Simpler Approach to Selling Business Owners
By O. William O'Quin, CLU, ChFC
Bill O'Quin is President and co-founder of Financial Services Online (FSO), located in Austin, Texas and on the Internet at http://www.fsonline.com. Prior to starting his own company, he was agent, manager and home office executive. He is a 30-year veteran in the financial services industry and can be reached at (225) 387-9845 or boquin@ix.netcom.com.
Copyright by Virtual Sales Assistant, LP
It’s Not Just Who You Know, But What You Do With Who You Know!
A surprisingly large number of advisors ask us, "Exactly what do I do with the small business owners I know."
It’s a simple question with a simple answer that has, for the most part, been made entirely too complex. In essence, the advisor needs an effective and non-threatening approach system that addresses the question of "What do I say now that I have a good quality business prospect?"
One of the very best approach systems the industry ever developed was the Business Needs Analysis (BNA) published by Pictorial. Unfortunately, this fine product is no longer available. However, the creators of the original BNA have created the Business Priority Planning Review (BPPR) and it is now available from the National Underwriter's Virtual Sales Assistant. What follows is a brief, but comprehensive, discussion of why it works and exactly how to use it.
Any approach system must deliver:
- Prospects with whom you want to do business;
- Prospects who want to do business with you; and
- The largest number of prospects for the smallest possible investment of your time.
Let’s see how a couple of commonly-used approach systems measure up to these requirements.
Single Need Approaches
Some advisors package their favorite plan and hit the street, looking for prospects willing to buy the package. The problem is that no one plan is perfect for everyone. People have different needs and priorities. Advisors using a package approach must talk to a lot of people in order to find the few who need and are willing to buy the package solution. Single need approaches are not very efficient, since they do not necessarily produce prospects who need what the advisor is selling and who want to do business with the advisor.
Total Need Approaches
Since just about everyone has a need for one or more of our products so, on the surface, this appears to be the perfect approach. You spend considerable time uncovering all the facts and then propose a solution to the prospect’s total needs. The problem is that many people simply do not want to take the time to go through this process. Further, this approach can cause a lot of stress and anxiety for both the prospect and the advisor. This is also a time-consuming approach, particularly since no effort is made in advance to determine if the prospect is indeed a prospect for a total need analysis.
The Priority Planning Review Approach
The solution is a Priority Planning Review approach… an efficient, low-key approach that enables you to identify those people with whom you want to do business and who want to do business with you. The Business Priority Planning Review allows you to approach a business owner comfortably through a 15-minute appointment, during which the prospect learns about the type of work you do and determines how you can be of service. No selling takes place during this interview, yet you learn a tremendous amount about the prospect. The end result is that with a minimum investment of time, you will identify exactly what is of most concern to your prospects.
An Overview of the Business Priority Planning Review
The Business Priority Planning Review is a simple fact-finder form with a “check off” format that is designed to:
- Help prospects understand the type of work you do.
- Help define prospect needs.
- Help disturb prospects about their current situation.
- Help you understand prospect priorities.
- Eliminate poor prospects.
- Set the stage for your next meeting with favorable prospects.
Let’s take a look at the major components of the Business Priority Planning Review:
- Business Information: Requests key business information.
- Owner Information: Requests key owner (s) information.
- Business Planning Profile: Asks the prospect to check those boxes that best reflect the company's current planning.
- Financial and Benefit Information: Asks the prospect to provide a quick financial snapshot of these areas of the business.
- Business Planning Priorities: Asks the prospect to check any business areas he wishes to discuss.
- Personal Planning Priorities: Asks the prospect to check any personal areas of interest or concern.
Initial Contact Language
John, I don’t want to sell you anything now. However, I would like to ask for just 15 minutes of your time to show you the kind of work I do. I promise I won’t take longer than 15 minutes and that, during our meeting, I won’t ask you to buy anything. In addition, any future meetings will depend entirely on whether you feel my services would be of value to you. Is that fair?
