People in professional services are especially prone to thinking that the better they get, the better their business will be.  The more the tax lawyer knows about the tax code, the more the actuary knows about qualified plans, the more the psychologist knows about bipolar personality disorders, the more business will beat a path to their doors.

As Harry Beckwith states in his book, “Selling the Invisible,” this simply isn’t true.  Pick any courtroom in America today and you will find a long line of brilliant lawyers with an extensive knowledge of the law trying to sell their technical excellence.  But their audiences, the jurors who will decide the win or the loss, want something else.

There is a similar problem in the practice of medicine.  We have the technology today to take a pill or a shot and overcome diseases that killed many of our ancestors.  Psychiatrists have the ability to medicate patients with severe disorders and make them far more functional than they could have been ten years ago.  The medical industry clearly has become technically more competent and expert.  So why do almost half the people say that doctors lack a genuine interest in their patients?  Doctors believe that technical proficiency is the measure of their worth.  Patients say the relationship is the most critical part of the service.  Many people think medicine is failing as a service.

The best evidence that superior performance is not the critical aspect of success comes from our business, the financial services industry.  In 1995, Goldman Sachs published a study titled, “The Coming Evolution of the Money Management Industry.”  To their surprise, they found in their study that the real business of money management was not skillfully managing money.  The real key to success is “gathering and retaining assets.”  Or, as some of us would call it, MARKETING.  Did Goldman Sachs ignore their clients’ insistence on performance?  Not at all.  When asked to rank the most important criteria for choosing an investment firm, clients consistently put return on investment—the best evidence of technical proficiency in investing—below trust and other “relationship issues.”  In one survey, clients rated track record ninth out of seventeen attributes.  Investment performance was rated below “a sincere desire for a long-term relationship.”

Prospects do not buy how good you are at what you do.  They buy how good you are at who you are.

Let’s review the prospect briefly:

The High-D Prospect:

The Dominant, high-D, prospect will come on strong.  They like to “test” you and will probably apply some pressure early in your relationship to see what your reaction will be.  Generally, they will be running late and may appear rude when you first approach them.  They will interrupt you, take phone calls, look at their mail, and sometimes bark orders to their assistant but always interjecting, “Keep talking, I’m listening.”  The high-D’s office and desk may be disorganized.  The most important clue to recognizing the D however is impulsiveness and impatience.  While prospects with the high-D and high-I combination will be well dressed, the prospect with the high-D low-I could care less about appearances.  It’s the results that count.

How to sell the High-D:

The high-D wants you to be brief, so get to the point quickly.  Hit the key points and ask for the order.  The high-D wants you to be sure of yourself and your product.  Be firm and tell it like it is.  Spare the details.  They tend to be impulse buyers and impulse investors so move to the close quickly and authoritatively.

The high-C Prospect:

The Compliant, high-C, prospect is punctual, unhurried, neat and orderly.  Although he or she may appear worried, they will be courteous and prepared for your call.  If you have sent advance information, as you should, it will have been read.  Since they are extremely cautious, you should expect them to have many detailed questions.  Avoid generalities in your answers.  Be precise and technically accurate.  The high-C will pay attention to detail and will have an overriding need to be sure.

How to sell to the high-C:

The high-C needs facts and more facts.  Use statistics and track records to reinforce your points.  They need time to analyze, think, and be comfortable.  Remember, they hate risk and they love guarantees.  Be sure to answer all their questions carefully and handle all their objections completely.  Use comparative data and appeal to their sense of logic.  They demand quality and reliability.  The high-C is slow to take action and will demand much from you.  However, it will be almost impossible for another FC or FA to take their business away from you.

We will review the high-I and the high-S prospect next time.

MAKE YOURSELF A GREAT DAY!

Ron Keese