A people, A places, A activities. You’ve heard (or read) me repeat this mantra. So how do you run with it? Determine where you can add opportunity and value. Figure out a story that supports those things.
The question: “How can I create an opportunity to be of service to you?” First, you have to know something about the person, and with that knowledge, share the story that would most resonate with them. This is where the power is. Next question: How do you determine an appropriate story? Look at your top clients – those on whom you’ve had the most impact – and what’s the story behind how you came to work together. Share the problem they had and how you solved it. (Obviously respecting confidentiality.)
There’s a story behind every client, and those stories are already in the books. There are categories of clients: business owner, property owner (i.e., farmer/rancher), family guy/gal, etc. Your book of clients may be even niched further: medical practitioners, attorneys, entrepreneurs in specific industries, etc. Despite broad categorizations, there is always a unique story behind each client that is appropriate for prospects in the category.
Next question: So how do I broach the story and share it? I’ll be honest, most people don’t know what you do. In my case, during a workout at the gym, I overheard two guys discussing RMDs. It occurred to me that they had no idea what I did. Had no clue that I coach financial advisors and coach others who coach financial advisors. Don’t assume people know what you do, so you can use story to communicate that. In turn, that clear story helps other people then recommend you.
Everything is a story. Stories have been around forever. Jesus taught big concepts using stories – parables. We are conditioned to gravitate toward and learn from stories. And stories create easy ways to approach a prospect to start the conversation with the goal of being service to others. That is always the goal.
We can’t be of service to others unless the like and trust us, but they also must have a reason to engage us. Most people go through their normal day thinking about normal things. They are not thinking about estate planning, tax management, tax loss harvesting, or the thousand other things an advisor can do for them. Ah, but if we can share a story that piques their interest, we can then pose the closing question: “Is that something that might interest or help you?” You’ve opened the door.
Important reminder: It’s always about value! Why would someone pay you $5,000 for your service? Simple. They perceive and understand that they are getting far more than that in value. It’s rarely, if ever, a straight trade. They don’t expect to get $5,001 in return. It has to be more. Here’s an example: With the availability of ride share services, why would you own a vehicle and pay a lot of money for one? I’m guessing you do both; I do. I own a truck and use Uber at times. Let’s say I’m at my daughter’s soccer game and she suffers a serious leg injury. If I’d used Uber and now have to request a ride to get her to the hospital, suddenly my $50,000 truck sitting in the parking lot at the soccer field has incredible value – well over what I paid for it. In fact, the truck suddenly becomes invaluable. Value is always greater than cost and often multiple times greater.
In our world, it’s the peace of mind that comes with having an organized estate or that comes with not having to worry about which financial investment to make. Your value is creating space and capacity for your client. You are taking these things off their plates. They don’t have to worry. That said, you cannot force anyone to do what they do not want to do. You cannot coerce them. Only the government can do that. They are making a choice, so you have to demonstrate value.
You demonstrate value through story. The story structure is always the same: problem, agitate, solution. As an example: A roofer tells me that I should replace my roof. In Florida, that price tag is about $80,000. Why would I spend that? The problem: my roof is getting older. So what. I don’t want to pay that. The agitation: What if a hurricane hits. Without a roof, all my stuff will be ruined. The solution: Replace the roof because the combined value of all my stuff and protection for my family well exceeds the cost.
Stories are powerful. Use them to explain value. Then deliver. It’s that simple.
