One of the many issues facing advisors, which in particular, can be detrimental to new business; is the cancellations of meetings with new and prospective clients. So why does this happen, and what are some ways you can prevent meeting cancellations from your prospects?
Understanding Urgency and How to Communicate It
It is often the case that people will tend to wait till the last minute until they are in a desperate enough need for a particular product/service when they will finally commit to taking action on it. In addition to this, recent studies have shown a 300-400% growth in chronic procrastination in just over the last 40 years alone. More people are putting off more things than ever so before. With this being said how can you beat the odds of getting those prospects in your doors and have them put a priority on their next meeting?
Urgency, particularly negative urgency, can be one of your greatest allies for keeping your meetings intact. As it turns out, psychologists have discovered negative urgency to be one of the most emotionally relevant behaviors for triggering action. It’s for this reason you need to understand and consider what your buyer’s potential urgent reasons could be. Are they worried about their retirement? Do they fear their savings are at risk? Are they concerned about being able to afford their children’s academic funding?
Creating Negative Urgency By Using “What ifs”.
Once you have identified the particular issue(s) and concern(s) your clients have, you need to communicate the negative urgency of, “what if”. What if you don’t have enough money in retirement? What would the consequences be? How would your lifestyle change? How would your retirement change? What if you don’t act now?
Before your meeting, try to turn the dialogue into the negative real life scenarios of what could actually happen to them by delaying this conversation and consultation. Maybe even bringing up examples of people you’ve seen in the past that waited too long.
Build In Scarcity
Another powerful way to trigger urgency and desire for action is by using scarcity. During the late 1970’s, researchers Worchel, Lee, and Adewole conducted an experiment concerning the effects of scarcity using cookies in identical glass jars. So what was the catch? In some glass jars they had fewer cookies than in others. The results of the experiment showed that people placed more desire and value over cookies in the glass jars with fewer cookies in them. The point is that we have a natural inclination to assume that if something is scarce, it’s either good, or in high demand.
You can build scarcity into your business by limiting the days or hours of the week where you have availability; or by communicating that you may not have availability for upcoming time slots. Now keep in mind, you don’t have to be deceitful in this practice, simply by telling them of prior obligations or your upcoming meeting expectations, you can still be forthright and honest while creating that same sense of scarcity.
Send Out a Sincere Friendly Reminder
Although it’s difficult to guarantee that clients will stick to their meetings; sending out an optimistic and sincere friendly reminder can go a long way. Don’t simply remind them about the upcoming meeting time and date. Try instead to add sincerity and optimism in your reminder.
For instance, “Jon Doe, I’m really excited and looking forward to seeing how we can figure out your retirement portfolio worries. I’ve helped many clients whom once shared those same concerns. On July 20th at 10:00 AM we will start the process of figuring it all out, see you then!”
By adding optimism and sincerity instead of just using a simple reminder; you will make them feel less worried and stressed over talking about something that many would rather avoid altogether. You also make the prospect feel more obligated to either reschedule, or commit fully to the appointment.
Using these simple techniques should go a long way in getting those new clients in the door. If you’re looking for more tips and tricks don’t forget to sign up for our monthly newsletter. Just send us a message letting us know you would like to talk further about how we can put you in front of more people or that you would like to start receiving our newsletter!