At CIFA 2019, Nishant Patnaik, Associate Editor, Cafemutual talked about a radically different approach to win clients and grow business. Called EQ selling, the technique focuses on appealing to client’s emotions than their intellect to convince them to invest.
Before sharing EQ selling techniques, Nishant briefly outlined why EQ selling was more effective than the traditional sales approach.
Research shows that our decisions are 80% driven by emotions and 20% by logic. However, traditional selling techniques focus more on logic than client’s needs and aspirations. In short, only focusing on numbers is like equating the iceberg to its tip and missing the bigger picture, which lies underwater.
Scientifically, the left side of human brain is associated with logic and maths. Meanwhile, the right side is responsible for sensing, imagining and finally making decisions. That is why despite knowing the health risks of junk food, most of us still choose to consume it. Effectively convincing clients to invest requires you to maintain a fine balance between data and his dreams.
That is where EQ selling comes into picture to help you connect with the right side of your client’s brain and win clients for life.
To make these techniques more memorable Nishant gave his own EQ twist to them and linked them to iconic dialogues.
Funda 1: KYC manjhe Document nahi re baba…Story Pehchaan…
Nishant turned ‘know your client’s documents’ to ‘know your client’s story’.
Understand your client’s story, show eagerness to know more about his life, hobbies and thoughts, said Nishant. Demonstrate that you consider your client as family through small gestures like enquiring about his likes and dislikes, family history and so on. This makes your clients feel that you are more interested in them than their assets and they are more likely to give business to you.
Funda 2: Be observant like Byomkesh Bakshi
Observe the small clues and tailor your pitch accordingly. An iPhone user is likely to be more brand conscious than someone with a budget android smart phone. You can use these nuggets of information to better connect with him.
Funda 3: Chai pe charcha
Many a time, financial planning focuses more on responsibilities than dreams. Children’s education, retirement planning and buying a house are goals but they are also part responsibilities. Move away from standard goals and ask hypothetical questions like ‘what would you do with Rs. 20 lakh?’ Identify his unsaid dreams such as going on a road trip on Harley Davidson or decorating house interiors and tell him how you can help him achieve them.
Funda 4: Koi Dikkat
Enquire about you client’s financial health often, at times, clients shy away from sharing their financial failings like huge debt or tendency to splurge. Help him resolve his financial issues. This builds goodwill and enables you to give him a more holistic advice.
Funda 4: Mere dil mein aaj kya hai tu kahe to main bata doon
Know what his expectations from you are. Does he want advice on estate planning or your help to ensure he sticks to his investment commitments? Ask why he has hired you and then work on meeting those expectations.
Also, understand their values and preferences. For instance, if a client has not so good experience with a bank or insurance company (having MF business), he may not invest in a mutual fund of the company. Use this data to customize your investment advice and your discussions with him.
Funda 5: Kya interesting samjhata hai bhai...
Financial information can be boring. So, use metaphors and real-life examples to make the explanation interesting and unforgettable for them. Nishant shared a clip from Yeh Meri Family powered by AMFI, which used the example of milk to explain goal-based investing to highlight his point.
Funda 6: Are deewano mujhe pehchano kaha se aaya mai hu kaun…
Today, if an individual wants to visit a doctor, he can check his specialization through educational qualification of the doctor. Unfortunately, he cannot check expertise of a financial advisor he is dealing with. So, you need to sell yourself to the client. Share client success stories, talk about your core values and investment philosophy. Explain to him how you can be an asset to him. In short, don’t force him to hire you instead convince him why you are best for him.
Nishant concluded the session with a quote reminding everyone why adopting EQ selling techniques made sense, ‘If you appeal to people’s logic, you stimulate them to think. However, when you appeal to their emotion you stimulate them to act.’
