8 Ways to Distinguish Yourself
in a Challenging Market

GREETINGS!  This issue of the Inner Circle finds many of you frightened about the economy.  I know because you've been calling me and I can hear the panic in your voices. The guidance I've been giving people is represented in the resources and article you'll find below.  Essentially, the key to thriving in this economy is to distinguish yourself, distance yourself, position yourself as a positive contrast to all the other advisors who are frozen in time.  The article gives you some concrete steps you can take, but you must do it right now. 

RESOURCES

Web-Event. 
Our previous web-event was postponed because my co-host was out of the country. So, please mark your calendar right now for Thursday, April 2 at 3:00 PM (Pacific).  The topic is:  Credibility Marketing.  And it's FREE! 

This program is based on part of our new book.  I'll teach you the most effective ways to build credibility in your marketing.  I'll also show you the most cost-effective tools and how to make them work.  So, click on this link (right now) to register:  https://www2.gotomeeting.com/register/238207294.  At the bottom of that opening screen, please type in this code: 46870

Lie to Me Blog (http://lietomeblog.blogspot.com/).
Pam and I have several blogs where we put fascinating and titillating bits of wisdom.  They focus on reading people and using psychology to be more effective.  We discovered that America is enthralled with the TV show Lie to Me.  But, the show is full of psychological baloney.  So, we created a blog to highlight the skills used in the show, and explain how you should use them. 

Psychological Marketing Blog (http://psych-marketing.blogspot.com/)
I began using psychology in marketing programs in the mid 1980s.  Since then, I've continued to refine my approach and add new wrinkles.  Many of these wrinkles are in this blog.  There is a high probability that you will never find this information any place else. 

Credibility & Likeability Blog (http://credibilityandlikeability.blogspot.com/)
Our new book is scheduled for release by our publisher on April 1.  (no fooling) The title is: Axis of Influence - how credibility & likeability intersect to drive success. You'll be able to get it directly from Amazon and major book stores.  We regularly add to this powerful body of knowledge.  And, when we do, those tid bits of wisdom go right into this blog.  I guarantee, no one else in the entire business world can teach you these things. That's because this is a very deep area of specialization for us, and we've been researching it since 1991. 

How to Read People Blog (http://howtoreadpeople.blogspot.com/)
Pam and I have become somewhat famous as "people readers."  It's our other area of specialization.  For ten years, we've been teaching professionals how to read their prospects and clients so they can be more effective at generating new business and building more loyal clients.  We learn new skills all the time, and we catalog them in this blog.

Now you know where to go to improve the specific skills that will help you weather this crazy economy.  When the performance and costs become painful - you absolutely must focus on the quality of your relationships.  And, you can't be effective at that until you gain new (better) skills.  That's what we teach!

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8 Ways to Distinguish Yourself
in a Challenging Market
(Part I)

Michael Lovas & Pam Holloway

Americans are frightened and unhappy with all industries – and every person connected to them. That’s you. But why? Why are they “displeasured” with you?

Chances are, you didn’t do anything wrong. But, equally, you might not have done anything to distance yourself from the scandals, fraud, and allegations in your own industry. Most likely, you neglected to initiate a proactive credibility-building campaign.

The purpose of this article is to give you a way out of the morass, to give you specific steps you can take to show yourself as different and better, to distance yourself from the bad press and perceptions. And, because so few professional have initiated a credibility-building campaign, this is the perfect moment in history for you to entice clients away from other firms that have failed to take these steps.

Never before in history
has credibility been so vital - and so ignored!

This article shares with you some of the most actionable ways to build your credibility - to distinguish yourself from others and leapfrog the competition. These are steps you should have been taking all along – even when the market was better and scam artists were still operating under the radar.

If you haven’t taken these steps already, there is still time, and you can use the muck and mire to your advantage. Look at it this way. Clients and prospects will have something to compare you to. And for you, it becomes just a little bit easier to describe the contrast.

Step 1. Become Proactively Transparent.
We’ve been preaching transparency for nearly a decade, and not just because it’s the right thing to do. Also, because over the years, so few advisors were proactively transparent that it became an easy way to distinguish yourself and build your credibility.

With today’s headlines, proactive transparency becomes even more important. Madoff surrounded himself with an opaque wall, not showing anyone what he was really doing. How can you show that you are the opposite of that? Combat the assumption (association) that all financial firms are hiding something, and do it by becoming proactively transparent. Specifically, become transparent about:  

 

• How you make money. Be upfront and specific about when and how you get paid.
• All fees and charges they’ll incur. Be upfront and specific about all fees and charges, even the little ones.
• Oversight. Let clients and prospects know about the checks, balances and oversight in place to protect them. Mention specifically your broker/dealer, custodians, accounting firm, etc. along with specific oversight measures in place.
• Client commitment. Outline your commitments in writing. This way you can graphically show your clients what they can expect from you. Call it a “Bill of Rights” or your “Unconditional Promises.” Otherwise, it’s possible that your prospects may imagine a black hole into which their money could go if they gave it to you.
  

Step 2. Prove Your Credibility.
It is no longer enough to merely BE credible. Now, you must be able to prove and demonstrate your credibility. The most effective way to do that is to prove it before anyone questions it, and you do that in these ways:

• Publishing. Publish books, articles, and white papers. In them, you would tell stories about specific situations in which you made appropriate and successful decisions. You would discuss specific strategies and show your relevance and expertise in areas that are important to your clients.
  • (Warning – If you can’t write at a professional level, get help.) 
  Speaking. Book yourself to speak at every luncheon meeting for every organization you can find.
  • (Warning - These are very different from sales seminars, so if you’re not trained in how to write and/or deliver a speech, get help.) 
• Introductions. We call these “credibility introductions” It means finding someone to introduce you who the client already perceives as credible. This enables you to gain credibility by association. 

In Conclusion.
In this first installment, you’ve learned a little bit about how to separate yourself from the bad press, show yourself as different and better, and use this challenging environment to your advantage.

We recognize these steps are “easier said than done.” If you want a helping hand to implement these steps, give us a call. Or, attend my next web event.  Just click on this link (right now) and register at: https://www2.gotomeeting.com/register/238207294. 

At the bottom of that opening screen, please type in this code: 46870


Your Reward
If you regularly read our Inner Circle newsletter, you know that I always give a reward. It’s my way of saying Thank You for placing your trust in me. This month’s reward is our eBook titled: Inside the Mind of Decision Makers.  It's our in-depth profile of corporate executives and business owners. If you ever wanted to work with the most successful people, this eBook will teach you now they think and how they make decisions.  You'll also learn how to connect with them, and what irritates them.I will personally send this insightful eBook to you (free).  Here's all you have to do: 1) Visit any two of the blogs listed above and post a relevant comment.  2) Send me a personal email telling me which blogs you visited.  That's it.Pssssst - Pam doesn’t know I’m doing this, so let it be our secret. Be sure to send your email only to me: michael@aboutpeople.com  (This offer expires on April 1, 2009)

-- Michael Lovas

 

 

Find AboutPeople resources at:  https://www.aboutpeople.com/Catalog