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Has a prospect told you what they didn’t want instead of what they did want? They fume about what they want to avoid. You might hear comments like:
“I don’t want to run out of money!”
“I don’t want to deal with volatility anymore!”
“I hate inflation. Everything is so expensive!”
Moving Away
This negative mindset is called Moving Away. You can’t sell the negative. You can only sell the positive. You can’t sell an avoidance, but you can sell an approach. You can’t sell running out of money in retirement. But you can sell an income stream that will last throughout retirement. You can’t sell a disdain for volatility. But you can sell taking distributions when the portfolio has increased. You can’t sell not paying taxes, but you can sell Roth IRA distributions.
In preparation to speak at a national broker/dealer meeting, the client told me he never wanted a repeat of their previous convention. While he never once told me what he wanted, he could only tell what went wrong. The keynote speaker took too much time. Didn’t do his research on the group and left immediately after his presentation. This is also another example of a Moving Away mindset.
Dealing With the ‘Moving Away’ Mindset
When you hear someone talk about what they don’t like, first listen and make them feel understood. Then ask what they would like to happen instead.
“I don’t want to run out of money during retirement.”
Don’t say:
“I can help you avoid running out of money.”
Instead, say:
“How much money will you need in retirement?”
“My bills are $10K per month.”
“You are likely to live 10 years longer than your parents who passed at 85. Would $10K per month until you are 95 be something you would want to shoot for?”
86% Want to Be Understood
According to a US Trust study, 86% will buy because they feel understood. Only 6% will buy because you make them understand.
The ‘Moving Toward’ Mindset
When a client talks about what they don’t want, you have a complaint. When they tell you what they do want, you have a goal. When they tell you what they want retirement to be like in 10 years, you can create a plan. Just as you can’t sell a negative, you need to move the client toward a positive. How to Create a ‘Moving Toward’ Mindset
There are four steps to getting a client from Moving Away to Moving Toward:
- Listen to their Moving Away comments and empathize.
- Ask what they would like to happen.
- Recap to make them feel understood: “If I heard you right you said, __________; did I hear that correctly?”
- Trial close to gain commitment: “If we could focus on _____________, would that be helpful?”
Recently a coaching client displayed a Moving Away mindset by telling me he was tired of making less than $300K a year and working 60-hour weeks. I asked him what he wanted instead. He said $500K, take Fridays off and eventually take a week off per quarter to travel.
I recapped by saying, “If I heard you right, you want to hit $500K per year, take Fridays off, and travel a week per quarter by next year; did I get that right?” He nodded.
The trial close was, “If we can focus on those three goals with a plan to hit them by next year, would that be the right direction to go in?” He nodded vigorously and said, “Absolutely!”
This is an example of taking someone from a Moving Away mindset to a Moving Toward one. He was thrilled about working with someone who could help him achieve his goals. You can’t sell the negative. Clients will vent negatives, but won’t buy them. You need to turn negatives into positives. Redirect Moving Away comments into Moving Toward Goals.
I would love to send you a free video of “Moving Toward vs Moving Away Mindsets.” Write me at [email protected] or call 714-368-3650. We will spend a few minutes talking about your goals for increasing your business this year.
Dr. Kerry Johnson is “America’s Business Psychologist.” He is the best-selling author of 17 books including the recently released, “How to Recruit, Hire and Retain Great People.” He is also a frequent speaker at financial conferences around the world. Peak Performance Coaching, his one-on-one coaching program, promises to increase your business by 80% in eight weeks. To see if you are a candidate for this fast-track system, click on www.KerryJohnson.com/coaching and take a free evaluation test. You will learn about your strengths and what is holding you back. Or call 714-368-3650 for more information.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.