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Winning Hearts, Minds & Wallets of High Net Worth Individuals


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Part 1 of a 5-part session on selling and developing relationships with the affluent. Primarily oriented toward real estate

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Winning Hearts, Minds & Wallets of High Net Worth Individuals

  1. 1. WINNING HEARTS, MINDS & WALLETS OF HIGH NET WORTH INDIVIDUALS Selling and developing relationships with the affluent Real estate module (Session 1 of 5) A 5-part program By Nick Wreden, MA, MS [email_address]
  2. 2. IOI HNWI SALES <ul><li>SEMINAR: Goals </li></ul><ul><li>Provide knowledge to help you become more confident & professional </li></ul><ul><li>Provide tips, techniques & systems to help make selling to affluent easier </li></ul><ul><li>Provide practice and peer support </li></ul><ul><li>Help you make more sales -- and more valuable sales -- in less time </li></ul><ul><li>Have fun! </li></ul>
  3. 3. IOI HNWI SALES <ul><li>SEMINAR: Rules </li></ul><ul><li>Turn off handphones, etc </li></ul><ul><li>Avoid interruptions </li></ul><ul><li>Participate! </li></ul><ul><ul><li>Enjoy the interactive exercises </li></ul></ul><ul><ul><li>Ask questions </li></ul></ul><ul><ul><li>Provide personal examples & stories </li></ul></ul><ul><ul><li>Be enthusiastic, motivated, confident </li></ul></ul><ul><li>Close your books unless asked to open them! </li></ul>
  4. 4. IOI HNWI SALES <ul><li>SEMINAR: Rules </li></ul><ul><li>Choose a partner </li></ul><ul><ul><li>You will work with this partner for role-plays & other exercises </li></ul></ul><ul><ul><li>Be realistic during role-plays (like typical prospect) </li></ul></ul><ul><ul><li>Note: In some cases, 3 people will work together, with one person as an “observer” </li></ul></ul><ul><li>The most important rule? </li></ul><ul><ul><li>“ There are no wrong answers & no mistakes!” </li></ul></ul>
  5. 5. IOI HNWI SALES <ul><li>AFFLUENT SALES: Process & schedule </li></ul><ul><ul><li>Relate: Establish positive first impression & trust & rapport </li></ul></ul><ul><ul><ul><li>Session 1 (Oct. 13): Listening & observation </li></ul></ul></ul><ul><ul><li>Investigate: Gather relevant information about prospect & requirements for value </li></ul></ul><ul><ul><ul><li>Session 2 (Oct. 15) : Smart questions </li></ul></ul></ul><ul><ul><li>Educate: Inform about your ability to provide a solution that meets requirements </li></ul></ul><ul><ul><ul><li>Session 3 (Oct. 20) : Persuasion, not “hard sales” </li></ul></ul></ul>
  6. 6. IOI HNWI SALES <ul><li>AFFLUENT SALES: Process & schedule </li></ul><ul><ul><li>Close: Overcome objections & move to next step </li></ul></ul><ul><ul><ul><li>Session 4 (Oct. 22): Objection handling </li></ul></ul></ul><ul><ul><li>Relationship: Develop & strengthen </li></ul></ul><ul><ul><ul><li>Session 4-5 (Oct. 22-24): Leveraging 1 sale </li></ul></ul></ul><ul><ul><li>Communicate: Presentation </li></ul></ul><ul><ul><ul><li>Session 5 (Oct. 24): Showing value </li></ul></ul></ul>
  7. 7. IOI HNWI SALES <ul><li>HNWI SALES: Course objectives </li></ul><ul><ul><li>Understand emotional & investment characteristics of affluent </li></ul></ul><ul><ul><li>Relate to the affluent </li></ul></ul><ul><ul><ul><li>Understand issues and requirement for value </li></ul></ul></ul><ul><ul><ul><li>Establish trust & rapport </li></ul></ul></ul><ul><ul><ul><li>Communicate value </li></ul></ul></ul><ul><ul><ul><li>Overcome objections </li></ul></ul></ul><ul><ul><li>Learn effective sales process </li></ul></ul><ul><ul><li>Develop & enhance relationships w/affluent </li></ul></ul><ul><ul><li>Apply lessons learned </li></ul></ul>
  8. 8. IOI HNWI SALES <ul><li>SESSION 1: Objectives </li></ul><ul><ul><li>Sales skill & knowledge baseline </li></ul></ul><ul><ul><li>The new sales environment </li></ul></ul><ul><ul><ul><li>“ You,” not “we” </li></ul></ul></ul><ul><ul><li>Characteristics of Asian affluent </li></ul></ul><ul><ul><ul><li>What do they want from you </li></ul></ul></ul><ul><ul><li>Dealing with delay and deferment </li></ul></ul><ul><ul><li>Smart observation & smart listening </li></ul></ul>
  9. 9. IOI HNWI SALES <ul><li>Exercise #1 -- Rate Sales Skills </li></ul><ul><li>One partner will be the sales person, the other the prospect based on a profile provided by the instructor. The sales person will attempt to sell the prospect an IOI property, who will answer questions based on the profile. </li></ul><ul><li>The remaining attendees will grade the sales skills on a scale of 1-10 by circling one number in each category. (1 is lowest, 10 is the highest.) Be prepared to discuss your scoring. </li></ul>*
