The business world as you have known it has disappeared and will never return
The business you have known in the past is not the business of the future. Thanks to bungling politicians who put self interest above sound fiscal management, and greedy Wall Street insiders who played Russian Roulette with the financial system, no one knows what the future holds. The only thing we know is that there is considerable uncertainty and fear in the marketplace and the public is blaming those businesses and salespeople for their loss of wealth. In fact, the public is so pissed off that in a recent study as many as 80% of people surveyed indicated that they are considering changing financial advisors.
In this market meltdown there will be big winners and big losers. More losers than winners for sure. That’s great news for those entrepreneurs and sales professionals who rise to the occasion and learn how to effectively market to the Affluent Client.
You’ve never had a better opportunity
Long-standing loyalties have been shattered as clients lose confidence in their relationships. Research clearly shows that four out of five affluent investors, with more than one million dollars in investable assets, are considering switching advisors right now. There have never been so many affluent investors in transition at one time. This creates an unprecedented opportunity for you to win new clients who a year ago might have completely ignored you.
What has worked in the past will not work in the future
During the boom years Sales Professionals became very comfortable offering high-quality products and services. But during this market meltdown the affluent customer no longer sees these as a real differentiator. Excellent products alone are no longer sufficient. To compete going forward you will have to develop a Unique Selling Proposition that differentiates you from others. Failure to do so will result in you becoming commoditized in the minds of the affluent.
The affluent want a different experience
The affluent client has different emotional buying motives than the non affluent. They are more demanding and more difficult to satisfy. They want to be catered to, courted and treated special. To satisfy the affluent you will have to offer something more than financial products if you want to attract them away from your competitors. Failure to develop unique reasons to do business with you will most certainly result in shrinking incomes – yours not theirs.
To succeed in this New Economy you must develop and immediately implement successful marketing strategies that will help you attract and retain these high net worth clients
You need a clear road map, realistic goals, proven business practices that address the special needs of the affluent, and the focus to implement those practices right away. Time is of the essence because the affluent are in transition right now. Specifically, you need a marketing plan that identifies who these people are, how do you locate them, what are their unique buying motives, how do you gain an audience with them and what emotional triggers do they respond to. In short, you need to be better at marketing and selling than you have been in the past.
Sales Training Must Change
Selling is harder today than at any time in my 30 year career. The rules have changed and the buying motives have mutated. While product peddling may have worked in bygone days, it certainly will not work going forward.
To address these changes sales training programs and offering should change by emphasizing relationship building and rapport building skills that cater to the special emotional needs that the affluent seek. Savvy Sales Professionals who “get this” know that in order to influence and gain compliance from these well heeled clients that they must upgrade their skills by studying advanced communication, relationship building and psychological principles. Failure to do so will result in loss of income and reduction of lifestyle.