15 Business Gems From One of the Best

I was fortunate enough to speak at an event in Virginia this month with past president of MDRT (Million Dollar Round Table) Jim Rogers. Here’s the best from my many notes:

1. 6 ticks a day

Rogers is Canadian and a tick is a word we use in England for ‘check mark’. 3 ticks are 3 points for setting 3 appointments every day whether it takes you 10 minutes to do it or five hours. The other 3 ticks/points come from 3 meetings with clients, prospects or centers of influence.

If these numbers don’t fit for your business model, you get the idea. What daily habits will make you successful based on what activities actually make you money? “Focus on the activity not the results of your meetings. The results will come. Have faith in that.”

2. Always use a meeting agenda

Only put on it what is important to your client. “If you always do what’s right for them, the money will come.”

Jim did not say this, but I would still recommend asking clients what’s been most valuable for them about your work together (Step 2 of the 6 Step Referral Conversation). If they’re happy, you could then move on to the referral conversation.

3. Dictate your notes and include what you learned about their personal life and hobbies.

This info is priceless when you prepare for future meetings. From now on they are people with real lives and not people who simply feel you are trying to sell them something.

4. Note what your client’s drink preference is when you offer them soda/coffee/tea/water.

They will know you could not possible remember this but will recognize that you took the time to notice. “If we do the little things well, it’s more likely they will believe that we’ll do the big things even better.”

5. Avoid putting sales awards on your office wall.

Rogers made the hilarious point: “How often do you see on your doctor’s wall: 2008 Award for Most Nose Jobs?”

“Displaying sales awards makes your clients feel like lunch.” Stick to educational designations.

6. Position yourself as an advisor not a salesperson.

When reviewing prospects’ past decisions he deliberately uses the words agent and broker – not advisor:

Insurance question: “Who was the agent who handled it?” (Not least since often that person is not in business any more)

Investment question: “Who was your stock broker?”

7. Manage your prospects’ and clients’ expectations:

The question he recommended using most highly: “If, during the next 45 minutes, this meeting is to be successful in your terms, what has to happen?”

Clients usually leave you because you didn’t manage their expectations. Use a client engagement letter that has a checklist of products you offer. This avoids you hearing from a client: “I didn’t know you offered that product/service!”

8. When presenting solutions on paper to a prospect from left to right, 70% of people will pick the ‘middle’ option so make that the one you want them to choose.

9. Only check email 2-3 times/day and schedule those times or you will become a slave to your virtual world.

10. Have office hours for your colleagues just like a college professor and keep your door shut the rest of the time.

Have an emergency system with your assistant for times when an interruption is worthwhile.

11. Call your annual review a ‘fiscal check up’

12. Read Positioning by Al Ries and Jack Trout

For example, do you say the same thing every time someone asks you what you do for a living? If you don’t, you have a positioning problem.

His elevator speech? I am a professional financial advisor specializing in helping people create a secure and tax-efficient retirement income.

For more ideas on developing a great elevator speech, click here.

13. Be on the same side of the playing field as your prospect.

Rogers criticized the old school sales models that pitted salespeople against prospects. “When doctors meet with you, they are on your side seeking solutions in your best interests. You need to do the same. It’s not about ‘closing’ a sale.”

14. Get clients not customers

Clients always listen to your advice – even if they don’t always follow it.

Customers are only interested in the competitiveness of your product and will only stay with you until something down the street looks better.

15. Be transparent/candid/straightforward

“It’s so rare in this day and age.” Being real builds trust.

Yet again I was delighted to be present at an event to hear what works best from someone doing it every day. For those of you still reading this, decide what you need to take action on and what professional development needs to be on your calendar. We cannot be the best if we are not consistently striving to be better.

Which professionals matter in your business life?

Please forward this onto them.