  10. 10. IOI HNWI SALES <ul><li>KEY QUESTIONS: Discuss </li></ul><ul><ul><li>What is sales? How has real estate sales in Malaysia changed in past 5 years? </li></ul></ul><ul><ul><li>Why do customers buy from you? From IOI? </li></ul></ul><ul><ul><li>What is your goal when talking with a prospect? </li></ul></ul><ul><ul><li>What is a prospect’s goal when talking with you? </li></ul></ul><ul><ul><li>What is the single most important word (or concept) in sales (from prospect perspective)? </li></ul></ul>
  11. 11. IOI HNWI SALES <ul><li>AGREE OR DISAGREE? WHY? </li></ul><ul><li>“ Your job [as a sales person] is to understand the issues that matter to your clients. You have to feel their problems just the way that they feel them. You have to sit on their side of the table & look at issues from their point of view.” </li></ul><ul><li>- Neil Rackham, Spin Selling </li></ul>
  12. 12. IOI HNWI SALES <ul><li>Exercise #2 -- Sales essentials </li></ul><ul><li>Answer the true/false questions in your workbook. Do not discuss with others while answering. </li></ul>
  13. 13. Customer Product Knowledge “ You/your requirements” “ Us/our product” Emphasis “ Helping to buy” Selling Key skill Consultative selling Product description & order-taking Methodology Acquisition + relationship Acquisition Sales goal Value Price, price, price Money Buyer’s market Seller’s market Environment More assertive, knowledgeable about alternatives, conscious of their value Eager to buy Customers Prospect requirements for value Product features Focus Today Yesterday SALES: YESTERDAY VS. TODAY
  14. 14. IOI HNWI SALES <ul><li>AFFLUENT: Who are they? </li></ul><ul><li>F. Scott Fitzgerald: “ The rich are different than you and me. ” </li></ul><ul><li>Ernest Hemingway: “ Yes, they have more money. ” </li></ul>
  15. 15. IOI HNWI SALES * Adapted from Forrester Research ** Not including primary residence AFFLUENT: WHO ARE THEY* RM35,000,000 + UHNW (Ultra High Net Worth) RM5,000,000 + Penta-millionaires RM1,500,00 - RM5,000,000 HNWI (High Net Worth Individuals) RM250,000 - RM1,500,000 “ Mass” or “emerging” affluent Investable** assets
  16. 16. IOI HNWI SALES <ul><li>MASS AFFLUENT TRENDS: Citibank </li></ul><ul><ul><li>Mass affluent segment in Asia Pacific is growing about 15% annually </li></ul></ul><ul><ul><li>New trend of circular movement is emerging with people working in one country for 1-2 years and then moving on, either to another country or back home </li></ul></ul><ul><ul><li>Rapidly growing trend of Asia Pacific executives are taking on job responsibilities that result in short- or long-term overseas assignments </li></ul></ul><ul><ul><li>Asia Pacific consumers today are the dominant demographic in the travel and financial sectors </li></ul></ul>
  17. 17. IOI HNWI SALES <ul><li>AFFLUENT TRENDS: Private banking results </li></ul><ul><ul><li>Findings: Private Banking Asia 2008 Conf. </li></ul></ul><ul><ul><ul><li>Wealth of Asia-Pacific HNWI = $8.4 trillion in 2006; globally, 9.5 million individuals </li></ul></ul></ul><ul><ul><ul><ul><li>Japan = 44%; China = 21% </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Singapore, India, Indonesia fastest growing </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>2006: Singapore = 55,000 HNWI </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>Wealthiest Chinese only invest 1% of wealth in Asia; Indians, much more </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>India 3X growth in millionaires compared to China </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>30% of China’s millionaires are female! </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Asia creating more millionaires than anywhere else </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>(6.7% a year through 2010) </li></ul></ul></ul></ul></ul>
  18. 18. IOI HNWI SALES <ul><li>AFFLUENT TRENDS: 2008 Conf results </li></ul><ul><ul><li>Before, wealth inherited; now, entrepreneurs </li></ul></ul><ul><ul><ul><li>40-50, “street-smart,” international sophistication, western educated </li></ul></ul></ul><ul><ul><ul><li>Like to have control over finances </li></ul></ul></ul><ul><ul><ul><li>Performance-driven </li></ul></ul></ul><ul><ul><ul><ul><li>“investment time horizon shorter than Europeans” </li></ul></ul></ul></ul><ul><ul><ul><li>Willing to take risks </li></ul></ul></ul><ul><ul><ul><li>“Difficult to offer investments that can match the returns available to them from additional investments in their own businesses.” </li></ul></ul></ul>What are the implications of this?
