15-02-2024
How most sales are the same
Have you ever felt like trying to close a deal with wealthy clients is like walking through a minefield? Join me, and my guest, sales coach Frederick Kermisch as we look into the intricate dynamics of selling to a high-end market, highlighting the critical but often overlooked aspects of the decision-making environment. Our interesting discussion sheds light on the art of streamlining complicated sales messages, and we address common mistakes such as bombarding clients with too much information, which can lead to their inability to make a decision. We give you a behind-the-scenes look at how understanding the influence of family members, spouses, and advisors is crucial to the success of your sales strategy. Moving on, we challenge the conventional sales story, promoting a new approach that positions the client as the hero of the narrative. This episode is packed with valuable information for salespeople who wish to evolve from merely dispensing information to becoming compassionate mentors, guiding clients through their decision-making journey without getting ensnared in promotional clutter. We also discuss the hurdles faced when dealing with marketing teams and share stories on how to adjust your sales methods to genuinely focus on the client's needs. Finally, we focus on the mental flexibility needed to stand out in sales, a skill that is often eclipsed by the emphasis on technical skills. --------- EPISODE CHAPTERS WITH SUMMARIES --------- (0:00:00) - Avoiding Confusion in Sales Decision Making (10 Minutes) This chapter, I'm joined by Frederick Kermisch, a sales coach for private bankers, where we explore the complexities of selling to high-net-worth individuals and the importance of recognising the decision-making process is rarely made by one person alone. I discuss with Frederick how salespeople often mistakenly focus solely on presenting information to the principal decision-maker, not accounting for the influence of spouses, family members, and advisors. We examine the pitfalls of increasing confusion with excessive information and the necessity of facilitating a clearer decision-making process. Frederick shares anecdotes illustrating the advantage of treating all parties involved as equals and the potential manipulations by advisors with conflicts of interest. By understanding the wider context of the client's decision-making circle, we underscore how salespeople can better navigate these complex dynamics and avoid self-sabotage. (0:10:00) - Sales (9 Minutes) This chapter examines the shift from a toxic saviour complex to a coaching mindset in sales, where we empower clients to be the heroes of their own stories. We discuss the importance of fostering a peer-to-peer, adult conversation with clients, enabling them to navigate their challenges and make informed decisions. We explore reframing sales presentations to focus on the client's needs first, rather than leading with information about ourselves or our company. The conversation addresses the resistance salespeople often face from marketing departments and the need to prioritise the client's interests over self-promotion. The goal is to align sales strategies with client empowerment, ultimately aiming to create genuine value and drive business success. (0:19:04) - Transforming the Employee Mindset in Sales (8 Minutes) This chapter examines the importance of shifting from an employee to a service mindset, where the focus is on addressing the client's needs rather than simply trying to avoid trouble or please a manager. I highlight the ethical imperative of making informed decisions and the analogy of a dentist addressing a patient's toothache to underscore the responsibility of professionals to intervene rather than enabling denial or neglect. We also discuss how selling can be reframed as doing favours by conducting thorough diagnostics and shining a light on potential issues, thereby fostering trust and building stronger relationships with clients. Furthermore, we consider how business owners often feel frustration due to unmet expectations and the role that a consultative, empathetic approach plays in alleviating these concerns and improving outcomes. (0:26:53) - Psychological Training for Sales Importance (11 Minutes) This chapter examines the often overlooked importance of psychological training in sales and finance, contrasting it with the common emphasis on technical skills. We consider whether a zero percent allocation to psychology training is truly optimal, suggesting that perhaps a different ratio, such as 90/10 or 20/80, might better unlock a salesperson's technical knowledge. The discussion also touches on the significance of communication and the ability to frame conversations, which can act as the bottleneck to effective client interaction rather than technical expertise. We discuss the value of understanding the client's perspective, meeting them at their level, whether it's the big picture or the finer details. Furthermore, we explore the strategic importance of selling to higher-level executives by focusing on big-picture issues and the necessity of equipping sales teams with the skills to do so. Finally, we share insights into the initial engagement with clients and the motivational factors that bring them to the table, using an analogy of sledging to illustrate the momentum needed in sales conversations. (0:37:50) - Collaborative Selling and Podcast Interview (1 Minute) This chapter wraps up with a sense of satisfaction as we conclude our discussion on effective communication in sales, emphasising the importance of clear follow-ups and the subtleties of guiding clients towards a decision without making it a mere 'yes or no' game. I share insights on creating engaging presentations and the art of inviting and addressing client queries, underscoring the value of contemplation in the decision-making process. Follow Frederick https://www.linkedin.com/in/frederickkermisch/ https://www.frederickkermisch.com/ Follow me https://linktr.ee/fredcopestake Take the Scorecard https://collaborativeselling.scoreapp.com/
