Businesses have had their fair share of challenges in adapting to the new operational realities of COVID-19. Some companies have had to adjust their work environment to provide safe social distancing to employees needing to present themselves in person. Some companies have had to deliver a robust work-from-home model for thousands of remote staff members. Other establishments have had to make the heartbreakingly difficult decision to close their doors altogether.
Sales models in the financial industry in particular have undergone some major adjustments. In an environment where building and managing interpersonal relationships is a precursory element to success, developing new relationships in a time where everything is socially distanced has been no easy feat. Can our confidence still be communicated through a firm elbow bump? Can we still convey friendliness without the facial cues hidden behind our medical mask? How can advisors meet new people… if they can’t meet new people?!
We’re delving into why virtual prospecting can be so challenging, how to improve the efficacity of message creation from a distance, and how to leverage out-of-the-box prospecting strategies.
In an industry where face-to-face rapport is a crucial component to relationship and trust building, first encounters via video streaming services doesn’t quite make the same impression. Picking up on the subtilities of body language and facial reactions is just not the same. There is nothing quite as mortifying as a buffering screen mid-blink when trying to close a new account.
So, though there is no way for you to control what technology your prospects have access to, you can still do what you can to make sure you come to these meetings prepared. Make sure you check in with your audience periodically to see if they’re keeping up or have any questions. Preserve engagement by limiting the amount of technological applications so that people aren’t distracted by logins, downloads, and popups. Finally, know when to end the meeting: attention spans are even shorter at a distance.
Building off the reduced attention span we’ve identified in the first section, we have reason to believe that those emails you spend 20 minutes meticulous crafting are not even being read. Too long. Too detailed. No call-to-action. You’re not going to be able to go over the points you outlined in your email over breakfast next week. This is the only moment you will have before progressing to next steps. You’re confined to those virtual meeting rooms for the next few months; the opportunity to discuss things face-to-face is still far, far away.
To be effective, messages should answer four key questions1 :
Most importantly, advisors can add value by helping prospects clarify and parse apart the overload of information to help determine what best suits their specific situation or challenges. The extra level of service won’t go unnoticed. Remember that in the digital world, information is abundant; too much detail can exacerbate the complexity of the usual sales cycle. The result of this content surplus is that it leaves too much room for interpretation, potentially leading to unwanted assumptions.
Your prospecting techniques should be true to your professional brand. Leverage novel approaches that compliment your strengths handsomely. Some out-of-the-box ideas include:
Traditional sales roles have changed tremendously over the last few months of 2020. Without the in-person relational side of building partnerships, sales professionals have had to adapt quickly to fostering a trusting rapport with prospects virtually. As the industry continues to evolve to meet the new realities of the financial arena, experts will find that the competitive advantage will lie in the leveraging of technology and the quality of communications.
1. Don't let sloppy emails ruin productivity (WealthProfessional.ca)
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