Dogs, Value Adds and Elephants?
The top wholesalers know that product is a distraction.
If ‘Whaddya got’ wags your products tail, over time that dog don’t hunt.
Imagine answering Whaddya got with “It depends…which of these top your list?
• Ways to make your life easier?
• Save time?
• Bring in new clients, get more from existing clients or keep your best clients?
• Differentiate yourself?
Now you have a better shot.
You tee up your value add, explain just how valuable it is and…wait for it… hum “wishing and hoping” as you hang up the phone/leave the office?
The elephant has sauntered in your selling room.
If your value adds are not translating into sales, usually there’s an elephant sized issue. If you are passing value adds out like free peanuts, hoping advisors will feel obligated to send you some business, a lotto ticket may be in order..
Once you separate yourself from value add implementation, you miss the chance to be one of the go-to wholesaler advisors do the most business with.
Here’s an example:
You speak to an advisor whose priority for the year is connecting with clients’ kids and spouse to keep and grow relationships. You present a nifty value add that captures critical info about the extended family. You send an email with an attachment to the program. The advisor thanks you, and you wait, and wait and wait.
As soon as you attach the pdf to an email you are toast.
The advisor must perceive that another meeting or a call is the best route to the value add. You need the advisor to agree to take specific action BEFORE you walk them through the program. Perhaps identifying a prime current client. Now, you have specifics, you can coach how to use this value add, ask the advisor to set up a meeting, use it and let you know how it worked.
Tangible results, not just good ideas (or pdf, market updates, PM webcasts) translate into real value. You have to help the advisor take action now before it goes into the wholesaler abyss.
Once you get control of your value add, you can control the value you deliver to your advisors. That type of control helps you sleep at night.