"The more formalized and marketing-like a meeting feels, the less credible it is to me," Steve Watson told attendees at the BPRO Broker Expo. "Take three minutes and learn about your subject and I promise you will stand out."
Steve Watson has a diverse background and a lot of titles that can be put after his name – CEO, CFO, CHRO and CPA. For some, it might sound intimidating, until you meet him.
The nation's top brokers were in attendance Monday at the opening day of the BenefitsPRO Broker Expo 2021 in San Diego, California, where the founder of TrendBreakers took some time to give some key tips on how to better connect during an afternoon session, titled: "How to Better Connect with CFOs."
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The CFO and HR director has spent more than 10 years at the same company and began the afternoon session by asking the audience how they might first connect with him. "What would be your first conversation starter?" he asked, noting that not one out of approximately 75 conversations he has had have spent one minute looking at public information to start the connection.
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The best place to start, he said is a simple LinkedIn search. "Learn about your prospect," he said. "There is a bunch of information out there you can find. Use that information and pick just one item you learned." Doing so, he added, will separate you from the 99% of people out there who are also trying to connect.
"And the more formalized and marketing-like a meeting feels, the less credible it is to me," he explained. "Take three minutes and learn about your subject and I promise you will stand out."
Watson also said that besides learning about your prospect is to learn more about CFOs in general. "What I find is that most people don't know much about CFOs and when trying to connect, you need to know about them and what they are hired to do," he said. "Once you know what they are looking to accomplish—whether it is pertaining to risk management, team development, strategy etc.—you can figure out how whatever it is that you are selling fits into their world."
He explained that you have to figure out how you can help solve their problems. "And solving their problems doesn't have to always be about benefits," he said. "If you can help me solve my problem in another area, whether it is staffing issues or something else, I will talk to you all day. I want to work with people who bring me insights."
Watson also debunked a few myths. Myth one is that CFOs outrank HR. "Not true," he said. "Sometimes they do, but sometimes they don't, and it is important to understand a company's structure and in a lot of cases, they are peers." He explained that if you are trying to skip over HR and go straight to finance when they are peers, it will not go your way and noted that one of the key questions to ask when prospecting is what structure a company has.
Watson also encouraged brokers to think about both their presentations and their website. "How are they presenting you? Are they presenting you as the hero or as the guide?"
Another myth he addressed is to assume that "CFOs understand you…we don't." He added that many times, brokers think they have to talk way over and end up losing their attention. "You can't talk way over their understanding. Go extremely basic."
His final tip of the day was to look up organizations and associations such as the Financial Executives International, CFO Leadership Council and more. "If you are trying to find out what CFOs are worried about, look up those organizations and see what they are talking about in their own meetings.
Overall, Watson noted, a CFO doesn't only worry about money. They care about reducing stress, feeling valued, health, finding connections, self development and more, and the more you tap into any of those things, the better and more genuine the connection will be.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
