Want to Close More Business? Ask More Questions

Over an 18 year career in financial services, I can’t tell you how many sales calls I have either managed or attended. Recently, I was asked to participate in a sales call with a colleague that involved a non-profit Defined Contribution opportunity.

Understand Your Goals

Our strategy for the meeting was to keep the discussion at a high level, ask open ended questions and avoid prematurely pitching our product. As the meeting opened, we indicated that we wanted to understand their goals and objectives to determine if we could provide a better solution. As the meeting progressed we were able to clearly identify three key problem areas that were creating a lot of frustration for the prospect.  That opening allowed us to expand on how we could improve their experience.

As we wrapped up the meeting with our action steps for the next meeting, a committee member mentioned that a competitor made a presentation a few months earlier that was solely focused on fees. Although plan fees are very important in general, they were not a key issue is this case. I am sure you are familiar with the adage of “you know what happens when you ass-u-me”? Bottom line: Our competitor was not successful in winning the business because they assumed fees were a key issue and didn’t ask any open ended questions.

Always Determine Actionable Follow Up Steps

A good sales process always begins with a well organized discovery meeting that focuses on the prospect’s goals and objectives. You should ask open ended questions that will allow the prospect to share all issues and have them explain their ideal solution. Make sure you avoid moving too quickly into a solution pitch that should occur at a subsequent meeting. If they are serious, they will meet with you again to review your recommendations. And finally, never leave the discovery meeting without clear and actionable follow up steps which include a meeting date.