  19. 19. AFFLUENT: WHO ARE THEY? “ Top performance, lightning speed and impeccable service” “ Safety, comfort, respect” Requirements for value “ The more you have, the more you think you need to have” “ More than today/ ability to spend without worry” “ What is rich?” Connoisseurs, sensualists, trend setters/followers Varied Types Status Security Concerns Job + investments + family Mainly job Income sources Home + investment Home Ownership goal Quicker Cautious Decision-making Moderate to high (depending on age) Low Tolerance for risk Affluent Low/middle class
  20. 20. IOI HNWI SALES Breathing, food, water, sex, sleep, excretion Safety, job, morality, family, health, property Friendship, family, intimacy Self-esteem, confidence, achievement, respect of others Morality, creativity, spontaneity, knowledge, problem-solving Mass Affluent <ul><li>Needs </li></ul><ul><li>Esteem </li></ul><ul><li>Growth </li></ul><ul><li>Aesthetic </li></ul><ul><li>Body </li></ul><ul><li>Safety </li></ul><ul><li>Social </li></ul>
  21. 21. Mass Affluent
  22. 22. IOI HNWI SALES <ul><li>GOOD NEWS, BAD NEWS: Use of advisors </li></ul><ul><ul><li>Affluent comfortable with advisors </li></ul></ul><ul><ul><ul><li>Financial, legal, educational, business, etc </li></ul></ul></ul><ul><ul><li>Hurdles to becoming advisor </li></ul></ul><ul><ul><ul><li>Competition is intense </li></ul></ul></ul><ul><ul><ul><li>Bad experiences </li></ul></ul></ul><ul><ul><ul><li>Difficult to establish trust & rapport </li></ul></ul></ul><ul><ul><ul><li>Like to control their own finances </li></ul></ul></ul>What are the implications of this?
  23. 23. IOI HNWI SALES <ul><li>CONSULTATIVE SALES: Definition </li></ul><ul><li>Consultative selling is an organizational system of consistent processes & sales force skills, all dedicated to maximizing the number & value of sales, minimizing the time & effort involved & benefiting the customer so that a long-term relationship is built. </li></ul>
  24. 24. IOI HNWI SALES <ul><li>MOST IMPORTANT WORD: “You” </li></ul><ul><ul><li>What’s more important? </li></ul></ul><ul><ul><ul><li>IOI reputation or prospect’s interests? </li></ul></ul></ul><ul><ul><ul><li>Property features or prospect’s family? </li></ul></ul></ul><ul><ul><ul><li>Amenities or prospect’s goals? </li></ul></ul></ul><ul><ul><li>Personalize by using prospect’s name frequently </li></ul></ul><ul><ul><li>Not “our features,” but “your benefits” </li></ul></ul><ul><ul><li>Body language, words, tone of voice must “mirror prospect” </li></ul></ul>
  25. 25. IOI HNWI SALES <ul><li>CONSULTATIVE SALES: Power of “you” </li></ul><ul><li>Tom Hopkins, legendary sales guru </li></ul><ul><li>“ When I attended a huge banquet for top salespeople the speaker introduced someone and said, ‘This man earned twice the national average in sales last year…’ </li></ul><ul><li>“ Then he added: ‘... and he’s totally blind .’ </li></ul><ul><li>“ The speaker said, ‘I’m sure that many of us are wondering how you sold so much with your handicap.’ The blind man got up to answer… </li></ul><ul><li>How did a blind man sell so much? ? </li></ul>
  26. 26. IOI HNWI SALES <ul><li>CONSULTATIVE SALES: Power of “you” </li></ul><ul><li>The blind man replied, “I don’t have a handicap, I have an advantage. I have never seen what I’ve sold, so I have to sell through my client’s eyes. What I do is what all of you sighted people should do to serve clients better and make more money.” </li></ul><ul><li>The point: You must see benefits and features from the buyer’s viewpoint. Use their values, not yours. Your opinion of the product, your company, and of yourself as a sales professional is not important or relevant. Then you can concentrate on your job of serving them. You will be able to empathize with their situation, specific needs, and radiate the confidence that you can help them. </li></ul>
