Picture this. You’ve had a bad day. Just about everything was a hassle, your best client is complaining, the weather is bad, and you think you’re coming down with a cold.
Your prospect didn’t arrive (without calling you) and the cab sprayed you with water as it drove by without stopping.
You’re completely entitled to the bad mood that’s enveloping you.
On the way home, the phone rings. It’s a good friend, someone you haven’t heard from in a while. He’s just calling to tell you what a great guy you are, how much you mean to him. He doesn’t want anything other than to say hi.
And then you open the door to your apartment and you see that your wife has invited six of your favorite people over for a surprise-for-no-reason dinner party. The room is filled with smiles and love and the smell of your favorite meal.
How do you feel now?
Now picture your prospects coming to your office. How do you want them to feel?
Ever heard the story of Kodak?
George Eastman, the founder of Kodak, asked his sales force a simple question: “What product are we selling?”
The sales force was puzzled. “Cameras,” said one. “Pictures?” asked another. “Film,” said yet another.
“No, my friends,” said Eastman. “You’re all wrong. We’re not selling any of those. Those are just the byproducts. A camera is a piece of hardware that anyone can make.”
We’re selling memories. Memories of good times. Memories of family. Memories of good times. We are creating memories
Leap forward to today.
Today everyone carries high-tech smartphones equipped with cameras so we can share our happiness instantly. But with all these high-tech advances, what are people buying?
Recollections of family fun. Souvenirs of self-achievement. Replays of valued emotional moments. Joys of discovery.
People don’t buy what you sell, they buy how it makes them feel ~ Bernadette Jiwa
It makes them feel ….. better, smarter, more beautiful, safe, loved, and on and on.
Now, that may sound a bit fluffy. And because I know you are a rational person, I’ll explain.
What are your Customers Happy to Pay for?
Financial planners often get stuck figuring out what people will pay for, rather than what’s valuable. Value has little to do with price. It’s about your customer’s perception of what the benefit is worth to them. It’s your job to deliver something that they care about beyond the price.
To deliver value, then, financial planners need to generously focus on what their customers want.
You don’t find customers for your service. You find service for your customers ~ Seth Godin
And this is difficult!
You see, while customers may express a physical, logical reason for buying your financial planning service, often it’s not the real reason they actually buy it.
In fact, it turns out that there are two reasons why people buy your financial planning service:
- The rational reason (left-brain)
- The real reason (right-brain)
Your customers may say they buy because of rational reasons and logic. But consumers are neither rational nor consistent in their purchasing behavior. In fact, it turns out that 95% of people’s buying decisions are based on emotions. People aren’t buying the facts about or features of your service. They might use these to justify their decisions, but your customers are mostly making choices based on emotions.
The value you deliver is in the intangibles; the things that money can’t buy. Feelings of connections, happiness, safety, security, and belonging.
In the factory we make cosmetics; in the drugstore we sell hope – Charles Revson, co-founder of Revlon
Here are some examples:
- Rational reason: Functional value
- Real reason: Affinity with social groups
- Rational reason: To look good
- Real reason: Be the best you can be
- Rational reason: Basic need
- Real reason: Sexuality
- Rational reason: Treat an illness
- Real reason: Control over health
- Rational reason: Express love
- Real reason: Control over loved one
- Rational reason: To reach financial goals
- Real reason: It depends on the HOT button
The “Hot Button Principle”
“Hit the heart, and the head will follow”.
That’s the principle in one sentence. Win the hearts of your customers and their minds will follow. The key is to know your customer’s hot buttons. You can even choose the hot button you want to use (because it brings you ideal clients), and base your service around it.
The reason why hot buttons work so well, is that you’re dealing with humans. And as 60 years of science proves, humans buy more on emotion than any kind of logical thought process.
“The Hot Button Principle means you stand on the same emotional footing your customer does. Instead of making your prospects change their behavior and opinions to adapt to your service, you adapt to your customers, learn their thought process, and find out what keeps them awake at night.
Identifying and then fulfilling a consumer’s emotional need is much more effective and less expensive, in terms of money, time, and reputation, than the traditional corporate mentality of “we made it, now sell the features and the physical benefits”.
By establishing the hot button link that wins the heart and minds of consumers, you make your service something of great emotional value.”
Now, this doesn’t mean you don’t need to pass along information about your financial planning service. That’s important too of course.
But you also want your prospect to feel a certain way about your service.
You want to impress them, get them excited and encourage them to buy it. The better job you do at making them feel, the more influential you are, and the better the chance of getting what you want.
So, you might wonder….how?
Before You Start
The key to make your prospects feel something is to know exactly what they’re going through. Show them that you understand their concerns.
The basis for this is not some collection of ideal demographic characteristics, but four simple drivers of human behavior: dreams, desires, fears and frustrations.
If you know your target audience’s biggest dreams, deepest desires, most paralyzing fears and most frequent frustrations, then you hold the keys to a passionately engaged audience.
7 HOT Buttons Your Financial-Planning-Prospect Wants You to Push
Since starting this blog, a lot of financial planners have asked me: “How do I create an emotional connection with my financial-planning-service-prospect?”
“Is there a manual? Or a book I can buy?”
Sadly, not that I’m aware of. That’s why I created this list.
I catalogued all the buttons (with a little help from Hot Button Marketing: Push the Emotional Buttons That Get People to Buy), applied them to our financial planning service, and organised them into categories based on the emotion you want to create, so you can easily find the right way to use them.
It costs nothing. All I ask in return is you share it with your friends when appropriate, helping it reach the people who need it most.
