Credibility Marketing

Credibility Marketing answers the “Why” questions:

1. Why would people want to do business with you?
2. Why would clients give referrals to you? 
3. Why would people attend your seminar?
4. Why would people book appointments with you?

The answer is simple - they probably won't - until you prove your value to them.  That means showing your knowledge and wisdom - demonstrating how you arerelevant to them. That is the essence of Credibility Marketing.

Please check out these resources:

Credibility Audio Program

While we were writing our book Axis of Influence, we produced a 9-part radio show on credibility.  The links below will take you to each show:

• 001 - Business Case for Credibility
• 002 - Why Important to Financial Advisors
• 003 - What Credibility is NOT
• 004 - What Credibility is - part 1
• 005 - What Credibility is - Part 2
• 006 - Face of Credibility
• 007 - Look and Language of Credibility
• 008 - Inherited Credibility
• 009 - Credibility Index

Credibility Marketing Articles:

• Financial Marketing - The times, they are a-changing. Michael Lovas. The Register.
• Psycho-Analysis of Your Marketing. Michael Lovas.  Judy Diamond Associates Online. 
• Credibility Marketing in 2007 Michael Lovas.  Perfectionists 
• Magnetic Marketing.  
  Michael Lovas. 
• Credibility Marketing - Part I. Michael Lovas.  Judy Diamond Associates Online. 

• The Credibility Factor: Don't Blame the Marketing! Judy Diamond Associates Online.

• How to Build Credibility Through Your Marketing. Judy Diamond Associates Online.

• Where are you on the Credibility Scale? Financial Services Journal.

How to Improve Your Credibility

By Michael Lovas

I’ve been coaching in the financial industry for about twenty years. The two problems I see most often are:

1)  Financial professionals don’t know now to prove their credibility
2). That makes them appear are generic.

This article shows you how to solve both of those problems – right now!

Why is Credibility important? The answers link directly to your bottom line. First, when your prospects see you as credible, they buy from you, sooner. So, the sales cycle is significantly shorter. Second, when your clients see you as credible, they talk about you to their friends. Where do you think true referrals come from? Credibility gives your clients something to talk about. And, when you do it right, that something is you.

Bottom line - when you invest in your Credibility, your investment comes back to you bigger and faster. You make more money faster. You get more new business faster. But that still leaves a huge question for us to answer - how can you build your credibility?

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Without trust, there is no credibility.  And,
without credibility, trust is next to impossible.

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Credibility! It’s in the eyes of the client! I don’t care how much training you have or how many years you’ve been in business. If you can’t prove that you are Different and Better, then you are proving that you’re the same as most everyone else and actually less than a few others. What does this mean to your business? Look…

Sales are not the results of events. They are the end result of a logical process. The process requires time for you to prove that you know what you’re talking about, while not talking the prospect’s ear off about yourself. Break the process and the prospect walks.

While you can’t interrupt the process, you can shorten it by proving your credibility up front. Picture yourself handing your prospect a book and saying, “Before we get started, I’d like to give you a copy of my book.” The result – a whole new ballgame, and you set the rules! See, credibility short-circuits the process. Along with credibility comes greater trust and, as psychologists say, “A heightened expectation of success in the mind of the prospect.”

When someone comes into your office … when you address your seminar audience … when you enter someone’s home … when you enter the board room to make your presentation - in all of those situations, you have a choice. You can approach those situations just like everyone else – thus proving that you’re generic – or you can give the other person/people what they want – thus proving that you’re Different and Better (credible).

They want a reason to trust you. The main reason they’re in front of you is that after years of searching, they have yet to meet an advisor they feel they can trust. That’s also one of the reasons so few clients give ALL of their money to only one advisor .

Look at 3 basic facts - the foundations of Credibility:

Fact One. People do business with people they perceive as being credible. It is such a simple fact that you can’t argue with it. When the chips are down, we look for the best person for the job. When the client’s wealth accumulation, preservation or distribution is at stake, he wants the most credible person to help him. Who is it? When the executive wants to roll her pension, she looks for the most credible person. That’s the person with credibility. Since so few advisors are seen as credible, this is a tremendous opportunity for you. So, why not jump at a chance to show your credibility right now?

