I’ve been lucky. With the work that I’ve done, I’ve traveled around the world working with sales teams and leaders so they can perform better, build stronger relationships and grow their sales. I’ve seen the good, the bad and the ugly. Mostly, I’ve seen people in organizations who wanted to improve but were unsure what exact steps were needed and how to create a lasting change in their organizations. And I’ve seen sales approaches that simply haven’t changed with the times.
Unfortunately, to many folks even the word “sales” is still a dirty word. It’s not their faults though. What do you think of when someone says the words “sales” or salesperson? If “used car salesperson” came to mind, you are not alone.
In the opening of my book, Six Secrets of Sales Magnets, I refer to Herb Tarlek. He was that slick talking, polyester-wearing salesperson from the hit TV show from the late ’70s, WKRP in Cincinnati. The Herbs of the world would do whatever was needed to make the sale. The Traditional Selling Approach used by Tarlek and his cronies is full of manipulative tips and tricks that exert pressure on the buyer and is a real turn-off with our modern sensibilities. Unfortunately, remnants of it are still alive and well.
As a result, many organizations abandoned a traditional selling approach for what would best be coined as Consultative Selling. This approach put the buyer on the same side of the table as the seller, so to speak, so they could “discover needs” and come to a proper “solution.” While this type of selling is light-years ahead of the traditional approach in many ways, there were still some areas where the relationship was not respected or managed as it should be by the salesperson. There were clearly times when the traditional buyer-seller relationship existed. With Consultative Selling, the overt pressure of the traditional approach was replaced with a much more subtle pressure to lead the prospect down the “right” path.
None-the-less, pressure is pressure. And any sales pressure is not a good thing. In fact, pressure, in and of itself, puts a disconnect between the buyer and the seller. It causes distrust and ultimately damages the relationship. Let’s face it, no one likes to be “sold” although people are happy to “buy” what is in their best interests.
Let me propose a new and different way to sell; one that is in complete alignment with the values and principles of Farm Credit Associations. It’s called Sales Magnetism.
About 18 years ago, I was struggling as I was teaching my sales team how to be more effective. As the Director of Marketing and Sales, I wanted to increase sales and sustain that growth over the long term. I studied all the sales literature, I read all the books, listened to the audiotapes and went to the seminars and workshops. With an exhaustive search, I found that I was using the best stuff out there at the time (Consultative Selling) but making my own adaptations. I became obsessed with finding better ways to sell and build relationships. My efforts paid off and my team improved. Sales rose 20-35% a year, year after year. Our customers loved us and profits increased. In the last year I was in that position, sales rose 66% and profits increased a whopping 287% (we changed our pricing model, were charging higher prices and providing higher value).
Well, as the head of sales you can imagine how elated I was. I finally cracked the code! I learned what every sales executive covets – how to turn his sales team into a highly productive sales machine.
I also realized that I had an opportunity to share this knowledge with other organizations (which was a long-term goal of mine). So I went to my boss to resign with an extended 2-3 month window, so that a replacement could be found and trained (by me) before departing. The first words out of my boss’s mouth was, “I’ll give you a $10,000 raise.” I told him it wasn’t about the money. He implored, “What can I do to keep you?” Obviously, he didn’t keep me, but I did consult with them for an extended period to ease the transition. The interesting thing is that my great salespeople soon departed reinforcing many valuable lessons in the power of effectively managing and motivating your sales team; things that I did innately but were seriously missing by my replacement despite his high-pedigree resume.
As I embarked on my new career as a sales trainer, coach and consultant, I started teaching other teams what I had learned. As I dove deeper and deeper into my quest for the best ways to sell, I took a microscope to the teachings of the Consultative Selling approach. I continued to tweak and change and edit until I got to what is now considered Sales Magnetism.
In the most basic explanation, Sales Magnetism is a selling approach that “attracts” buyers and prospects (hence the “magnetism”). There are 10 foundation principles that create an unbreakable trust and relationship that is based on complete honesty and integrity. There are no sales tricks or gimmicks. No convincing, persuading or gentle arm-twisting. It’s a way for buyers and sellers (lenders) to come together and have a win-win experience.
The goal is to build the relationship and do what is right. I tell loan officers that their job is to “seek the truth” when they are meeting with a prospect. It’s a subtle shift from what they are used to but a very powerful one. You see, with Consultative Selling, the goal or objective is to “make the sale” or “close the loan.” Even with the best of intentions, how do you think a prospect feels when he is having a meeting with a loan officer whose goal is to close the deal? In very subtle ways, the prospect feels some pressure. Consequently, the prospect may hold back certain information and not disclose as fully as he could. The prospect may feel the need to shop around for a better rate or simply defer making an immediate decision.
Now, how would that all change if the loan officer took a more “magnetic” approach and had a conversation with a prospect that was designed to get to the truth? Without expectations and with a genuine interest in understanding where the prospect was coming from, the loan officer would not only uncover what the prospect needed but also what he wanted (and why). Getting to the “emotional” wants and creating a solid bond with the prospect immediately sets the loan officer apart from his competition.
There are countless nuances that distinguish a Magnetic loan officer from a Traditional or Consultative one. It’s the language that they use, it’s the trust that they build and the relationships that are formed. But most importantly, it’s the results that they get. Sales Magnets consistently rank in the top 5% of their organizations and their industries. They are the sales leaders and they enjoy an uncommon loyalty with their customers.
So what are your loan officers and relationship managers using? Is there a common approach? Is there a full understanding and dedication to becoming the very best? Or are they content in staying in the “land of status quo” and not changing with the times?