  27. 27. IOI HNWI SALES <ul><li>CONSULTATIVE SALES: Why practice? </li></ul><ul><ul><li>IOI mystery shop: “Excellent product knowledge </li></ul></ul><ul><ul><ul><li>Very successful salespeople have adequate product knowledge, but superior knowledge of customers </li></ul></ul></ul><ul><ul><ul><li>Sales people with highest product knowledge don’t make the most sales </li></ul></ul></ul><ul><ul><ul><li>If forced to choose, buyers are more likely to deal with those who best understand their needs than with those that best understand products </li></ul></ul></ul>
  28. 28. IOI HNWI SALES <ul><li>CONSULTATIVE SALES: 5 steps </li></ul><ul><ul><li>Relate to customer/Establish rapport </li></ul></ul><ul><ul><ul><li>Create partnership </li></ul></ul></ul><ul><ul><ul><li>Don’t sell; “help to buy” </li></ul></ul></ul><ul><ul><li>Understand their goals &/or constraints </li></ul></ul><ul><ul><li>Solve their problems & issues </li></ul></ul><ul><ul><ul><li>Meet objections </li></ul></ul></ul><ul><ul><ul><li>Involve the entire organization </li></ul></ul></ul><ul><ul><li>Move to next step/close </li></ul></ul><ul><ul><li>Provide service & help </li></ul></ul><ul><ul><ul><li>Follow-up (satisfaction, cross-/upsell, referrals) </li></ul></ul></ul>* TIME
  29. 29. IOI HNWI SALES <ul><li>CONSULTATIVE SALES: Foundations </li></ul><ul><li>Attitude </li></ul><ul><ul><li>Goals </li></ul></ul><ul><ul><li>Confidence, enthusiasm, motivation </li></ul></ul><ul><ul><li>Willingness to help buy </li></ul></ul><ul><li>Image </li></ul><ul><ul><li>Dress & courtesy </li></ul></ul><ul><li>Knowledge </li></ul><ul><ul><li>Product & processes </li></ul></ul><ul><ul><li>Customer </li></ul></ul><ul><ul><li>Market & competition </li></ul></ul><ul><li>Skills </li></ul><ul><ul><li>Listening </li></ul></ul><ul><ul><li>Questioning </li></ul></ul><ul><ul><li>Silence </li></ul></ul><ul><ul><li>Observation </li></ul></ul><ul><li>Tools </li></ul><ul><ul><li>Planning </li></ul></ul><ul><ul><li>Information & education </li></ul></ul><ul><ul><li>Contact management </li></ul></ul><ul><ul><li>Time management </li></ul></ul>
  30. 30. IOI HNWI SALES <ul><li>Exercise #3 -- Challenges of sales to affluent </li></ul><ul><li>Based on your experience, list the issues, concerns, and obstacles associated to the affluent. Be prepared to discuss them, including how to deal with them. </li></ul><ul><li>Establish trust & rapport </li></ul><ul><li>? </li></ul><ul><li>? </li></ul><ul><li>? </li></ul><ul><li>? </li></ul><ul><li>Suspicious of sales people </li></ul><ul><li>? </li></ul><ul><li>? </li></ul><ul><li>? </li></ul>How to deal with them Challenges
  31. 31. IOI HNWI SALES “ Can I find other opportunities?” Why take action now? “ I’m richer and smarter than you. What can you deliver better than me?” Can you solve my problem? “ I’ve heard every sales pitch in the world.” Do you understand my problem? “ Everybody wants to make money off me.” Why should I trust you or your company? “ I can buy from anybody, and everybody wants my business.” Why should I listen to you? What they feel What they think SALES TO AFFLUENT: CHALLENGES
  32. 32. IOI HNWI SALES <ul><li>SALES TO AFFLUENT: Major challenge </li></ul><ul><ul><li>Willingness to defer gratification </li></ul></ul><ul><ul><ul><li>Future-oriented vs. “I want it now” </li></ul></ul></ul><ul><ul><ul><li>Generational view </li></ul></ul></ul><ul><ul><ul><li>Worried about opportunity cost </li></ul></ul></ul><ul><ul><ul><li>Risk-averse </li></ul></ul></ul><ul><ul><ul><li>Inertia is always the easiest </li></ul></ul></ul><ul><ul><li>Common objection </li></ul></ul><ul><ul><ul><li>“ I’ll think about it.” </li></ul></ul></ul><ul><ul><ul><li>““ Send me the information”, etc. etc. etc. </li></ul></ul></ul>
