When Salespeople stop selling
The following is based on one of The Covenant Group’s clients. All of the names and telling details have been changed.
When I first started working with Jim, he was typical of a lot of top producers. Jim was a large and imposing man who could dominate a room. His success was based to a significant degree on his personal charisma and influence. However, when we first met, he was struggling with a problem in his business. What Jim did not realize was that the problem began and ended with him.
Jim described his problem as follows: “My business has plateaued for the last few years. I have a successful practice, but I can’t grow it. The problem is my clients all want to work with me. And they don’t want to give me referrals because they’re afraid I’ll have less time for them. I’m spending too much time servicing.”
This is a common issue for many producers, particularly those who started in the business in the 70s and 80s. By asking a few questions, I felt that we could identify what Jim needed to do differently.
“Jim, tell me what you have done to build such a successful brand in your community?”
Jim’s face lit up. “That’s what I’m really good at. My advertising and my work with clients is all based on the advantage they gain by working with me. In our business, it’s all about service and relationships.”
“So you’ve positioned yourself as the go-to guy in your community for personal financial service. Is that right?”
“You got it!” Jim replied. “Jim, one of the things I learned a long time ago is: Salespeople stop selling when they get an objection with which they agree. Your problem is that you think that you are the only one who can build a relationship with your clients and provide them with the service they need. Because you are such a great salesman, you’ve convinced your clients of the same thing. As a result, they only want to deal with you. And they are afraid that if they give you referrals, you will have less time for them. Since you agree with them when they tell you that, you stop selling.”
“The difficulty is that the problem has become bigger than the way you respond to your client’s objections. Because you believe that you are responsible for your clients, you have not been good at delegating work to your staff. Since your clients come to you for everything, your staff end up as your personal assistants. They are always reacting to you. And you are always reacting to your clients.”
This blinding flash of the obvious struck Jim like a ton of bricks. “You’re right! My staff complain that they are always fighting fires. And I feel as if I’m doing everything. How do I change this situation?”
“You’ve taken the first step. You recognize the problem and want to deal with it. The first thing we have to do is to change your brand from “me” to “we”. You have to promote the ability of your team in serving clients. To do that, you are also going to build your team. They have to be given the accountability to perform functions and tasks that are not the best use of your time. You may also have to upgrade your staff.”
Over the next year, we worked with Jim to re-craft his marketing and sales process to focus on the capability of his financial advisory firm. In addition, each of his staff was given clear roles and role responsibilities. He made a few personnel changes to strengthen his team. The good news is that Jim’s revenues are growing and he has more free time.
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The Covenant Group is referred to by many as the place entrepreneurs go to become Business Builders. They are considered to be thought leaders and have authored the best-selling books, The 8 Best Practices of High-Performing Salespeople, The Entrepreneurial Journey, and The Business Builder.