Fact Two. Most producers will opt to look generic. The cost of credibility is modest compared to what you get. But, rather than invest a modest amount of money and choose to get the credibility, most producers and advisors will let the opportunity for credibility pass them by. That’s great news for you because it means you can stand out even more! Let's say it costs $7500 to build your credibility. How does that compare to what you'll pay in marketing, advertising and lists if you don't have credibility?

Fact three. When you have nothing that proves your credibility, your job is significantly more difficult. Actually, it’s almost impossible. However, when you have built your credibility, it enters the room before you. It's the Anticipation Rule, which means that when you can build greater anticipation, you're seen as more important you are seen, and your solutions are seen as more valuable. But what if your credibility is based on an ugly business card and self-aggrandizing brochure?

Example. Let's say you're a business owner being approached by a financial advisor – one you don’t already know. How easily can you trust that person? Fact is, you probably don't trust that person at all – until she proves her credibility. Fact is, most financial people try to prove their credibility by talking about themselves. Fact is, most brochures are just more talk about them, based on what they like and value - not on the client. All that really does is prove they're self-focused. Who wants to do business with an egomaniac?

Now, let’s look at you. Let’s say that in ten seconds, you’re going to deliver a presentation. It might be a seminar, speech or one-to-one pitch. You get only a few seconds to establish your credibility, otherwise the person/people will roll their eyes and think, “Generic!” How can you prove your Credibility?

What can you do – right now – to improve your credibility? What can you get that will speak loudly of your expertise? The answer should be obvious – publish a book! Hand your prospect the book. Hold up your book when you enter the stage. Talk about the book. Think of it like this: only heavy-weights have books. Who would know of Wayne Dyer or Tony Robbins if they had not published a book?

Closer to home, let’s look at the financial industry. In the mid-west, Lee Hyder is probably the best-known financial professional. He has a book. In New York, hands-down the king of credibility in the senior market is Bob Sagar. He has a book. In Alabama, Benjie Lloyd owns credibility. He has a book. Are you starting to see a trend?

Very few people ever hear about any other advisors in those areas. Why would they? Advisors without books are a dime a dozen, no matter how smart they are. But only a small handful of advisors have books. Why is that? I wish I knew, but it’s good news for you. Think how many pieces of mail hit the average mailbox in a week. Now, think how many times your target market is offered a book by the author. It is a no-brainer.

Pick an industry, and do a Google search for the professionals working in that industry. When you link to those websites, one of the first things you’ll look for is his or her publishing history. Does he have a book? Does she write a column? Does he contribute to industry publications? In the academic world, the rule is, "Publish or perish." In the financial industry, if you want to be a heavy-weight, it's the exact same thing.

When you are the author of a book, you have proof. When you have a book, it gives your target market permission to trust you. It becomes OK for them to take that leap of faith and believe you. They say to their friends, “You ever heard of Mike Lovas?” Maybe not before that moment, but from that moment on, they have heard of Mike Lovas. The point is, why was the name Mike Lovas brought up in the first place? Why do people trust Mike Lovas? Because he has a book – eight books in fact.

Bottom line –
1. People rarely ever talk about financial advisors who do not have a book.
2. Those who do publish a book become celebrities. (Because so few advisors publish!).

Michael Lovas
michael@aboutpeople.com

Credibility Marketing Resources. 

Axis of Influence: How Credibility & Likeability Intersect to Drive Success  This book focuses on the specifics of building personal credibility.

What's inside Axis of Influence

This book lists many specific ways you can build credibility through marketing and selling.  It's an insightful book that is the result of nearly 20 years of research and experience!

You learn WHY credibility and likeability are important; WHAT to do to improve them; and you even get step-by-step processes to follow!

The Credibility Advantage: Strategies & Tools for Increasing Business Results This book focuses on the specifics of building credibility for your business.

What's inside The Credibility Advantage

Consumers are bombarded with massive quantities of advertising and marketing, most of which they discount, little of which they trust. How can you separate yourself and your business from that tangled mess? How can you stand out and show yourself as different and better?

The answers to those questions are found here in The Credibility Advantage. You'll learn why establishing and continually increasing credibility is essential for your businesses today. And, you'll learn specific "how to" for anchoring your credibility in the minds of your customers and prospects.

Questions?  Just ask: michael@aboutpeople.com