One warning though: hot buttons are defined by its ability to make you feel. If they are making you feel icky, that just proves their power…:-)
1) Help people feel in CONTROL
Control is one of the strongest hot buttons. It’s also the one that’s very easy to apply to your financial planning service. It’s an insurance policy that’s going to make your customer’s life better by taking care of their money issues.
Loss of control is synonymous with the fear of the unknown. People equate loss of control with loss of power over one’s own destiny – or of the destiny of one’s loved ones. They fear they’ll become victims.
That’s why you’re not selling financial planning, you’re selling security. People who want security most of the time don’t want to change. If you have an innovative (new) financial planning service, you’re probably not going to attract people who want to be in control.
- Remind people financial planning is well worth the money
- Build trust before you begin to sell your service
- Be authorative (write a book, start a blog, give presentations)
- Reassure your customers of others satisfaction with stories almost identical to your prospect’s circumstances
Words you should use
- Cancel anytime
- No obligation
- No risk
2) Help people feel SPECIAL
In other words: status is really important.
Because people buy high-end financial planning services to communicate that they are better than the next guy or are equal to the peer group they aspire to be with. Most planners think this is some kind of snobbism. It’s not. In fact, it has a social function. It’s a reflection of your customers’ need to belong and fit in.
The thing is, that most people won’t admit to buying your service on status-appeal. They usually rationalize it on some other basis.
- Your office and the way you dress must mirror the status image you’re selling
- Your service should imply: “This is what you’ll achieve by having this financial planning service”
- Put your customers on a pedestal
- Charge a high fee (and don’t be afraid to discount)
Words you should use
- State of the art
3) Help people feel RESPECTED
I love this one. It’s the hot button I use myself on this blog. Ever heard me say you’re smart, have lots of knowledge, studied long and hard, want to help people? That’s because I respect you. I believe in you.
People who want to feel respected are typically babyboomers. They are entering another phase in their lives. Saying: “This is my chance to be happy”. They were taught that by working hard and living up to others’ expectations in society and at work, they would ultimately achieve a comfortable retirement. Many have discovered that just isn’t true. And, now, they’re saying, “It’s time to look after me and what I want, because apparently no one else is going to.”
They also have a greater concern for their legacy, relationships, maintaining a purposeful existence for as long as they live. In other words: they want more meaning in their lives.
- Customer experience is important
- Their desires are less material than in earlier life stages (great for life planners)
- Read this: Why Meaning is the New Money for Financial Planners
- Focus your message on “a better lifestyle”
Words you should use
- Time saving
- No hassle
- No gimmicks
- You decide
- Fast service
4) Help people feel SMARTER
Ever heard this quote: “Half of knowledge is knowing where to find it”?
And finding it is one of the great enjoyments of life. Better-informed customers make more and better decisions. For example to do business with you 🙂
Smart planners know how to make a prospect feel smart for buying their service. They know that their prospect wants people to recognize their intelligence.
They make them want to learn more about financial planning. They listen to their customers and try to fit their service into what prospects want. Now, you might think: “This whole blog is about fulfilling right-brain potential and the irrationality of people buying financial planning, and now we’re talking about appeals to the left-brain?
In a word: yes.
People want to believe they are smart – and, they want others to think they’re smart.
- Teach them something their neighbors, friends, colleagues, and even Google doesn’t know
- Prepare yourself with material from respected independent sources (even other financial planners is ok)
- Don’t contradict your prospect, even if they’re wrong
- Remind them how smart they are
Words you should use
- Did you know?
- How to
- … Things You Don’t Know about …..
- What you Ought to know about ….
5) Help people feel like SELF-ACHIEVERS
Most financial planners sell advice and people are willing to pay for it. It is that simple. This system always worked in the old world because there was no alternative. But now we live in tge age of DIY. Do It Yourself.
So, why hire a financial planner?
Because you’re not adviseing. You’re empowering.
Not talking, but listening.
Not managing, but leading.
Leading people to more success, towards fulfilling their dreams. People who are self-achievers want to stand out, but have difficulty pursuing their goals without support. They want someone who cares about them. Who gives guidance and encouragement. So that they can achieve new heights.
- Be a personal and financial trainer/coach
- Be likeable
- Create a service which is known for building self-esteem
- Give people tools to do stuff themselves
- Read this: What Every Financial Planner Ought to Know about Adding Value even when (potential) Clients Rather do it Themselves
Words you should use
- “Picture yourself a success”
- “Fulfill your potential” (sounds familiar…:-) )
- Do It Yourself
- Be all That You Can Be
6) Help people feel NURTURED
This might be a hooray-moment for many financial planners. Why? Because you might care a lot about your client’s well-being. Well, here’s the good news: your clients care about you too (if you nurture them).
Empathy and empathetic situations are key drivers of the nurturing hot button.
Ever used the “classic” approach of negative selling (“What happens when you die?”)? Stop doing it immediately and be empathetic by giving care, comfort, growth, and support to your prospects and clients. Protect them from harm.
- Touch your prospects (on the arm…)
- Focus on the relationship
- Provide solutions in your communications
- Make your service a learning experience
Words you should use
- Heart and soul
So, I promised you 7 HOT buttons, I know. But before I give you HOT button number 7, I’d like to ask you a small favor:
If you want to discover and learn about a new and innovative way to uncover your prospect’s reasons for buying your financial planning service, the only thing you have to do is to answer the following – scary – question:
How do you feel about me?
(me = Ronald; the guy behind the blog)
Then, I will finally reveal the state of the art HOT button number 7. Right now.
Please, answer this scary question by leaving your comment – here below – and you’ll receive a FREE pdf with:
The New and Innovative Way to Uncover Your Prospect’s Reasons for Buying your Financial Planning Service with the State of the Art HOT Button number 7
And please, be brutally honest with me. Thank you for your comment.
Let’s make financial planning matter.