  33. 33. IOI HNWI SALES <ul><li>DELAY: Dealing with procrastination </li></ul><ul><ul><li>3-step process </li></ul></ul><ul><ul><ul><li>Agree </li></ul></ul></ul><ul><ul><ul><ul><li>Find something to agree with </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Gives acknowledgement to the prospect </li></ul></ul></ul></ul><ul><ul><ul><li>Clarify </li></ul></ul></ul><ul><ul><ul><ul><li>Ask 1-2 questions about current situation, decision-making process, constraints, etc. </li></ul></ul></ul></ul><ul><ul><ul><li>Legitimize </li></ul></ul></ul><ul><ul><ul><ul><li>Determine if the prospect is sincere </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Ask questions to uncover next possible step (eg. “After presenting to you the proposal, what do you see happening next?”) </li></ul></ul></ul></ul>
  34. 34. IOI HNWI SALES <ul><li>DELAY: Dealing with procrastination </li></ul><ul><ul><li>“ Send me the information” </li></ul></ul><ul><ul><ul><li>Agree : “I would be glad to forward you some information” </li></ul></ul></ul><ul><ul><ul><li>Clarify: “What specific information would be of particular interest to you?” </li></ul></ul></ul><ul><ul><ul><li>Legitimize: “I will send you the requested information shortly. Assuming you need time to look through it, when would be the best time to call you back?” </li></ul></ul></ul><ul><ul><ul><ul><li>“ What do you think will happen after you have reviewed the information / proposal?” </li></ul></ul></ul></ul>
  35. 35. IOI HNWI SALES <ul><li>DELAY: Dealing with procrastination </li></ul><ul><ul><li>“ I need to talk it over with my boss” </li></ul></ul><ul><ul><ul><li>Agree: “Great, I’m happy to hear that you will follow through on that.” </li></ul></ul></ul><ul><ul><ul><li>Clarify: “Based on what I’ve presented to you, what do you like most?” </li></ul></ul></ul><ul><ul><ul><ul><li>Others: “When will you be discussing the proposal with him?” </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Others: “Would we be able to meet together with your CEO to discuss this matter? </li></ul></ul></ul></ul><ul><ul><ul><li>Legitimize: “When you present to your boss, what exactly will you share with him?” </li></ul></ul></ul>
  36. 36. IOI HNWI SALES <ul><li>DELAY: Dealing with procrastination </li></ul><ul><ul><li>“ Call me back in three months” </li></ul></ul><ul><ul><ul><li>Agree: Fix a date and time for you to return that call. </li></ul></ul></ul><ul><ul><ul><li>Clarify & legitimize: </li></ul></ul></ul><ul><ul><ul><ul><li>“ For me to best prepare the next follow-up call, what exactly will we be discussing?” </li></ul></ul></ul></ul><ul><ul><ul><ul><li>“ What will be happening between now and the next three months?” </li></ul></ul></ul></ul>
  37. 37. IOI HNWI SALES <ul><li>DELAY: Dealing with procrastination </li></ul><ul><ul><li>“ You really should be talking to someone else” </li></ul></ul><ul><ul><ul><li>Agree: “Great, I’d love to talk to John” </li></ul></ul></ul><ul><ul><ul><li>Clarify: “Based on your past experiences working with John, how do you think he would react to my proposal?” </li></ul></ul></ul><ul><ul><ul><li>Legitimize: “Let’s say John has read my proposal, can you think of any concerns he might have?” </li></ul></ul></ul>
  38. 38. IOI HNWI SALES <ul><li>Exercise #4: Dealing with procrastination </li></ul><ul><li>How you respond to these delaying tactics? </li></ul><ul><li>Then write down 2-3 delaying tactics used by your customers, and write down statements to “agree, clarify & legitimize.” </li></ul>* Agree: Clarify: Legitimize: Customer procrastination statement #2 Agree: Clarify: Legitimize: Customer procrastination statement #1 Response Procrastination
