I just returned from the 2016 Bank Insurance and Securities Association annual convention. As always, it is a great event where competitors come together to discuss processes and strategies to deal with the challenges of growing financial institution-owned investment (broker) programs.

I believe this is actually my 7th conference: the first one being 2009.  As you can imagine, that year was quite a conference as banks and investment firms/companies were in the throws of a financially disastrous economic downturn.  This year, there is a new challenge on the horizon - the impending DOL (Department of Labor) legislation regulating fiduciary responsibility of advisors when discussing, presenting and offering solutions to retirement funds.  Although there was way too much information to get it all a single post, the topic did leave me with much I would like to share with my readers.

So, this is my thought for today - investing in success.

This is going to sound self-serving.  However, I assure you, it is not.  As a company, we have probably invested $40,000.00 in real dollars to learn about the industry the BISA represents as well as learn more about the problems and challenges facing those that are responsible for leading and managing sales teams to meet the investment program goals.  This year alone, and I just finished tallying just my expenses for the trip, we will have invested very close to $20,000.00 so that we can better understand AND service our target market. 

Understand that when I say "our company" I really mean my wife, Linda, and me.  It is our company.  It is our money.  So, every dollar we spend in and for our company that is a dollar that we don’t invest in our own family and future.  It really is our money. The point is that we look at it as an investment and not just an expense.  It's an investment that will return future dollars to the company.

As I was flying back yesterday, I was thinking about that and thinking about those that attended and those individual salespeople (thousands of them) represented by the firms/companies in attendance and I realized a couple of things:

  *  There are people there just like me that are taking money out of their pocket and investing in a future.

  * There are people there that are using company dollars BUT they are using personal time away from their family and investing that time to invest in their future.

  * The investment, either way, is substantial.

  * The investment of time alone is close to three 14-hour days.

My point and suggestion today is this - in order to become all that you can be, you need to personally invest time, money and effort to learn.  It’s more than an investment of the 40 to 50 hours a week working in the business.  It is an additional investment of time working on your business necessary for future success.

A guest post by Mark Trinkle, Chief Sales Expert, Anthony Cole Training Group

“My momma told me, you better shop around…shop, shop…oh yeah, you better shop around.”

Perhaps you recognize those lyrics from the 1960’s hit by Smokey Robinson and the Miracles.  Maybe (and it probably depends on how old you are) that triggers memories of the good old days.  If you are a salesperson, maybe it triggers emotions around how frustrating it can be when your prospect goes shopping.  Smokey Robinson wrote those lyrics from the perspective of a mother’s advice to her son about making sure he finds the right girl to marry.  Of course, prospects use those lyrics to make sure they don’t “marry” the wrong supplier or the wrong vendor.

You and I both know that prospects shop…that is to be expected.  We use the term “buy cycle” to talk about the process that people go through when they make a significant purchase.  And most people have a buy cycle that is heavily influenced by lessons learned over many years of being a consumer.  Throw in some early lessons they might have learned from mom and dad like “don’t buy the first thing you see” and then add to that the messages that they receive from advertisers such as “you can get it for less here” and it is no wonder that buyers today are more convinced than ever that going shopping makes sense.

So, what can you do about it?  What can you do when your prospect wants to go Smokey Robinson and the Miracles on you?

Here are a few thoughts:

1. Understand that is perfectly normal for your prospect to take the buy cycle they use as an individual consumer and apply it to the purchases they make as a business.
2. Remember that their buy cycle has generally benefited them as a consumer as it has probably saved them money.
3. Remember that while it is ok to challenge their buy cycle, you don’t want to confront or challenge them directly. You should ask, “I’m curious; could you tell me more about the process you are going to follow for making this decision?”  As Stephen Covey has said, “Seek first to understand before being understood.”
4. Be strong enough to ask, “What are you hoping to accomplish by shopping?”
5. Deal with their buy cycle upfront. The best salespeople always understand two things:  why the prospect will buy and how they will buy.  Address that early in the sales cycle as opposed to worrying about it after your presentation.

That’s all for now, folks. Now, go sell like a champion today.

SUMMARY

When your sales prospect wants to shop around, remember these 5 things:

1. It’s normal for your prospect to have a buy cycle in their business purchases.
2. Their buy cycle has generally benefited them as a consumer to save money.
3. Ask, “Could you tell me more about the process you are going to follow for making this decision?”
4. Ask, “What are you hoping to accomplish by shopping?”
5. Deal with their buy cycle upfront.

A guest post by Walt Gerano, Sales Development Expert, Anthony Cole Training Group

Prospects are great at being prospects; let’s face it, they get plenty of practice.  Every salesperson that calls on them gives them a chance to try things out to see what salespeople do when the prospect asks a certain question or responds in a certain way.  Advantage prospect.  Probably not the position salespeople want to be in on their next sales call.

So, let's ask the question, “Who’s in charge here?”

Sometimes salespeople are so happy to get in front of a prospect that they allow prospects to control the meeting.  Whatever question the prospect asks, the salesperson answers it.  Whenever the prospect asks for information, you give it to them.  When they want a proposal or quote, you go back to the office and begin to work on it. Who’s in charge?

If you don’t have an effective sales process and a methodology to prepare, you wind up answering questions, being on the defensive and have a difficult time finding out if prospects even qualify to do business with you.  After all, isn’t that why you are there?

I would agree that we should be ready for some of the questions designed to put you on your heels, but you must also have a “counter-attack” planned as well.  Suppose prospects ask you a question like, “Why should I do business with you?”

