Understanding Your Prospect’s Mindset
By: Alan Buhler
Whether you are cross-selling additional products and services to your existing clients, or presenting the breath of your offering to a new prospect, identifying their needs and listening for their particular mindset are both critical to winning their business. The way in which you respond to their needs and wants will create magic with that person.
Prospects fall into one of four mindsets when it comes to engaging your services to open a banking relationship with you. If you can identify their mindset and respond in a similar manner that meets their wants and needs at that moment, you will go a long way in building trust and rapport with them. This is the ultimate communication tool, but it requires you to listen carefully. Before I share the four mindsets that all prospects fall into, it is important to note that everyone floats between these mindsets and can go from one to another in the blink of an eye.
The four mindsets are:
- The “Thinking” Mindset
- The “Doing” Mindset
- The “Struggling” Mindset
- The “Achieving” Mindset
A “Thinker” is someone who is simply thinking about buying your products and services. They want to make a decision and need information to make an informed decision. Don’t try to sell them at this point. Find out how long they’ve thinking about it and what information they need to make a decision. It is easy to overwhelm a “Thinker,” so find out their timeframe to make a decision and provide them with the appropriate amount of information until they move into another mindset.
A “Doer” is someone who has made a decision to buy… hopefully from you! They want action and need your sense of urgency. Move quickly, take charge, and don’t waste their time. If you understand this you will stand head and shoulders above your competition and will have a good chance of making the sale today.
A “Struggler” is someone who is focused on the cost in time, energy, and/or money of moving their business to you. It is typically a momentary period of struggle and they need a quick fix, but may need a new perspective. Be careful not to get wrapped-up in their struggle, but instead draw them out and help them think things through so it doesn’t seem like such a struggle.
The “Achiever” is someone who is focused on the outcomes when they add new products/services, or switch to your FI. They want teamwork from you and need a resource. This is your opportunity to build a relationship that can last. Find out what is important to this person and how their relationship has been with your competitor. They are usually upfront and will give you a prescription to succeed or fail.
Alan Buhler is Executive Vice President at CoreTrac, Inc. He can be reached at abuhler@CoreTrac.com or (512) 236-9120 ext. 272