  39. 39. IOI HNWI SALES <ul><li>THE AFFLUENT: Requirements for value </li></ul><ul><ul><li>Service expectations: Extremely high </li></ul></ul><ul><ul><ul><li>Competition not other developers </li></ul></ul></ul><ul><ul><ul><li>Competition = Ritz-Carlton, 1st class Emirates, Trump Tower penthouse, etc. </li></ul></ul></ul><ul><ul><li>What they expect from you </li></ul></ul><ul><ul><ul><li>24/7 immediacy </li></ul></ul></ul><ul><ul><ul><li>Knowledge & process expertise </li></ul></ul></ul><ul><ul><ul><li>Experience that is seamless, easy, painless & proactive </li></ul></ul></ul>
  40. 40. IOI HNWI SALES <ul><li>THE AFFLUENT: What they hate </li></ul><ul><ul><li>Neglect </li></ul></ul><ul><ul><li>Poor service </li></ul></ul><ul><ul><li>Complacency/inefficiency </li></ul></ul><ul><ul><li>Inconvenience </li></ul></ul><ul><ul><li>Technical deficiencies </li></ul></ul><ul><ul><li>Telling, & not listening </li></ul></ul><ul><ul><li>Impersonal relationship </li></ul></ul><ul><ul><li>Excuses </li></ul></ul>
  41. 41. IOI HNWI SALES <ul><li>“HIGH SERVICE EXPECTATIONS:” Discuss </li></ul><ul><li>What do we mean when we say affluent have high service expectations? What elements of service do the affluent want? </li></ul>
  42. 42. IOI HNWI SALES <ul><li>“ HIGH SERVICE EXPECTATIONS:” Define </li></ul><ul><ul><li>Easy to do business with </li></ul></ul><ul><ul><ul><li>Giving them what they want, when they need it </li></ul></ul></ul><ul><ul><li>Knowledge </li></ul></ul><ul><ul><ul><li>How to solve their problems/meet requirements </li></ul></ul></ul><ul><ul><li>Proactivity </li></ul></ul><ul><ul><ul><li>Anticipate their requirements </li></ul></ul></ul><ul><ul><li>Reliability and dependability </li></ul></ul><ul><ul><ul><li>Delivering on the brand promise </li></ul></ul></ul><ul><ul><li>Predictability </li></ul></ul><ul><ul><ul><li>Consistent, effective and efficient </li></ul></ul></ul>
  43. 43. IOI HNWI SALES <ul><li>“ HIGH SERVICE EXPECTATIONS:” Define </li></ul><ul><ul><li>Breadth and depth </li></ul></ul><ul><ul><ul><li>Ability to meet multiple client/prospect requirements </li></ul></ul></ul><ul><ul><li>Knowledge, competence, and follow-up </li></ul></ul><ul><ul><ul><li>No mistakes; ability to answer questions </li></ul></ul></ul><ul><ul><li>Willingness to work on behalf of customer when problems arise </li></ul></ul><ul><ul><ul><li>Be their advocate </li></ul></ul></ul><ul><ul><li>Early notification of problems </li></ul></ul>How does IOI deliver high levels of service?
  44. 44. IOI HNWI SALES <ul><li>“KNOWLEDGE & EXPERTISE:” Sales skills </li></ul><ul><ul><li>What are the 4 most important sales skills and why? </li></ul></ul><ul><ul><ul><li>?? </li></ul></ul></ul><ul><ul><ul><li>?? </li></ul></ul></ul><ul><ul><ul><li>?? </li></ul></ul></ul><ul><ul><ul><li>?? </li></ul></ul></ul>
  45. 45. IOI HNWI SALES <ul><li>“KNOWLEDGE & EXPERTISE:” Sales skills </li></ul><ul><ul><li>What are the 4 most important sales skills, and why? </li></ul></ul><ul><ul><ul><li>Smart observation </li></ul></ul></ul><ul><ul><ul><li>Smart listening </li></ul></ul></ul><ul><ul><ul><li>Silence </li></ul></ul></ul><ul><ul><ul><li>Smart questioning </li></ul></ul></ul>
  46. 46. IOI HNWI SALES <ul><li>SMART OBSERVATION: 3 elements </li></ul><ul><ul><li>Observe: How fast do they speak? What vocabulary do they use? Do they consult with spouse? How are they dressed? Etc. </li></ul></ul><ul><ul><li>Determine: What type of person are they? Driven? Low-key? Family-oriented? Status-conscious? Conservative? Etc. </li></ul></ul><ul><ul><li>Follow: Speak at same speed and use the same kind of words they do. </li></ul></ul>Why do you want to observe and follow these elements?
