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What our clients are saying......
"AboutPeople has a tremendous breadth and depth of knowledge about really connecting with people, and we all know this is a relationship business. They bring to the table resources, solutions and accountability that help you succeed in business and in life."
-- Steven Neff, Principal, Signia Capital
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New Regulations -
Limitations or Opportunities?
If you’re involved in marketing or selling, your world is likely to change (drastically) in the coming months, all due to pending legislations. With that in mind…
Do you get the feeling that you’re one of General Custer’s troops, watching bodies fall all around you? How could you not? Nearly every issue of every publication lists new casualties. Advisors are being convicted, firms are under investigation, investors are pizzed off, your prospects are looking to the government for help, and the government is looking to force big changes in the way you sell.
How does your life change after the regulations hit? How will you have to alter your sales processes to meet the new wave of regulatory mandates? Usually when I ask that question, I’m greeted with silence and a face that looks like it just came out of the lobotomy lab.
Let me pose a hypothetical situation...
How would your sales conversations go if you had a prosecuting attorney sitting in the room? Would you bring up the same selling points you used last month? Would you make the same promises? Would you gently gloss over any information?
With that picture in your mind,
welcome to the new frontier of selling.
Let’s look at some of the things that will most likely change in your life:
- You’ll likely have to disclose fees and penalties.
- You’ll surely have to explain how (and how much) you get paid.
- You’ll have to explain how the product is appropriate for that prospect, and how it might not be appropriate, covering both sides of the coin.
- The sales process will be more like buying a hand gun than a product.
- It’s likely that you’ll have to recite legal language – similar to the Surgeon General’s Warning, “WARNING: This product will either kill you or cause brain damage, but it will never help you. Put it down now, you idiot!”
If you have to struggle through all of that, then it will most likely change how you sell. Ya think? The point is, you will have to look for another differentiator. But what if that differentiator is you?
If the products are the same, and the sales presentation is legally regulated, then you will walk onto a completely level playing field, with one exception – you!
Your ability to build rapport becomes a differentiator. You ability to make the prospect like you becomes a differentiator. Your ability to get the prospect to listen to you becomes a differentiator. Your ability to prove your credibility becomes a differentiator. Your ability to demonstrate your wisdom becomes a differentiator. Even the government can’t regulate relevance!
What if?
What if you actually could demonstrate and prove that you are the best choice to serve as that person’s advisor? What if you could demonstrate your ethics, your trustworthiness, your credibility? What if you could get your prospect to trust that you are now and will continue to be the sentry looking out for his interest? Wouldn’t that place the eagle’s feather in you cap?
When you begin to do those things, you find yourself leaving competitors in your dust.
In Conclusion.
What skills do you need to learn (right now) to position yourself to hit the ground galloping when the wave of regulation washes over the landscape? Some people call them, “soft skills,” but I think that’s misleading. Some people call them, “people skills,” but that’s unfair, too.
To make sense of them, think in terms of becoming a personal development facilitator. You need to take charge of the situation to the degree that even listening is an proactive activity. Your job changes from sales person to Client Advocate, someone who facilitates the conversation to make sure the prospect is protected from other people who won’t be as diligent about watching out for his best interest. In this way, you raise the level of your game.
Bring on the new regulations, the advisors with the right skill sets will prevail! Is that you?
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Coming Soon:
Axis of Influence book launch!
After months of preparation and planning, Pam and I are going to officially launch our new book shortly! The book is titled: Axis of Influence - How Credibility & Likeability Intersect to Drive Success! To make it easy for you to buy it, to make it a no-brainer of a decision, we've assembled a handful of the best thinkers and trainers in the world. Each of them has a gift for you. And, all you have to do to get them is just buy our book. Folks, the book is only $16.95, so we're not talking about a major investment here. So, for a mere $16.95 (plus shipping), you'll get an entire collection of world-class tools, skills, advice and ideas.
Watch for our announcement!
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Favorite Expert?
Those of you in the financial industry know that I for the past seven or eight years, I've been writing a column for ProducersWeb. The other columnists and I have a competition going - to see who are the most popular columnists. If you enjoy my articles, please consider linking to my columns. No cost, no obligation, and you'll get all my new columns. Such a deal! And, I would consider it a huge favor. Here's all you have to do:
1. Just link to: The Site
2. Look on the right side of the screen. There's a button that says: "Become a fan of Michael Lovas today!"
3. Click on the box, then scroll down.
4. Enter your email address and click "Sign me up."
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Pam and I thank you!
-- Michael Lovas