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Do your senior prospects and clients clearly understand all of your benefits and services? Do they really care? What is the appropriate level of vocabulary and investment sophistication for your prospects, clients and centers of influence? There is a big difference between a lot of information and clear communication. A key rule of marketing is to talk and write to your target in their words not yours. In many ways, a successful financial advisor is very different from their typical senior client or prospect. Since people over 60 control over 80% of this country s assets, you should be sure your marketing message is heard loud and clear. Here are six key points to keep in mind when communicating with older prospects. 1. Keep The Message Simple -- The number one rule is to keep the message simple. When speaking or writing, don't overload your elderly prospects with unnecessary information. Remember the main thing they want to know is, "what's in it for me?" One basic sales rule says to give your prospects only as much information as they need to make a decision -- and no more. A confused prospect will not buy. 2. Make The Message Familiar -- As people mature, they become more resistant to unfamiliar information and people. If you are explaining a new concept, link your ideas with things that your prospects already know about. Don't assume they have a solid base of financial knowledge. To connect with them compare your new ideas to everyday experiences or common historical experiences that they have had. For instance, the typical way to explain inflation is to use bar graphs and mountain charts. But a much more compelling way to communicate inflation is simply to ask people what they pay for a loaf of bread today, then ask what they paid for a loaf of bread when they got married. In addition to making the message familiar, you should repeat it. Most people will forget half of what they heard within 24 hours. Within about seven days, they have forgotten almost everything they read or heard. Don't assume your clients remember what you told them in the past. Keep repeating familiar metaphors, stories and analogies. They are easier to remember if they are based on your clients real-world experiences. 3. Make the Message Visual -- Most financial advisors are very left-brain oriented. That means they re logical and like numbers more than pictures. Many think a spreadsheet is an excellent way to persuade their clients. An old advertising saying is, people buy with their eyes. Most people get about 80 percent of their information visually (on the right side of the brain).It's much better to communicate with elderly prospects visually than numerically. Be sure to use big type 12 point or larger for written material. Many older people need glasses and don t always wear them. Make it easy to read. And never use reversed type in print. White type on dark backgrounds works for projected images but is almost impossible to read on printed materials. When speaking of groups over 20, use a microphone and speakers. Put the speakers in the back of the room to reinforce your voice for those who are farthest away. We all lose our ability to differentiate sounds as we mature. Many older people are hard of hearing. They don t always have hearing aids. 4. Take It Point-by-Point: Speak slowly and concisely. Clearly articulate each point and then pause to let it sink in. Look at your listener s faces to see if you are communicating effectively. Ask if they have questions. Once they are clear, move on to the next point. Periodically refer back to earlier points to show how they all fit together. Remind them of earlier points and review the logic of your argument. Summarize, get agreement and move to your next point. A confused and information overloaded prospect will not buy. When they are overloaded and confused, they feel vulnerable and will therefore not move. But with clarity comes a desire to proceed. It's ideal to keep your meetings to about one-hour with your elderly clients. Watch for signs of fatigue and unresponsiveness. End your meetings early if you must. You ll be much more effective if you deliver the information to your mature prospects in bite sized chunks. And remember to summarize often. 5. Use Print Media. -- Senior prospects grew up with radio and newspaper. They are heavy readers. The over 60 crowd, that controls 80 percent of America's assets, likes to read about their financial options. If they are interested, they ll devour whatever you give them. Of course you can speak. In fact, I recommend it. By combining your words with clear visual aids, you'll create the most effective communication mix. It's good to give prospects things to read and review at home. Most of your successful clients will read important information and highlight it with questions. Going over their notes and questions will improve their understanding and their retention. Good luck and good marketing. And may the market forces be with you.
Copyright © 2000 by Steve Moeller, Tustin, CA. All rights reserved. Steve Moeller is one of North America's foremost experts on marketing financial services to the wealthy. Over the last decade, Steve has studied and researched the best strategies for building a super profitable financial services business. He is a highly sought-after financial services industry speaker and management consultant. He is the author of "Effort-Less Marketing"and other learning tools and coaching programs. To find out more about his coaching programs, learning tools or to find out how to hire Steve to speak at your meetings, call 800-678-1701 or e-mail bizviz@businessvisions.com. For a free subscription to Steve Moeller's Client-Centered Advisor e-mail editor@businessvisions.com. |
