Trending
As I have mentioned already on the Don Connelly 24/7 learning center, I was taught a method of selling called Professional Selling Skills (PSS) many years ago. It was and still is the bestselling course in the world. Let’s talk about the first step in giving a Professional Selling Skills presentation. That step is called the Initial Benefit Statement.
An Initial Benefit Statement, the IBS, is what you say to open your presentation. It explains why your listener should be interested in what you have to say. It comes after you’ve listened to the prospect’s challenges and know that what you have to offer is a solution to his or her problems. You’re going from diagnostician to persuader. This is why the listener should be buying what you are selling. This is why he or she should care.
Stating your Initial Benefit Statement is a three-step process. You are going to begin with a general statement and end with a specific recommendation. Think of a funnel, wide at the top and narrow at the bottom.
You begin the IBS by verifying the prospective client’s need. Let’s say, for this example, that your client or prospect wants to get better returns than Treasury Bills provide without undue volatility.
You then make a general reference to the investment you have in mind. You believe that XYZ is perfect for the job.
Lastly, you relate one investment benefit to the client’s need. You decide that the most appropriate benefit is that XYZ is conservative.
It’s that simple.
- You first make sure you understand your client’s issue.
- You then make a general reference to the appropriate solution.
- You then give the client one benefit of taking your recommendation.
“Joe, I heard you say that you are looking for higher than T-Bill yields with minimal volatility. XYZ is exactly what you are looking for. It seeks positive results at least 1% above the returns of U.S. T-bills while employing strategies that are designed to produce lower volatility over time.” Simple, powerful and effective!
When you are done, you probe for acceptance. Is your client onboard with and/or familiar with your recommendation?
It only takes fifteen to twenty seconds to state your IBS and it lays the foundation for your entire presentation.
Related: SMART Goal Setting: A Guide for You and Your Clients