Understanding Behavioral Style in Developing New Business – Part 2 by Bev Flaxington

In Part 1 of this two-part blog on behavioral selling, we discussed how behavior style impacts communication and why it is crucial for the successful advisor, business development representative or client services person to understand this science. Now, in Part 2, we give some sales examples.

If an advisor learns how to identify her or his own behavioral style, and learns all the nuances around it, he or she can learn the styles of buyers and influencers. Then, he or she can adapt their behavioral style to increase the probability of true connection with prospects and for developing long-term relationships – even with people very different from themselves. For business development people, this leads to an increased ability to close more business with new and existing prospects and clients. For client service folks, this means the ability to manage a long-term relationship even when there’s no real “click” of personalities.

In Part 1 we described the four styles – D for Dominance, I for Influencing, S for Steadiness and C for Compliance. Everyone has a “core” style, e.g. one dominant style out of these four; having determined that your prospect or client prominently displays the characteristics of one, your objective is to communicate with him or her accordingly. Here are some characteristics of each and how you’d approach them.

“D” – Interested in new & unique services or products; very “results” focused; makes quick decisions
“I” – Interested in showy and flashy products; focused on the “experience” (is it, or does it allow for, fun!); makes quick decisions
“S” – Interested in traditional products; very trusting and is looking for trust; is slow in decision making
“C” – Interested in proven, time-tested products; needs and seeks information; is very slow in decision making

As an example of communicating based on this knowledge, we’ll take the “I”. We’ll call this client Mr. Jones. He, like other core “I”s, is effusive and upbeat – an extrovert. They have a high need to verbalize ideas and their key emotion is optimism. Their expectations of others are high and their conflict response is to run away. Their stress reliever is interaction and socializing with people. Descriptors for them include inspiring, persuasive and trusting.

To further help you determine what core style you’re dealing with, there are four communication factors that are giveaways for each of the four styles. These factors are 1) Tone of Voice, 2) Pace of Speech and Action, 3) Words Used and 4) Body Language. In our example, how can you tell you’re interacting with a core “I”? Key on the communication factors for instant clues:
• Tone of Voice – it will be energized, enthusiastic, friendly and colorful
• Pace of Speech and Action – s/he will exhibit fast speech and fast action, and be fast toward people
• Words Used – fun, excitement, immediate, now, today, new and unique
• Body Language – you’ll feel the fast pace, the fast movement and orientation toward people.

Now that you’ve identified Mr. Jones as a high “I”, you must calibrate your own natural style for communicating with him. So if you are, say, a high “C” – as many advisors are – you need to make sure that you pick up your pace a bit, smile and nod your head to show that you’re fully engaged with the high “I,” keep the focus on them and ask questions, respond to their small talk and give them as much time as possible to verbalize. For a core “C” (or “S”) advisor, this can be exhausting – but you can relax after the meeting, which will be more successful if you adapt!

By taking the time to listen, observe and ask good questions, advisors can discern the behavior style of prospects and clients – and open whole new relational opportunities in the process. Next time, we’ll discuss some of the questions you can ask to help you determine style.

Selling for the Non-sales Professional Beverly D. Flaxington

Selling is a fact of life if you want to grow your business. Some financial advisors look at “sales” with negativity. You do not pursue a CFP, or a CFA or any other financially oriented credential, because you want to be a salesperson! In fact, in many cases the core skills necessary to be successful as a financial professional are in opposition to those needed for professional sales.
There are ways to learn how to sell successfully even if you are a non-sales professional. Once you learn how to think about selling, and how to incorporate it into your daily activities, you might even find you enjoy it.

Here are five keys tips for any non-sales professional:

(1) Define your goals. Yes, it sounds basic but this is the first important step – and the one most often overlooked. An advisor might say “I want to grow!” but they haven’t defined what success really looks like to them. Grow in what area? Client referrals? New prospecting opportunities? Through alliances? What about specific products and services? It’s important to define goals very specifically and write them down.

(2) Have a plan. This one also seems pretty basic, doesn’t it? Financial advisors create plans for their clients, so they must have plans for their own selling objectives, right? Unfortunately it’s a rare situation to find an advisor with a clear selling plan – who will do the selling, what are their individual goals, what compensation is associated with selling, how will the sales effort integrate with client service and investing, how will the efforts be measured, etc., are all necessary questions to be asked … and answered.

(3) Selling is an extension of meeting needs. Instead of thinking of sales as “pushing” something, think of it as offering a solution to a problem, or meeting an unmet need. The best salespeople are those that are passionate about what they sell, but realize that what they sell isn’t for everyone. Instead of thinking “sales”, think “understanding other people”. How can you learn more about someone so you can truly offer a solution? What kind of needs do you best meet? What problems do you solve? Change your thinking on the process to make it less about pushing and more about filling – an unmet need.

(4) Learn to qualify! Even the best salespeople struggle with this area. Not everyone is a good prospect. Do not spend too much of your valuable time with people who will simply never buy. Learn to ask probing questions such as “Why are you interested now instead of six months ago, or six months from now?” “What would success look like to you in 2 years if everything was going well with our relationship?” “What obstacles might you face in making a decision?” The more you question, the more you learn.

(5) Be yourself – but learn to adapt. In the end, the buyer is buying you – after all, you are your services in the financial advisory arena. You want to be genuine and show the real you. At the same time, understand that most people listen best and understand others when they have similar communication styles. Become an observer – watch the style of someone you are speaking to and modify to meet their approach. People buy from people they like, and we like people who are like us!
Incorporating any one, or more, of these five tips will start you on the path to being a successful selling professional.