When people ask: “How’s business?” what do you say?
Most people are on auto-pilot when they answer this question. But change your approach and you might change the outcome.
You attend Chamber events and community activities. People know where you work and what you do. If not, the logoed ball cap/windbreaker/umbrella gives them a good idea. (Please wear only one at a time.) People often ask: “How’s business?” What do you say? More important, are you missing an opportunity for some soft selling?
Your standard answer
Most people are on auto-pilot when they answer. We say “Great” or “Wonderful.” Why? Because no one wants to hear you complain. Imagine if someone said: “Terrible! I just lost these valuable client documents!” Suppose you said: “Lousy. You wouldn’t believe the loony people I work alongside. My boss is the chief loony.” TMI, or Too Much Information.
Change your approach and you might change your outcome. Ever notice when some politicians are asked a question they don’t want to answer, they look at the camera, answering a totally different question? This technique can work for you.
Everyone wants help when they need it
Suppose instead of hearing “How’s business?” you heard “How have you helped someone today?” Obviously, client confidentiality takes center stage. Any stories you tell are anonymous. You also need to keep them short.
“I have a client. Been with me forever, but didn’t like her job. She lives modestly. I showed her if we switched her holdings from growth to income, she could quit tomorrow. She would never have to work again.”
What do people hear? You helped a person. They have achieved their dream. You solved someone’s problem. They think: “I never knew you could do that!”
Their thinking goes a step further: “That description sounds like me. Could she do that for me? What about Cousin Alfred?” You can see the business possibilities.
But I’m not a miracle worker
But here’s the problem. You don’t have those life-changing scenarios every day. They are pretty rare. You can’t say: “18 months ago, I had this client. Been with me forever…” It’s time for another approach.
Have you ever helped a client by preventing them from doing something stupid with their money? You smile. “Every day,” you say. That’s another “How have you helped someone?” story.
Here’s what it might sound like: “If you are ever thinking of taking money out of a retirement account and you are under 59 ½ years old, don’t do it. I have this client…”
You explain how you helped this anonymous client by telling them about the tax headache they would have. You offered an alternative suggestion that would solve their problem.
Now, what do they hear? You helped a person by stopping them from making an expensive mistake. They may not be in that position, but they may know someone who is about to make the same mistake. They think putting the two of you together would be doing a favor for their friend. Referrals in action.
When people ask “How’s business?” you may have the opportunity to expand their understanding of how you help people and possibly getting a referral in the process.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” can be found on Amazon.
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For your next prospecting meeting, forget the binder