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Finding Gold
The Credibility Process
By Michael Lovas
March 1, 2008
NOTE: I've been writing about Credibility since 1991. Through the years I've explored many different ways you can improve your own Credibility. Through that time, I also began to look at the steps that create Credibility. Is it the result of a one-time event? Can you get it through an introduction? Does it have something to do with the mystical laws of attraction? No, no and no.
Credibility is the result of a scientific process. But once you have attained Credibility with someone, you open the possibility of having a client relationship, one that will bring you referrals. And, in case you had not figured this out, Credibility is not necessarily its own reward. The payoff from building your Credibility is enhanced client relationships. That's the real payoff, because those enhanced relationships result in referrals.
In order to achieve that goal, you have to learn the steps of the Credibility Process, then strategically put each one into action. The more you know about the process, the better prepared you will be to create opportunities to improve your Credibility. With each step, you increase your Credibility a little more. We've identified four major steps in the process. Here's what it looks like:
Today, we look at step number two. We're skipping over step one for now because much of that step takes place in the prospect's subconscious mind, and it is more difficult for you to have an affect on it. To succeed with step one, you need to achieve a high degree of psychological and emotional congruence. The good news is, if you're really an ethical person focused on what is best for your clients, you've already taken a step into step one. But, if that's not your honest focus, you're likely to need coaching to get beyond this step. We'll visit this step in future articles.
Step two is the point at which you have the most impact on how the other person perceives you. And, let there be no misunderstanding — your Credibility is entirely in the hands of (mind of) the prospect. You are at the mercy of his or her perceptions of you. In my experience, this is the point at which many financial people drop the ball.
STEP TWO — GENERATE INTEREST
There are two primary ways to generate interest — show yourself as relevant and attractive. Most people have one or the other, but not both. Most people can make themselves attractive, but few people can show themselves as relevant. Recognize the power of having them both work for you.
The Relevance Factor.
Let's assume you are talking with a new prospect. He is smiling, so you know he's feeling safe with you. Now, what will be the topic(s) of your conversation? What questions are you going to ask?
If you don't take time to discover what that person wants to accomplish, if you don't ask insightful questions, then you'll most likely talk about what you want to sell. If what you sell is not in the bull's eye for that client, you're working your way into a hole.
This is the problem many consumers have with producers who sell only one product or one service. Those producers seek to make the prospect relevant to their product, rather than make themselves relevant to the prospect's problem. Until you can prove your relevance, you can't go any farther in the Credibility Process.
Attend to details. Remember that real Credibility is something which is developed over time and must be a priority in everything you do. Unless you approach it in a systematic way, you'll forget about it and go back to how you used to do things. Think of launching a Credibility Strategy that would give you opportunities to:
- Build rapport and a personal connection.
- Prove your relevance as soon as possible
- Show that you really understand the prospect's situation
- Demonstrate your listening skills
- Ask great questions
- Follow through on promises
- Be proactive and show that you genuinely care for your clients
The Attractiveness Factor.
For people who are single, attractiveness is the big puzzle, right? A twenty-something in the dating world might approach attractiveness through certain clothing, make-up and pheromone therapy. For business people, it's same thing. Simply determine what you need to do to appear as attractive as possible--in the most appropriate way. You might do this:
- Buy good china and/or crystal to serve your coffee and Cokes in.
- Rearrange your office to take advantage of the available natural light, making it shine on you, rather than blast from behind you.
- Talk with a color consultant to find the colors that make you look the best, and the ones to avoid at all costs. The presidential debates are excellent examples of people wearing colors that make them look good. Ever see a candidate wearing a brown suit?
- Get a manicure and shine your shoes.
- Buy two or three high-end or custom-made suits that make you look world-class. You want to look as though you really do deserve high-net-worth business.
- Go to a really good hair salon/colorist to get help shaping your hair (and beard). Many of us are still wearing our hair the same way we did when we were young. Not only do styles change, but so does the quantity of our hair. Please, no "comb-overs." They make that person look like he's in denial about who he has become.
- Train your assistant or office manager to read your prospects and build rapport with them.
Insight: Why are those things important? Consider it damage control. It keeps the prospect from forming the conclusion that you overlook details, or that you are careless. Who wants to trust their financial security to someone who doesn't appreciate details?
Build a "halo." When you take care of those details, and go though the effort to make yourself look your best to your prospects and clients, a wee bit of magic happens. It's called the "halo effect." This is a psychological phenomenon also known as "cognitive bias." In other words, when you succeed in making yourself safe, likable and attractive, you initiate a perceptual chain reaction, whereby the prospect infers or ascribes more and more attributes on you.
Some of the pivotal research on the halo effect was conducted by Edward Thorndike. He surveyed military officers by asking them to rate their soldiers. Thorndike discovered that people tend to see others as roughly good or roughly bad, across all categories of measurement. What they don't do is look objectively at someone, "Oh, I give him a 37% on details, 23% on strategic thinking, 10% on credentials and..." Instead, they lump qualities together to come up with an average. "Mike? Yes, he's a good guy."
It works like this: the first traits we recognize in another person influences our interpretation and perception of latter ones. Consider the following perceptions. Obviously, there is little basis in fact, but the perceptions are real:
- Attractive people are often judged as having a more desirable personality.
- Attractive people are also judged to have more skills than someone of average appearance.
- Polite and attentive people are seen as trustworthy.
- Quiet people are seen as timid.
- Strong minded people can be seen as obstinate.
- Overweight people are seen as stupid.
In Conclusion. The study of professional Credibility is a combination of many disciplines: psychology, sociology, anthropology, personal development, and political science. The amount of research is growing, but rarely ever do the subjects and titles relate to Credibility. In other words, it is neither simple nor easy to find appropriate research related to professional Credibility. We've found it because we've spent seventeen years looking for it.
Now you've had a tiny peek inside the Credibility Process. Knowing which steps to focus on can help you improve your own Credibility and take your business up a significant leap.
Your Reward. The next step in the Credibility Process is Connection. It requires you to be able to "read" the prospect. The best book we know of on this topic is Face Values. We know how good it is because we wrote it. Frankly, you will have great difficulty forming a Credibility connection with your prospects until you can "read" them. Buy Face Values from our website during March: www.aboutpeople.com and we will give you a $10 discount. Plus, I will personally send you (FREE) our copyrighted one-page personality survey to help you figure out what your own personality and values are. After you complete the purchase process, be sure to send me an email and include this paragraph.
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