  47. 47. IOI HNWI SALES <ul><li>SMART LISTENING: 3 elements </li></ul><ul><li>Ideally, you should be listening (and observing) 70% of time during initial meets </li></ul><ul><ul><li>What to listen for </li></ul></ul><ul><ul><ul><li>Sense of personality </li></ul></ul></ul><ul><ul><ul><li>Motivations/requirements for value </li></ul></ul></ul><ul><ul><li>Prove you’ve listened </li></ul></ul><ul><ul><ul><li>Summarization </li></ul></ul></ul><ul><ul><ul><li>Mirroring (“calibration”) </li></ul></ul></ul><ul><ul><ul><ul><li>Body language/other feedback </li></ul></ul></ul></ul><ul><ul><li>No interruptions!! (questions, phone, etc) </li></ul></ul>
  48. 48. IOI HNWI SALES <ul><li>SMART LISTENING: Motivations </li></ul><ul><li>Avoid criticism </li></ul><ul><li>Avoid loss of possession </li></ul><ul><li>Avoid pain </li></ul><ul><li>Avoid loss of reputation </li></ul><ul><li>Avoid loss of money </li></ul><ul><li>Avoid trouble </li></ul><ul><li>Make money </li></ul><ul><li>Save time and/or avoid effort </li></ul><ul><li>Achieve comfort </li></ul><ul><li>Have health </li></ul><ul><li>Be popular and/or in style </li></ul><ul><li>Be praised </li></ul><ul><li>Have beautiful possessions </li></ul><ul><li>Attract opposite sex </li></ul><ul><li>Emulate others </li></ul><ul><li>Take advantage of opportunities </li></ul>Desire to avoid loss Desire to gain
  49. 49. IOI HNWI SALES <ul><li>SMART LISTENING: Summarization </li></ul><ul><li>Summarization : Recap of prospect’s point of view/comments </li></ul><ul><ul><li>Lets prospects know you’ve been listening </li></ul></ul><ul><ul><li>Lets them know you understand </li></ul></ul><ul><ul><li>Increases trust/rapport (builds relationships) </li></ul></ul><ul><ul><li>Gathers information for sales and decision-making </li></ul></ul><ul><ul><li>Lays groundwork for presentation & objection-handling </li></ul></ul><ul><ul><li>Verifies your understanding of prospect requirements </li></ul></ul><ul><ul><li>Allows you to evaluate accuracy & importance of information </li></ul></ul>
  50. 50. IOI HNWI SALES <ul><li>Role play -- Summarization </li></ul><ul><li>One partner will spend 1-2 minutes talking about a spouse or a child. The other partner will summarize what was said in 1-4 sentences. </li></ul>
  51. 51. IOI HNWI SALES SMART LISTENING: Body language Body language: Facial expression, eye contact, hand movement, posture, physical distance, dressing etc. Tone of voice: Volume, pitch, clarity, pace, etc. Words: Fluency, choice of words, etc. 15% 38% Tone of voice 53% 7% Words 32% 55% Body language Business setting Social setting IMPACT OF BODY LANGUAGE
  52. 52. IOI HNWI SALES <ul><li>SMART LISTENING: Mirroring </li></ul><ul><ul><li>Reflect the postures, gestures (arms crossed, hand motion, etc.) and rate of speech of others (not obvious!) </li></ul></ul><ul><ul><li>Reflect language of prospect </li></ul></ul><ul><ul><ul><ul><li>Selling property to accountant </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>“ I’ve analyzed your interests and think you should boost your portfolio of high-end property. The figures show that the returns on this investment will be great. When you add up the potential, I’m sure you will agree.” </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>Selling property to architect </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>“ I’ve drawn some conclusions and see the need for you to structure your purchase for a better financial foundation. As you review our blueprint , I’m sure you will agree.” </li></ul></ul></ul></ul></ul>
  53. 53. IOI HNWI SALES <ul><li>SMART LISTENING: Language/feedback </li></ul><ul><li>Listen with feedback </li></ul><ul><ul><li>Reflection: Repeat, or “reflect”, key words used by prospect </li></ul></ul><ul><ul><ul><li>“ I’m driving my company on the road to profitability.” </li></ul></ul></ul><ul><ul><ul><li>“ Allow me to steer you to something that might provide a roadmap.” </li></ul></ul></ul><ul><ul><li>Affirmation: (“Yes, that’s right!”, “I agree,” etc.) </li></ul></ul><ul><ul><li>Confirmation: Confirm with closed (yes/no) questions </li></ul></ul><ul><ul><ul><li>“ I want an open floor plan.” </li></ul></ul></ul><ul><ul><ul><li>“ Isn’t an open floor plan best for entertaining?” </li></ul></ul></ul>*
