Cody Foster – 6 Steps To Sales Greatness

At the heart of building a great advisory business is mastering the skill of sales.?

You’ve heard me say this before, but often the word “sales” comes with a negative connotation. However, nothing could be further from the truth. When done well, with pure motives, sales is one of the most noble professions in the history of the world.

It’s human nature for people to resist change, even when making those changes will lead to significant improvements in their life. Your job is to convince them to choose to change and improve their life. That is the foundation of sales.

But first, to build a great business, you have to build and lead a great sales organization. Whether you are the lead — and only — advisor or you’ve built a team of advisors around you, sales is the foundation.?

I’ve had a front row seat that has allowed me to see hundreds of great advisors build incredible sales organizations over the years. I’ve learned there are six core components to building a great sales organization, and I want to share those with you in this sales-focused issue of the AE Insider magazine.

If you can perfect these six steps, you will have built the foundation to grow an amazing business.

The 6 Steps to a Great Sales Organization

1. Build a Documented, Duplicatable Process

A documented, duplicatable sales process is truly the foundation for scaling, and this is the one area most advisors tend to be missing when they join Advisors Excel. So many get by on natural ability, which works if it’s just you in the business. But as you add other advisors to your business, you have to build a process, not rely on personality.?

We have a number of tools and examples to help you with this, but it basically boils down to documenting every step of your process: what is said in each appointment, what software is used, what steps take place in between appointments, what deliverables are shown to the client. Taking the time to document, step by step, your entire sales process is key.?

Key Takeaway:?Record every step of your sales process.?

2. Show Where You Add Value

This may sound obvious, but if you aren’t doing something to add value to your clients’ lives through your process, they won’t have a reason to hire you. We see that added value in areas like investment, income, tax, health care or legacy planning. Even better is when you can address all five core areas as part of your value-add to clients.??

You also have to articulate well how you provide that added value. This is where we often see advisors naming their process to create a story around how they add value to their clients’ lives and help them prepare for an amazing retirement.?

Key Takeaway:?Name your sales process.

3. Keep Communicating

Consistent communication is one of the keys to a successful sales process. Letting the client know, up front, what will happen in each step of your process is important.?

Relieve the pressure of any uncertainty, so they know what to expect. Keep clients engaged by following up between meetings to let them know what you are working on. I know many advisors who have added some small follow-up questions between appointments just to keep prospective clients engaged. Once a prospect says “yes,” it’s important to communicate weekly on the status of their money moving and their plan being implemented.??

The more you communicate what to expect with clients and prospective clients, the more likely the process will go smoothly.??Nobody wants surprises.

If you don’t have a document that shows what will happen in each step, and the timeline of your process, create that ASAP. AE has lots of examples.

Key Takeaway:?Evaluate your plan for communicating with clients during the sales process.?

4. Onboard With Care

Do you know what your new client is asking themselves after they sign on the dotted line, no matter how good you are??

“Did we make the right decision?”

How you onboard new clients can help reduce anxiety and help you secure a client for life. Again, if you don’t have a step-by-step process for onboarding a client — and creating great experiences for them — make sure you change that.?

Key Takeaway:?Build a comprehensive onboarding process.?

5. Track Your Results

“If you can’t read the scoreboard, you don’t know the score. If you don’t know the score, you can’t tell the winners from the losers.”?— Warren Buffett

It’s really important that you track every step of your sales process and also track each of your advisors’ numbers if you have a team around you. It’s impossible to improve your process if you don’t have data that shows you where the issues are.

The longer you track your numbers — your key performance indicators (KPIs) — the more insights you can build and the more improvements you can make. I’d suggest reviewing these KPIs monthly at a minimum, if not more frequently.

Key Takeaway:?Build KPIs for your business and review them regularly.

6. Sharpen Your Saw

I’ve always said that the most powerful thing we do for advisors at Advisors Excel is create learning-rich environments for you to come and get better.?

Sales, more than most skills, is one area we can often overlook when it comes to personal development. We’ve done it for a long time, and it’s easy to take our skills for granted. But constantly sharpening your saw is important, not just for you, but for your entire team.?

As the leader, you should set the example on this. Find ways to improve your own sales skills and share those things you are learning with your team. Spend time with the other advisors on your team helping them improve.??

Small improvements can make a big difference in results. I challenge you to make this a regular part of your routine. One resource I’d recommend: I recently read the book “Never Split the Difference: Negotiating as If Your Life Depended on It” by former FBI hostage negotiator Chris Voss, and it was great.

Key Takeaway:?Find one good sales training you can study this month.

Be a Changemaker

What you do makes a difference in people’s lives. But given the choice, most people prefer not to make changes. It’s human nature to resist change.?

That’s why sales is such an important and noble profession. You’re helping people make life-changing decisions every day.

Invest the time to make sure you — and your entire team — are excellent at it, because it matters. Now, get out there and make a difference today!