If you're reading this, you could be the kind of person who can increase your success at a much higher level, and with greater self-satisfaction. What does that mean? Simply that readers are learners. Learners are usually more laid-back people – at least in the financial services industry. And, learners possess a natural curiosity. It's that natural curiosity that opens the world of consultative selling to you. And, if this shoe fits, it will be the best footwear for you entire career.
Why am I focusing on this? Because the first absolute essential of consultative selling is you. You must feel comfortable asking questions and listening to the answers. If you already know the answers, you'll stop listening. That kills the consultative aspect.
The two selling styles. If you'll excuse the over-simplification, you'll find two basic selling styles in this industry: directive and consultative. The agents and advisors you know who are convinced they have all the answers will use the directive style. It fits them well, and that's a good thing, because few of the directive people would do well with the consultative style.
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The agents and advisors who know they don't have the answers will not easily succeed with the directive style. The ones who apply a Socratic approach of asking questions (a combination of close-ended questions and open-ended questions) are perfect for consultative selling. It fits them, and that's a good thing, because they are uncomfortable trying to convince a sophisticated buyer that they already know the answers. (see the Reward at the end of this article)
Our systematic application of Consultative Selling is called "Magnetic Connections." Inside it are many psychological applications. And, inside them are seven components. Each component contains specific types of questions and tools. We refer to the process as the "7Cs of Consultative Selling." They represent the absolute essentials. You can't succeed with the consultative approach to business without understanding and being able to apply all seven of them. Each C represents a set of actions you must take.
Think of the 7Cs as an over-all, systematic process that provides you with both structure and flexibility. Take each step in order, and you'll discover that your prospects become more comfortable with you and give you greater credibility. The 7Cs include:
- Curiosity
- Credibility
- Connection
- Concerns
- Consequences
- Commitment
- Continuance
Let's look at each one:
1. Curiosity: Get Their Attention
Making people curious is a great way to engage them in a productive conversation. That's why Curiosity is the first stage of Consultative Selling. In this segment you learn how to use intriguing words, numbers, stories, "you" phrases and props to grab and hold the prospect's attention.
2. Credibility: Show Substance
Credibility answers the question – why would I (the prospect) want to do business with you? Here you demonstrate your credibility with credibility questions, third-party articles and references, and through credible associations. You can borrow credibility based on introduction and/or association. And, you display your credibility when you ask diagnostic/consultative questions. You can also lose your credibility by zeroing in on a sales close (going directive).
3. Connection: Read and Connect
Connection also answers the questions – why would I (the prospect) want to do business with you. However, it does so more from an emotional perspective rather than the logical perspective which is satisfied by the credibility component. Connection is where you focus on listening, rapport building, people reading and speaking the prospect's language.
4. Concerns: Identify Problem/Opportunity
Concerns is where you elicit the prospect's primary concerns, pain or problem, then you articulate the "Problem State" using the prospect's words. You ask questions and gather contextual/situational information to help you understand the client's pain or opportunity. You identify what is he trying to accomplish, fix or avoid.
5. Consequences: Create A Sense Of Urgency, Envision Future State
This is where you help the prospect explore the consequences of doing business with you, as well as not doing business with you (choosing someone else or choosing to do nothing). You'll ask Implication or Consequence questions that enable you to help the prospect self-discover why he needs you, as well as create a sense of urgency. You'll use Payoff questions to help him create and visualize solutions and his "future state."
6. Commitment: Land the Plane
In the Commitment step, the objective is to elicit a commitment to action, which includes defining and committing to next steps. If the earlier steps were completed successfully, the client will automatically move into the Commitment stage. The way we teach it, there is no hard "close." The Commitment to Action is initiated or made by the client, simply because it is the next logical step in attaining the solution.
7. Continuance: Expand the Relationship
Continuance is an important aspect of the process, even if and when, you officially conclude the transaction or open the account. Continuance is where you focus on moving the relationship further along. In Continuance, you work to elicit feedback, provide continuing evidence of commitment and work to strengthen and expand the relationship.
Take the Next Step
Before you can even consider using Consultative Selling, it is essential you define how you are different and better, and why people would choose you as their financial advisor. You'll use your answers in your questions and persuasion techniques to help you become more magnetic to your chosen A-level target market.
Take a few minutes and answer the questions below.
What about you is unique or special?
1. ________________________________________
2. ________________________________________
3. ________________________________________
How are you different and better than your competitors?
1. ________________________________________
2. ________________________________________
3. ________________________________________
Why should people choose you as their financial advisor?
1. ________________________________________
2. ________________________________________
3. ________________________________________
Conclusion
Ever feel out of sorts with your selling approach? Are you making less money than you feel you should? Ever feel like you're selling the wrong products to your clients? Are you feeling unfulfilled in your career? Ever wonder if there's a better way for you to use your knowledge to help people? If you answered "Yes" to any of those questions, the consultative approach might your key.
Remember, it's not a sales approach; it's a philosophy. It's not easy, and it's not right for everyone. It requires strategic thinking and patience. I demands a sincere desire to help people. Using the consultative approach without possessing those qualities will make you look like Woody Allen playing hockey. It just doesn't fit.
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