With the rise in social media and texting as prominent ways to communicate, our conversations tend to be faster and shorter.
But despite all this, there is one key tool that the communicators have relied to build rapport, exchange information and persuade people. That tool is the power of storytelling. People love to hear stories, especially if they can relate to it.
For advisors, using case studies to tell a story can be a great way to communicate with prospects. People tend to relate to emotions and stories communicate facts in a compelling way. While you may already be using client stories in your pitch is it helping you achieve convert prospects? The key lies in telling it the right way.
Here are some ways on how to do it correctly.
Relate it with a movie
People love movies. For a case study to be interesting and effective, it needs all the elements of a good story - the hero, an antagonist, struggle, a climax and the end. Use these essentials of a good movie to create curiosity among your prospects so that they are eager to know what happens next.
“For a layman to understand financial concepts is difficult. Case studies helps us to use the language that connects with the people. It depends how we pitch the story to the clients. Everybody loves happy-ending in a good movie. But it requires a lot of drama to grab the attention of the viewers,” says M S Shabbir of SenSage Financial Services.
While addressing at CIFA event, Aashish Somaiyaa, MD & CEO, Motilal Oswal AMC said “We should learn the art of script writing from Bollywood movies. Not all client likes stories, but it depends on the advisor how appealing his story is.”
Emphasize your personal experience
Apart from client stories, you can share your personal experience to connect with prospects. This will help you establish trust and rapport. It could be your or family member’s first investment experience, your notable investment mistakes, etc. Lovaii Navlakhi of International Money Matters believes, “It is tough to show your weak side but if you really want clients to know and trust you, you need to open yourself. A story that can successfully convince clients that we are genuinely helping them can be an achievement.”
However, while telling a client story advisors need to make sure that they don’t go overboard and only promote themselves. Scott West and Mitch Anthony in their book ‘Storyselling for Financial Advisors’ write, “By pitching client stories, avoid self-promotion and let your stories define your work perspective. This results into a positive feedback from the clients who are listening to your stories.”
Ask yourself: is the story worth it?
It is important to differentiate between an interesting and a boring story. So weave your story in a way that it captivates your target audience.
When you are scripting your story, it is important to ask yourself if the story is worth sharing. Not every client might relate to your story as you expect. Thus, it is essential to prepare a story according to your target audience. For instance, if you are addressing a group of doctors, you can talk about how you helped a doctor achieve his/her financial goal.
“My clients would not understand the true motive behind the story if it does not addresses the client’s concern,” observes Aashish.
Thus, to acquire new clients and to build a good relationship with them, it is essential to learn the art of story-telling.
Share with us your experience.
