Now, I Can Hear You. Part Two of the Sales Conversation
Written by Monte Rose Tuesday, 07 April 2009 13:34
Articles - Sales and Marketing
Salespersons earn the right to be heard by demonstrating uncommon awareness of the prospect’s dilemma coupled with world-class expertise and timely intervention.
All are essential to achieve maximum sales impact. Awareness without expertise is weakness, and expertise without awareness is dangerous. The former is nothing more than the proverbial “pat on the back”, while the latter is like a surgeon performing a tonsillectomy when the patient needed an appendectomy. Close, but no cigar.
Tardiness, which is born of timidity, bankrupts the
opportunity to serve. I am not referring to your ability to be “on time” for an appointment. I am speaking of a prevailing reticence to boldly move the conversation forward for the sake of the prospect’s good. If your physician checks your heart and finds a blocked artery, he or she will say, “This is serious, and we need to take care of this right away.” That’s not being “pushy”; it’s timely intervention.
Top performers embrace the risk of appearing “pushy” in order to serve their prospect’s best interests.
In the March installment (Can you hear me, now?), I discussed the first two phases of the sales conversation:
1) the relational, and 2) the conceptual.
The relational phase paves the way for trust, and the conceptual phase establishes the qualitative foundation for agreement.
Now, let’s examine the “nitty gritty” phases of our communication challenge: 3) the practical and 4) the tactical.
VIABILITY
The sales conversation moves through various levels of agreement. The practical phase focuses upon a quantitative reality. You’re determining the viability of your solution. Does the program provide enough benefit to solve their problem or meet their objective?
Yes, No, Maybe?
I want to emphasize the word, enough. If your prospect has set the expectation bar higher than is realistic or necessary, you will need to help them re-calibrate. If they’re
fixated upon an arbitrary home value or benefit dollar amount, it’s your job to offer objective perspective.
“I understand you want $1200 per month; however, as we’ve looked at your income and expenses, it appears
that $800 would still provide a positive cash flow cushion for you. Wouldn’t you agree?”
“I will definitely do my best to make this happen for you, but there are some factors that neither you nor I control. If we end up with $800 per month, you’ll still be able to breathe much easier, won’t you?”
It is in the practical phase of the sales conversation that you describe and explain the details of the program. Discuss the features, monetary potential, and restate the experiential benefits. You’ll set reasonable expectations. You’ll handle concerns. You’ll ask for the order.
CAUTION
The effective salesperson maintains their “tuned in” high awareness status during this portion of the conversation. Reading the body language of the prospect. Keeping the conversation lively and alive. Sensing when the prospect has “had enough.” The “art” part of sales energizes the practical phase, as well as the relational and conceptual phases.
Don’t become inattentive and disconnected during the discussion of the details. It’s easy to do. Resist the temptation to spew facts and fine print. Look them in the eyes. Are they engaged? If they’re bored, change the pace of the conversation or move on to another aspect of the program. Answer their questions, but take care that you don’t pontificate simply because “you know ______ “ and want to impress them.
There are two basic objectives in the practical phase:
- Determine if your solution is “what’s best for them,” and if Yes,
- Obtain agreement to get started, today.
PROCESS
The tactical phase is about mechanics. Filling out the application is the first step in the loan process; and working through the paperwork is no small challenge. Have you ever experienced a situation where the prospect balked at signing “all those papers?” That is exactly the reason I consider this a critically important selling opportunity.
It’s during these moments that you’ll reconfirm the value of the program. By this time, you and/or the prospect(s) may be emotionally and mentally exhausted, but you must bring your “A” game to this phase of the sales conversation.
FORMULATE A PAPERWORK GAME PLAN
I found that by creating a routine that included a logical organization of the paperwork, I could keep everyone
focused during this final stage of the sales sequence. Here’s my suggestion.
First, explain and request the list of items you’ll need the client to provide.
Prepare a single sheet in advance and have it in your file. Include two copies (him/her).
Next, complete the 1009.
“This is the application. Generally, it’s the primary document that gives my firm your permission to gather the facts on your behalf.”
Next, the 72 hour disclosures
The numeric disclosures specific to your new client contain the “good news.” “These are good faith estimates of your benefit and the costs.” Celebrate the fact that they’re receiving money or eliminating monthly payments or creating an emergency fund via the credit line. Restate, the experiential benefit. “Won’t it be great when you __________?” “What’s the first thing you’ll do when you receive your money?” “When you get to _____, you must promise to send me a postcard.”
Next, the generic credit and mortgage disclosures
Why? These are the least threatening pieces of paper in the stack of 100. “These disclosures are common to most mortgages. They confirm to you a wide variety of information…from vendor contact information to
“how you should be treated” according to federal law.
Next, the reverse mortgage specific disclosures and requests for information
Now, move through the remaining paperwork. Memorize a succinct and truthful explanation for each form. State your explanation or definition and gently move the process along. Remind them, that as they continue to review the disclosures, if they have a question…”Simply give me a call.”
Next, show them the specimen copies of the security instruments
Explain the two Notes and two Deeds of Trust arrangement. Reinforce the value of the federally insured stature of this program. Help them appreciate the protection of this feature.
Last, give them the counseling options
Explain the safeguards of the program, and give them the contact information for counseling vendors.
Create an intentional paperwork flow. Confirm the sale along the way, thanking them for the opportunity to work on their behalf. The tactical phase gives you an opportunity to calibrate the magnitude and scope of their initial decision. If it’s just an application then it’s not a “big deal” in terms of magnitude and scope. Take care to “seed” realistic expectations regarding time and benefit amount.
Want to be heard?
- Be direct and honest, but gracious.
- Look people in the eye and smile.
- Don’t interrupt. Always let your prospect, borrower, or client finish his/her sentence. Just because they take a breath, doesn’t mean they’re finished speaking.
- Use simple, plain language. Avoid industry jargon. Explain everything clearly and concisely, and don’t invent noise. Don’t answer questions that perhaps are not essential or that they’re not asking.
- BE the expert, don’t just pretend to be; become one. Know the fine print regarding process, disclosures and documents.
- Practice reflective listening. “It sounds like you worry each month about meeting your expenses, am I hearing you correctly?” It’s a conversational tool that clarifies and validates the client’s story.
- Keep in mind the relational question: Does the prospect find me approachable?
- Keep in mind the conceptual question: Does the prospect find my solution conceivable?
- Keep in mind the practical question: Does my solution provide enough security?
- Keep in mind the tactical question: Does my process instill confidence?
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