Two Tips for Connecting Emotionally With Prospects
October 28, 2014
by Dan Solin
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
When attempting to convert a prospect into a client, many advisors forget the compelling evidence for the power of emotions in decision-making. I can understand why this happens; almost everyone will tell you their decisions are based on an objective rational process that involves weighing the pros and cons of different offerings. But the reality is quite different. Emotions dominate our decision making process. It logically follows that your communication with prospects, both verbal and non-verbal, should be geared toward connecting with them emotionally first.
Importance of emotional intelligence
As I’ve discussed previously, emotional intelligence can be defined as an awareness of your own feelings and, more significantly, those of others. In a recent article in the Harvard Business Review, “Ignore Emotional Intelligence at Your Own Risk,”executive search consultant Claudio Fernández-Aráoz shed additional light on the importance of high emotional intelligence. Fernández-Aráoz has been involved in more than 500 senior appointments and interviewed more than 20,000 candidates. He analyzed the role of experience, IQ and emotional intelligence on subsequent performance after candidates were hired.
Here’s what he found: Those with extensive experience and high IQ who were low in emotional intelligence had a failure rate of up to 25%. Those with high emotional intelligence with either a high IQ or extensive experience failed in only 3-4% of cases. He examined other cultures, including Japan and Germany, and found similar results. He concluded, “People are hired for IQ and experience and fired for failing to manage themselves and others well.”
What does this mean for you? You may believe you are being evaluated based on your intelligence and experience. Certainly, these are important factors. However, you are in a very competitive business. Many advisors have high IQs and vast experience. How will a prospect differentiate you from other advisors? In my opinion, the advisor who makes an emotional connection with a prospect is more likely to convert that prospect into a client.
Educating and note-taking
In my coaching practice, I often suggest that advisors drastically change the way they conduct meetings with prospects. The two recommendations that I make most frequently are to “not present” and to “not take notes.”
Remember, if you have a question or comment, send it to [email protected].