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Recent anthropological studies out of the University of Kansas call for a marked shift in how advisors should approach selling in the new economy.
In a communications study conducted by Professor Jeffrey Hall, it was found that it takes 40-60 hours for an acquaintance to become a casual friend, and an additional 140-160 hours for a casual friend to become a close friend.
Most surprising however, was the following caveat to these findings...
“A close friendship can be formed in less than 200 hours if the interaction is meaningful and there’s a mutual willingness to be open and vulnerable -- but 200 hours spent together doesn’t necessarily guarantee that two people become close friends, each person has to want closer friendship with the other.”
In light of the prevailing norm in advisory of attempting to cement a real relationship pre-sale, and the generally low conversion rate among advisors compared to other consultancy-based professionals, it’s fair to say your prospects aren’t looking for a new friendship in order to hire you.
And if you’re brutally honest, neither do you want to be theirs – until a mutual relationship develops after they’re a client, not before.
The assumption most advisors make, is that the more time they invest with their prospect, should lead to a closer relationship -- and a closer relationship should lead to a sale.
If a sale does not eventuate, the implication is that not enough time was invested in the relationship.
In fact, it appears that the kind of meaningful interaction which leads someone to be open and vulnerable enough to trust you as their advisor, isn’t dependent on the duration of time spent with them at all.
As an advisor, the question you’re left with is:
What is a “meaningful” interaction in the context of a sales conversation, and how do you foster a “willingness to be open and vulnerable” in that conversation with your potential clients?
It depends on how you define meaningful.
Most advisors have defined meaningful, as their “value” and knowledge delivered.
They build rapport with their prospects, then educate them about potential solutions, hoping to provide convincing proof of that knowledge.
What if the only meaningful thing they are judging you on, is if you truly understand the depths of their issues?
Then your approach to selling and how you communicate as an advisor, has to fundamentally change.
It’s time to update your understanding of your prospects’ psychology, and re-think your sales approach in line with the latest discoveries around social interaction and communication.
You don’t need to build relationships pre-sale for your prospects to trust you.
If you know what’s meaningful to your prospects and tailor your sales process to that, your sales conversations can create trust in one single meeting.
To learn more about this ground breaking approach to selling, order your complimentary book and consultation below.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation.
Related: Do Your Prospects Trust You?