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Nearly 15 years ago, the owner of a successful Chicago restaurant realized that no-shows were costing him $900,000 annually. Then he made one simple change that cut his no-show rate by two-thirds, from 30 % to 10% … saving him $600,000 yearly.
This change has powerful implications for advisors trying to advance relationships with prospective clients.
I learned of this sales tip through a recent New York Times article.
Previously, when someone made a reservation, like most restaurants they were told "Please call us if your plans change."
That was what the owner changed. Instead of asking the customer to call if there’s a change, now the person taking the call utters nine simple words …. "Will you call us if you change your plans?" … and then waits for the customer to agree.
Obtaining a promise to call if plans changed resulted in a modest sense of obligation … and getting that soft commitment made a huge impact.
Advisors can learn from this, by shifting prospect conversations to ask for a similar low-level commitment.
From permission to commitment
Here’s a simple way to think about this:
If what you say to a prospect begins with “Can I” or “May I,” what typically follows is a request for permission to act … with minimal obligation on the prospect’s part.
Sure, prospects find it easy to say yes to "May I send you some information?," or “Can I check in again in six months?,” but the difficulty is that saying yes entails little or no commitment on their part.
If instead your question to a prospect begin “Will you?” or “Would you?,” you’re asking the person for action. So, for example "If I send you the article I mentioned on tax savings strategies and touch base in two weeks time, will you have time to look it over?" asks a prospect for action, not permission.
And if a prospect says they’re too busy right now: "May I call you back in a few weeks?" is simply asking for permission. Try instead: "Will you have more time to talk if I call back in a couple of weeks?" Now you’re asking for a commitment.
