. Products and companies tend to be mirror images of each other. The only real differentiator is you.
This article introduces you to two things: 1) some of the facts about Credibility — based on our own research. This means real research, not opinion. And, 2) a Credibility Strategy that you can implement today.
Please keep this in mind:
Credibility is like mathematics —
you cannot improve on something you do not understand.
Credibility is the result of a process. The more you know about the process, the more effective you can get with it and the more successful you can become.
Point 1:
People give Credibility to people they like. So, show yourself as likeable. This does not mean to wink at your prospects or splash on some English Leather. It means that you need to pay attention to some science — the psychology of attraction. Simply, people are attracted to their own qualities and characteristics. When you talk like them, walk like them and look like them, they will unconsciously be attracted to you. (I was personally involved in some experiments to prove this — it was frightening.) When you express the same values as your prospects, they will take yet another step closer to you.
*Note. You can't merely "express" those values. You need to actually share those values. Only then can you speak from a point of integrity. The good news is, nearly all people share the same core values. How we implement our values can be different. That's why some people sail and others collect stamps. So, part of your Credibility Strategy is to actively seek out points in common, and look for the lights to go in the other person's eyes.
Bottom line. In a practical sense, if you don't yet know how to get people to like you quickly, they are probably not going to give you enough time to show how you can help them. Consumers today have a lot of options, why would they spend time with an advisor they don't like? It's not like you're the only advisor in town, or the only one with viable products.
Point 2:
People believe what they read. People believe books, articles, white papers and research reports that are printed on paper. The more objective the information and the more credible your sourced, the more Credibility you get.
It does not include your prospectus, brochure, newsletter, emails, marketing or website. It also does not include what they read online. The research on the quality of online financial information shows that a tremendous amount of the content is flawed and/or manipulative, and that people have begun to read it with great skepticism.
Bottom line. If you want to build your Credibility quickly, get published.
Point 3:
People believe advisors who can PROVE their expertise. This point is a "slippery slope." If you try to prove your expertise by talking about what you know, you'll lose all your credibility. Unfortunately, that's what most advisors resort to doing. The best way is to show or display your expertise in the form of a published work.
Bottom line. If you want to build your Credibility quickly and effectively, you must stop talking about yourself, and you must get published as soon as possible.
Point 4:
Credibility is given to those who can empathize. Put yourself in a familiar situation. You're talking with a new prospect. Do you talk and let the prospect ask questions? Or do you ask the questions? If you're the talker, you will have trouble developing greater Credibility. "Talkers" are their own worst enemy. They consistently fall victim to the self-sabotage of focusing inward. Why do they insist on doing that? Because they are addicted to the adrenalin rush they get from expressing the topics of greatest value to themselves. Just like some people can't stop drinking, these people can't stop talking.
Bottom line. To get Credibility, you must ask questions. How else are you going to discover the puzzles and needs you'll be asked to solve? If you find this difficult, you probably need to learn better questioning skills and better listening skills.
Point 5.
Credibility is a highly personal exchange. To understand this, you have to compare it to marketing. Unless you're really sophisticated marketer and know how to target individuals, you probably send your marketing message to a group of people or cluster of zip codes. In other words, you send a general message.
Compare that to sitting face-to-face with an individual. The message is no longer general. In fact, the marketing message is no longer relevant. That's because the individual wants to know if you can ply your brand of magic to his specific personal problems. In order to prove that you understand the problems and know how to solve them, you need to ask questions. The more insightful the questions, the greater the Credibility you get. The most important questions are the follow-ups based on the answers you get to the first questions.
*Note. There is only one effective way we know of to get Credibility from a general marketing message — if the message is based on your being an author making an appearance as the guest celebrity at a book signing party.
Bottom line. In order to build anything of value with a prospect, you must ask relevant questions, and then pay attention to the answers you get.
In Conclusion. Credibility is like a little piece of magic that you are trying to entice the other person to give to you. You can only get it from someone else, but you have to prove that you are worthy of it. And, the odds of success are stacked against you. However, if you learn the science (the psychology) of Credibility, you increase your odds significantly.
The psychology requires that you understand the difference between persuasion and influence. It requires that you learn the specific steps to building rapport. And, it requires that you learn how to ask insightful questions. Do that, and you'll start to look credible.
Your Reward. If you've read this entire article, then you probably want to know more of the specific things you can do to increase your Credibility. If that's right, just 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! What a great way to start the new year!
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
