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When a patient is told they have six months to live unless they get a safe, recommended treatment, they don’t tell their doctor, “Let me think about it.”
In fact, phrases like “let me think about it,” “better ask my wife,” “I’ll see what my husband says,” or “let me go away and digest that,” are words a doctor never hears.
But as a financial advisor, you hear that response so often from your potential clients that you accept it as a normal part of the sales process.
The initial conversation goes well, you present your solution, and they seem interested.
When you hear at the end, “let me think about it,” you tell yourself, “They’re just not ready to make a decision yet... but give ‘em time.”
The truth is they’ll never be ready... and no amount of information, education, or friendly following-up will change that.
The problem may be your approach in the initial sales conversation.
Think of how a doctor never hears the words “let me think about it” from a patient, and why that is.
The patient makes an appointment to see a doctor. The doctor is friendly but focuses the appointment on discovering the root cause of their patient’s concerns.
Upon listening to their patient, the doctor pinpoints the cause and shows them how their problem is deeper and more complex than they thought (which is why they couldn’t solve it on their own and why they need the doctor).
Then, the doctor prescribes them a treatment plan, pays for the doctor’s time, and books another appointment.
The distinctive aspect of this approach is how a doctor prioritizes diagnosing their patient’s problem first. It’s a problem-centric approach, not a solution-centric approach.
Only once the problem has been thoroughly defined and understood is there any mention of a solution.
A doctor knows that no one makes an appointment to see them unless they have a reason... and it’s not for a friendly chat or to see what new medical procedures or equipment they might have.
The reason is always a problem the patient has.
A doctor knows their job is to help the patient understand their problem in its entirety, which means understanding its root cause and the consequences of not solving it.
The doctor knows that it’s only when the patient owns the problem in this way, that they’ll also own the treatment, which is critical for its effectiveness.
Prescribing the treatment is then a natural, effortless, and even expected part of the consultation process.
The key to flipping your ratio of prospects to paying clients on its head is not by increasing your volume of leads, or by creating new solutions to interest them – it’s by shifting your approach on the initial sales conversation.
Be problem-centric like a doctor.
Help your potential client understand the gravity and seriousness of their problem first, before educating them on your solution.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after sales conversion expert for Financial Advisors. His newest book, “Unlock The Sales Game” has become an instant best-seller among Financial Advisers 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 client growth consultation with Ari or one of his trust-based consultants. 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.
