Learning how to get to the heart of what your clients need.
In our previous column, we discussed the use of strategic questioning to align your value to your client's value. We illustrated how to do that by developing a framework of questions to help you get to the heart of what they truly value. We call this our VALUE Questioning Strategy (VALUEQS).
To recap: the VALUEQS five-step skill model helps you gather complete
information on what your clients value. It really is a process for
addressing your clients' underlying questions. Remember, your clients
are thinking, "Do you really know what I value?" "Do you have any idea
what is most important to me?" "Do you have any idea what I am
trying to achieve?" The VALUEQS is a methodical process that will give
you the chance to answer each of these unspoken concerns.
Here are the five skills:
1. Validate the Big Picture
2. Assess the Gaps
3. Learn the Issues
4. Understand the Impact
5. Express Your Understanding
The last skill step in Identifying Value allows you
to "express your understanding" by summarizing the key issues that were
important to your clients. What do you do once you have summarized what
it is that clients value? How do you link your solutions to the
key issues that they expressed to you in the Identify Your Value
step? You can now move forward and begin to explain your value.
If you are a member of a wealth management team or
provide custom solutions through your network of professional strategic
alliances, you are offering a service that further separates you from
the crowded advisor marketplace. This IS a key to the "real" value you
provide. Now you need to fully explain your value with confidence,
passion and speed, and we offer four steps to help you do this.
Explain Your Value Using The Value Skill Model
During our workshops we illustrate the four steps
with bridging statements and examples of real value to help advisors
easily go through the process with clients.
The four steps are:
1. Confirm Key Issues
2. Present Value Solution
3. Emphasize the "Real Value"
4. Check for Acceptance
Confirm Key Issues
Here is the rationale for step one, which is only
necessary if some time has passed since your previous meeting with the
prospect or client. If this is the case, it's very important to revisit
the proposal development and the analysis you already prepared. There
are two reasons: 1) To refocus the conversation and to highlight
your consultative skills and, 2) In case anything has changed in the
client's life or business. If things have changed, this is a great
opportunity for you both to discuss these changes and the impact, if
any, on the client's overall goals or outlook on their future.
A "bridging statement" will help you make a comfortable and smooth
transition from the previous conversation with your client to the
current (or next) one. Here are a few examples:
"If nothing has changed since our last conversation,
let me briefly walk you through my proposal and analysis..."
"Let's review together the key issues we discussed
during our last meeting, before I present my proposal and analysis ..."
"Before I begin my recommendations, let's talk about
any changes you have experienced since our previous meeting ..."
"I understand that since our previous conversation,
you have (sold your business, changed jobs, etc). Let's incorporate
this into our discussion today and determine how this change will fit
into my proposal ..."
Begin The Development Of Your Value Solution
Let's do a little work now; get a blank sheet of
paper and draw five columns across. Title the page "The Real Value
Solution.
" Here's how the columns will look:
Column One: Key Issues
Column Two: Solution
Column Three: Features
Column Four: Benefits
Column Five: Real Value
Column 1 is the summary of your client's goals,
initiatives and issues. Column 2 is the overall value solution. What
are you proposing in response to an issue? Column 3 lists the key
characteristics of your solution. What is it? Column 4 lists the
reason(s) why your client should be excited about the characteristics.
Column 5 should list the reason(s) why your client should be really
excited about your solution. This is where you explain how the
solution's general benefits will relate back to your client's key
emotional issues.
When you have listed all of your elements on paper, you should be able
to see more clearly the value you provide and to articulate these
reasons to your client during the meeting. Be sure to focus on the
following: What is unique about my solution? What are my competitive
advantages?
It is also important to be prepared to present competitive comparisons.
This is a good time to confirm your uniqueness and competitive
advantages once again.
Emphasize The Real Value
After you position your features and benefits to
your client, you can take your message deeper by emphasizing both the
benefits and real value of your solution. We call this "entering the
league of value," because the more you can connect emotionally and
logically with your clients, the more your value becomes real; hence
the term Real Value.
Remember to "link" the issues your client shared
with you (during your Value Questioning Strategies) to the benefits
your solutions provide them. Real value is either qualitative or
emotional or quantitative and measurable.
Some of you may be questioning the difference
between "real value" and "benefits." It's a good question to ask. We
like to answer it in this way: It's the difference between simply
giving a quick acknowledgement of a client's emotion and giving an
extended acknowledgement to him or her. If you can conversationally go
deeper with your connections, the client feels your alignment in a
powerful way. (We'll give you some Real Value examples below.) The
deeper you can extend your benefits into areas that truly connect to,
and excite, your clients, the more powerfully your value will be
received. It bears repeating: When you have emotionally and logically
connected with your clients, you have achieved the ultimate alignment
of your value with what they value. In essence, it becomes an Aha! to
your clients.
Using the word "real" in front of the word "value"
accentuates what you believe you are providing the client. Real means:
"This is what my unique value means to you. This is not a proposal, but
the actual value you should realize."
Now, refer back to the chart you made on The Real Value Solution. You can complete or make changes to the last column more easily now.
Check For Acceptance