  54. 54. IOI HNWI SALES <ul><li>SMART LISTENING: Language/feedback </li></ul><ul><ul><li>Case study - Negotiation </li></ul></ul><ul><ul><ul><li>One group of MBA students was told to mirror the prospect while negotiating a business deal while another group was instructed not to </li></ul></ul></ul><ul><ul><ul><li>Results: </li></ul></ul></ul><ul><ul><ul><ul><li>67% out of the group who mirrored the prospect got the deal </li></ul></ul></ul></ul><ul><ul><ul><ul><li>12.5% out of the group who did not mirror their prospect got the deal </li></ul></ul></ul></ul>
  55. 55. IOI HNWI SALES <ul><li>Exercise #5 -- Listening Test - Part A </li></ul><ul><li>Did you listen? Write the 3 most important sales skills. </li></ul><ul><li>Listening Test - Part B </li></ul><ul><li>Summarise what you’ve learned so far in 3-4 bullet points. </li></ul><ul><li>Listening Test - Part C </li></ul><ul><li>The instructor will role-play a prospect. Mirror the role-play, both in body language and in speech. (If time, role-play smart listening w/partner) </li></ul>*
  56. 56. IOI HNWI SALES <ul><li>SILENCE: Valuable sales tool </li></ul><ul><li>Silence puts pressure on prospect to say something & make a decision </li></ul><ul><ul><li>If you keep talking after prospect has agreed, he may find reasons NOT to buy </li></ul></ul><ul><li>Silence increases attention </li></ul><ul><ul><li>Pauses make listener listen </li></ul></ul><ul><ul><li>Pauses make answers sound more “intelligent” </li></ul></ul><ul><li>Silence gives opportunity </li></ul><ul><ul><li>Moment to reflect -- and remember -- information </li></ul></ul><ul><ul><li>Opportunity for you to think about next step </li></ul></ul>*
  57. 57. IOI HNWI SALES <ul><li>Role play -- Use of silence </li></ul><ul><li>The instructor will ask a question. Wait 10 seconds before replying. (Hint: Look like you are thinking about response.) </li></ul><ul><li>No looking at watches! </li></ul><ul><li>Partner A will ask a question of Partner B. Partner B will wait 20 seconds before responding. However, Partner A can ask another question when he feels 20 seconds is up. First one to speak AFTER 20 seconds is up wins. Speaking BEFORE 20 seconds is up loses. </li></ul>
  58. 58. IOI HNWI SALES <ul><li>SESSION 1: Review </li></ul><ul><ul><li>What is consultative selling? How does it compare to yesterday’s sales methodology? </li></ul></ul><ul><ul><li>What are the 5 steps to consultative sales? </li></ul></ul><ul><ul><li>What is the one most powerful word to use in sales? Why? </li></ul></ul><ul><ul><li>Product knowledge is important, but what is a more important knowledge? Why? What are ways to get this knowledge? </li></ul></ul>*
  59. 59. IOI HNWI SALES <ul><li>SESSION 1: Review </li></ul><ul><ul><li>Describe some characteristics of affluent. What is one major way affluent differ from masses? </li></ul></ul><ul><ul><li>What are some obstacles in dealing with affluent? </li></ul></ul><ul><ul><li>How do you deal with procrastination? </li></ul></ul><ul><ul><li>In service terms, who is IOI’s competition? </li></ul></ul><ul><ul><li>What are four vital sales skills? Describe each? </li></ul></ul>*
  60. 60. IOI HNWI SALES <ul><li>SESSION 1: Review </li></ul><ul><ul><li>What was the most interesting or useful information you learned today? </li></ul></ul><ul><ul><li>How will you apply that knowledge? What will you do differently or better in future? </li></ul></ul><ul><ul><li>What do you want to learn more about in the areas covered, and what would you like to practice more? </li></ul></ul><ul><ul><li>Any other questions? </li></ul></ul>
  61. 61. IOI HNWI SALES <ul><li>SESSION 2: Homework </li></ul><ul><li>Read the following articles and be prepared to discuss next week: </li></ul><ul><ul><li>“How the Super-Rich Buy Homes” </li></ul></ul><ul><ul><li>“How High-End Brokers Market Luxury Homes” </li></ul></ul>*
  62. 62. IOI HNWI SALES <ul><li>THANK YOU! </li></ul><ul><li>See you next session! </li></ul><ul><li>Questions or comments: </li></ul><ul><li>[email_address] </li></ul>