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The internet and its proliferation of free information has conditioned many advisors to believe they must deliver significant value in their sales process to acquire a new paying client.
This has triggered a race to over-deliver value, hoping to impress prospects with knowledge and expertise to get chosen.
The result is a dramatic increase in the proliferation of “free consulting” pre-sale, more than ever before.
Providing value pre-sale (free information about solutions and how you provide them) continues to increase the level of indecisiveness on the part of your prospect. Why? Because they say: “Thank you, this meeting has been very helpful, let me think about it and I’ll get back to you.” Them “thinking about it” is exactly what you triggered by educating them in your initial meetings.
It keeps them in “option-gathering” mode to justify making a decision in the future, instead of shifting into problem-solving mode, giving them clarity to make a decision with you now.
Is it surprising they would take your information to the next advisor they’re interviewing?
As an advisor in a low-volume/high-margin business, you can’t afford to keep losing opportunities, even though you’re satisfied you did your job of “delivering value.” That internal justification only reinforces to your subconscious that it’s not your fault you lost them; it’s their fault because they couldn’t appreciate the expertise you shared with them.
The big shift is to understand that as an expert in your field, you’ve been conditioned to believe that the idea of “value” is hardcoded to your knowledge and skill.
But your prospect doesn’t have your expertise, so they’re absolutely in no position to rank or assess your value until after they’re a paying client when they can see you delivering real value. The truth is your prospects don’t have the technical knowledge to judge your competence pre-sale. So why do you continue to feel the need to attempt to prove your value to them?
Give yourself permission to stop delivering value pre-sale and instead shift to building deep trust.
Being judged on trust is not based on your expertise. It’s based on a trust-based approach that creates this feeling inside of your prospect: “He or she is exactly the kind of person we can trust and are looking for.”
To create that level of trust, you need to let go of the years of conditioning and advice from your industry peers and mentors who grew up in the profession when it wasn’t commoditized like it is today.
Here are a few mindset shifts to help you start this transition:
1. Stop giving “value” and educating your prospect on potential solutions
You’re not there to convince your prospect of the value of what you can offer. You’re there for them to feel you understand them more than any other advisor they’ve spoken with.
2. Be diagnostic like a doctor
Shifting the initial meeting into a deep, diagnostic conversation maintains your position as the expert (this does not include fact-finding questions) and the prospect as someone who needs your help. It simplifies and shortens your sales process. After diagnosis comes prescription, then payment, then treatment (no more multiple meetings where you end up consulting for free; this must stop now).
3. Focus on providing clarity around your prospect’s problem (no solutions)
This is the only way to shift your prospect out of an option-gathering state (for a potential decision in the future) into a problem-solving state (for decisive action in the present). Without this shift, you’ll lose them at the initial meeting.
Shift your sales process to trust-building instead of delivering value. Yes, I know, that goes against the grain of everything you’ve been taught over the years – but your market has shifted, and it’s time for you to do the same.
If you can make this shift, you’ll become a “trusted authority” in your prospect’s eyes, which differentiates and de-commoditizes you from everyone else still using the traditional value-based approach.
For specific help on how to make this transition, order your complimentary book and consultation below.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trusted Authority” has become an instant best-seller among financial advisors worldwide – you can get a free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “get new clients” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Australian Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.
Read more articles by Ari Galper
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