This language works because, when initially contacted, a prospect has three primary objections to seeing a salesperson and this simple approach answers all three objections. They don't want you to waste their time, they don't want to be sold anything and they don't want you chasing them forever.
Interview Guidelines
Keep the following guidelines in mind as you conduct your Business Priority Planning Review interviews:
- Remember that the Business Priority Planning Review is not a complete fact finding form, but a method to identify prospects who are interested in and receptive to your ideas and services.
- Learn your lines!
- Complete as much of the Business Information and Owner Information sections of the BPPR as possible prior to the interview.
- Allow the prospect to complete the balance of the BPPR. Remember that this is a low-key approach designed to tell the prospect about the type of work you do and to determine how you might be of service.
- Keep the interview simple and comfortable for both of you.
- Do not sit and watch the prospect while he or she completes the BPPR.
Business Priority Planning Review Interview
You may begin your first meeting with “small talk,” but quickly get down to business by saying:
John, the purpose of our getting together today is to review the type of work I do. I’ve found that the best way to accomplish this is to ask you to complete this short form called the “Business Priority Planning Review.” This one is specifically designed for small businesses. You’ll find that the information and opinions requested in it will tell you about the type of work I do and your answers will tell both of us if there is any way I can be of service to you. Before you begin, however, I’d like to get a bit of general information that I don't already have about you.
Or, for clients:
John, I can do a lot more for you than group insurance (or whatever you currently have in place). I’ve found that the best way to show you the other things I can do for you is to ask you to complete this short form called the “Business Priority Planning Review.” This one is specifically designed for small businesses. You’ll find that the information and opinions requested in it will tell you about the type of work I do and your answers will tell both of us if there is any way I can be of additional service to you. Before you begin, however, I’d like to get a bit of general information that I don't already have from you.
Now, open the BPPR and complete the Business and Owner Information sections with any information you do not already know about the prospect. (Remember that you completed these sections with what you already knew about the prospect prior to the interview.)
Once you have completed the Business and Owner Information sections, turn the BPPR around and give it to the prospect, saying:
John, the “Business Priority Planning Review” helps to focus your financial plans and priorities. All you need to do is read through it and check the boxes that best reflect your situation and priorities. It shouldn’t take you more than 6 or 7 minutes to complete!
Smile as you make that last statement and hand the prospect your pen. That’s it! Don’t complicate things. Let the prospect complete the form in a relaxed manner. This means that you cannot sit and watch the prospect. This is bound to make anyone nervous. Instead, you should excuse yourself for about 5 minutes. Ask to use the telephone, go to the rest room, work on something in your briefcase. If you are meeting in the prospect’s office, walk around and identify new prospects, such as co-workers. Just remember that this is a low-key approach and you want to keep it that way!
Evaluating the Prospect
The Business Priority Planning Review is designed to tell the prospect about the type of work you do, to disturb the prospect into realizing that he or she might have needs, and to provide you with a tremendous amount of information about the prospect. Take a few minutes to review the Business Priority Planning Review, paying particular attention to the Business and Personal Planning Priorities sections. If the "timing" is right, the customer/prospect will tell you by checking off his/her current interests
Tell your prospect:
I see you indicated that using business dollars to satisfy your personal financial security needs is a current priority. Would you like for me to prepare a proposal?
The answer is usually yes, since the prospect just told you his/her concerns. Further, you now have 75% of the selling process behind you. If the prospect has a great number of interests and concerns, simply say:
I see you have checked off quite a few areas of interest. Let me suggest we set up some time for us to get together for a more comprehensive meeting. Your office or mine?
Preparing the Proposal
The last step requires “knowledge” and you have at least two choices.
First, call in an expert… someone who specializes in your prospect's area of interest. Knowledge costs, so split the business if necessary.
Your second choice is to do it yourself. A wise man once said, "I may not know all the answers, but I do know where to go to find them." Use the material provided by your company or any of several vendors, including National Underwriters' Virtual Sales Assistant.