First off all, you should be ready for it and find out the real question.  Sometimes it’s a throwaway question… meaning that they toss it out there hoping you will spill the beans and give them some helpful information without any commitment. Or they have a problem and are trying to find out if you are good enough to help them.  Find out the real question and then answer it.

How will you use what you learned on the phone call to set up the appointment to help you qualify the prospect?  You must prepare questions in advance that help you discover the “Big 4”.

1. Do they have a problem (PAIN) that they are committed to fixing?
2. Do they have the time, money and other resources to commit to a solution?
3. Do you know their decision making process and have you met with all decision makers prior to agreeing to present a solution?
4. Did the prospect agree to a decision, yes or no, when you present?

If you answered “yes” to those 4, you have a prospect.

Regardless of the things the prospect does to derail you, remember these 4 things:

1. You must find out why they took time to meet with you – the “why am I here?” question.
2. You have to be of the mindset that they have to qualify to do business with you.
3. You have the right to get all the information you need to do the job being asked of you.
4. You have the right to make decisions that are not popular with others… and the right to walk away as well.

“Why should I do business with you?”  Tell them, “maybe you shouldn’t”, but if they have the Big 4, you should at least talk about it.

SUMMARY

Remember: To take charge of your sales meetings, find out if you have the Big 4:

1. Do they have a problem (PAIN) that they are committed to fixing?
2. Do they have the time, money and other resources to commit to a solution?
3. Do you know their decision making process and have you met with all decision makers prior to agreeing to present a solution?
4. Did the prospect agree to a decision, yes or no, when you present?

A guest post by Jack Kasel, Sales Development Expert, Anthony Cole Training Group

The Greek philosopher Aristotle said, “We are what we repeatedly do.  Excellence, then, is not an act, but a habit.” I don’t remember reading any accounts of Aristotle conducting sales training, but I believe he would have been pretty good at it.

I have a statement and a question that tie into Aristotle’s quote on habits:

• The systems you have in place are perfectly designed to produce the results you are getting.
• Do you own, and do you like, the outcome you produced?

Habits + Systems = Outcomes.  I think I can get agreement that, if both habits and systems are excellent and well thought-out, the outcome will be what it needs to be.  The problem is this: if either habits or systems are bad, the outcome will never be what it could be.  Here’s the good news though – you are in control of both the habits you create and the systems you follow.

Let’s take a look at habits.  There are many you can create.  One of the best habits you can develop is setting aside an appointment, each week, to meet with your most important customer.  That most important customer is you and the habit you must form is to never… under any circumstances… break that appointment.  During that appointment with yourself, plan and set goals for your week, read things to improve your skills and craft or just spend time organizing yourself.  You will be shocked how much better you can be by investing 30 minutes each week.

What systems do you have in place that will help you succeed? What are key factor you need to achieve to succeed in sales?  Are they introductions?  Cold Calls?  Appointments? Presentations, etc.?  What’s your conversion ratio?  How many calls turn into appointments?  How many appointments turn into presentations?  Have a system, measure the activity, find the gaps, do the things necessary to fix them.

Finally, let’s look at outcomes.  Do you own the outcome you’ve created?  Another way to look at it is, when something doesn’t happen the way you wanted or needed it to, do you look out the window for the reason or do you look in the mirror for the reason?

So, there you go.  A simple formula . . . Habits (good or bad) + Systems (good or bad) = Outcome. If you own the outcome and don’t like it, fix the things on the left side of the equal sign.  Finally, always remember this: Someone needs what you do; go find them.

SUMMARY:
So, change your habits and you will change your outcomes. Remember: schedule a 30-minute weekly appointment with yourself to…

• Spend time organizing yourself
• Plan and set goals for the week
• Read to improve your skills
• Develop a system and measure the activity
• Find the gaps and decide how to fix them

Prospects want you to have honest, direct and assertive conversations with them so that they can make better, critical decisions.

There are many contributing factors as to why someone may not be assertive such as: learned helplessness, low self-esteem, having a go-get mindset versus a go-give, false bravado, life out of balance causing a sense of desperation and a crisis management approach to work rather than a self-management approach to work.

Assertive people have certain characteristics.

• First of all, they have minimum acceptable standards for themselves and those people around them. They don’t associate with toxic people – they work with nourishing people.
• They have a goal philosophy; they have lots of goals and then they continue to pursue those goals and achieve those goals.
• They get outside the box. If you’ve seen the 9-dot exercise, you’ll know what I’m talking about. They get outside the dots- they expand their comfort zone.
• Next, they take risk and they understand that taking risk can result in failure. But, failure becomes defined as just another step towards success. They’re persistent. They find other ways to close.
• They themselves make decisions; that makes it hard for them to understand why someone would want to think it over.
• They know what they stand for and they won’t fall for just anything that falls under the category of objection or stall.
• They control the sales process. You can ask them about next steps and assertive people can give you specific details about what happens next.

To overcome the hurdles that might trip you up as you attempt to be more assertive, you might consider the following:

1. As they said in the Godfather movie, “It’s not personal; it’s business.” Don’t take it personally.
2. Take ownership of how you feel. Nobody can make you feel the way you feel in terms of being uncomfortable. You choose to feel a certain way.
3. Consider Emerson’s quote, “Do the thing and you’ll have the power.” There will be times during a sales process or sales step where you will feel the need to be assertive but you will be afraid. DO the thing… do the thing that you’re feeling and you’ll have the power.

As always, thank you and have a perfect day.