The Last Word: The 8 Rules of Engagement
Monday, 01 June 2009 19:51
The 8 Rules of Engagement
The fundamental building block of sales success is speaking with a prospect. It matters not whether it’s by phone or in person. The salesperson’s challenge is “how to navigate” through the various sales roles: Confessor, Advisor, Provider, and Dispenser.
Confessor
Uncover the prospect’s pain or buying motivation•
Determine “what business you’re in”•
“I understand your situation, completely.”•
Advisor
Offer the unique value of your solution•
Offer “social proof”•
“The RM is a ‘fit’ for you.”•
Provider
Make it easy and beneficial for the prospect to do business • with you.
“I can make this happen for you.”•
Dispenser
Explain the “fine print”•
“I know my stuff.•
A recent applicant story…
I received a referral from a refi client. One of her neighbors was thinking about obtaining a reverse mortgage. She sent them my way.
Their home was worth $650,000. They had debt of $180,000. The wife is 70 and husband is 65, and looking toward retirement. Small savings…and Social Security was going to be their primary source of retirement income. It appeared that servicing their current mortgage was going to be their greatest retirement challenge.
Our first meeting,
The husband was complaining about his health. As a machinist, he spends his entire day on his feet on a concrete floor. His joints are shot. He’s in pain. Surgery was on the horizon.
The Mrs. is a diminutive lady, who has severe arthritis, and retired some years ago. No complaints, but obviously deteriorating physically.
The discussion moved from “if “to “when”. The conceptual sell was made.
“A reverse mortgage is the best answer to our financial challenges.”
I have progressed from Confessor to Advisor, and am ready to “close” the deal and become their Provider.
I begin the “now vs. later” dialogue, and give them a true customer story that mirrored their situation. “Do the RM now. Eliminate the current mortgage payment. Let the line of credit grow until you retire.” What’s not to like about this strategy?
I asked, “How does this sound?” They replied, “Sounds good.”
“Would you like to move forward?” “No, thanks.”
They simply weren’t ready to go. So, in…
2 weeks I sent a letter confirming our conversation and their conceptual agreement.
3 weeks I sent the NCOA Reverse Mortgage guide
4 weeks I called: “just checking in”. How’d the doctor appointment go?
Surgery?
5 weeks I sent a letter regarding “home values are declining. You’re losing money.”
6 weeks I received a phone message, “Call us.” 10 seconds I set an appointment.
The setting
The venue was a large living room, with furniture arranged around the perimeter of the room.
No intimate conversation pit.
They sat in their two chairs across the room. I sat on the couch.
The first words he said were, “We received a proposal last night, and we really like it.”
I was floored. I had spent so much time with these folks. Sent them stuff, the whole nine yards. And now, they were shopping me. The nerve…
He reached toward the hutch, and took the folder, “May I have a look?, I asked.
“Sure, he said.” “It’s kind of expensive, but the Mrs. really needs it.”
They were talking with a building contractor and were installing a special tub/shower for Nancy.
A teachable moment had occurred. But it was not what I expected. I had focused on “his pain” when it was “her pain” that was the motivator.
In a matter of seconds, I became the Provider. “How soon can we get this done?”
Then, I engaged my Dispenser partner, the counseling agency. Described the process, gave them the required info, and went on my way. By the way, their home value had decreased by $200,000.
Provider
Following their successful counseling session, they gave me a call. We set a meeting time, and the application was received. Then, I became the Dispenser of the fine print…using the features of the program to build their comfort and confidence.
I learned the following Rules of Engagement:
RULE #1 Don’t assume anything.
RULE #2 Ask and confirm everything.
RULE #3 Don’t’ say everything you know.
RULE #4 Always answer their question, but…
RULE #5 Always follow up with a question of your own.
RULE #6 Look for signals of progress.
RULE #7 Move on.
RULE #8 Always have a call to action in your pocket.
.gif)