Every trainer's starting point: "What do you do?"
There it is. That question that so many sales trainers build courses around. The expectation is you can deliver a comprehensive, 30 second statement that sums up who you are and what you do. The problem? The prospect who endures this verbal vomit might deliver the kiss of death: "Oh." - and then they walk away (sometimes briskly!) Let's take a look at some elevator speeches that are championed by sales trainers at major financial services distributors.
What do you notice about both of these elevator speeches? They answer the question as though someone can relate to a "table of contents" reply. Due to the overwhelming product/service answer, the prospect feels safest by delivering a one word answer and running away! These elevator speeches came from the "ivory tower." Don't get me wrong- many salespeople make the mistake of trying to buddy up to the prospect without addressing the sales potential. They end up in friend zone with no hope of engaging in a business discussion. We call that "Kum-buy yah." Ideally, advisors need both product/service knowledge and the gift of gab to warm up to total strangers. I have been coaching financial advisors for 15 years through the Wisdom program on how to do this correctly, and the results have been outstanding for those who master the balancing act. The chart below is often used to identify where a salesperson is on their journey to achieving exceptional outcomes.
Ideally, you want to demonstrate experience in these issues, while delivering a brief speech that encourages a challenging response. This intentional "challenge" that you are soliciting from the prospect is intended to create engagement in the conversation. I suggest a very brief description of your service with two value assumptions that have nothing to do with each other. Here is an example:
"We deliver a virtual family office experience for wealthy people who need it, but don't have the kind of wealth usually required for a traditional family office.
For example, many of our clients made their millions in their startup business. Some of them are tech oriented and others are manufacturing. We partner with the accounting team to help them exit in a tax-efficient manner using qualified small business stock as a means of avoiding capital gains taxes on some of their growth at exit (IRC section 1202).
We also are helping families unlock their low-cost basis stocks (or other assets) by transferring the assets to a charitable remainder trust. The trust, which is not subject to capital gains taxes, delivers a steady stream of income for the remainder of the grantor's lifetime (joint is possible too), and removes the asset from the taxable estate.
Does any of this resonate with you?"
It is highly unlikely the recipient of this elevator speech will say nothing. They might challenge you on your definition of "wealthy." They might want to know more about qualified small business stock. They might suggest they already give to charities and didn't know they could receive income from gifted assets. In any case, this is an amazing opportunity to ask, "Would you like to discuss this another time in a more private setting?" Giving them the opportunity to walk away shows confidence. It also appeals to their need for privacy. This system I just showed you is called "verbal tennis." That visual should help any aspiring salesperson understand the importance of getting prospective client engagement as the immediate goal by answering their question: "What do you do?"
How do you handle the "What do you do" question?