In the 152nd episode of Seinfeld entitled "The Nap", George builds himself a cozy place to get a few winks under his desk. Complete with pillow and alarm clock he blissfully naps the day away.
So what does this have to do with financial advisor behavior in this extended malaise we are experiencing in the market? Where is the correlation between a sitcom episode from 1997 and the market in 2008?
Yesterday I was speaking to a national sales manager of a first tier variable annuity distributor who mentioned that business was picking up a bit this month as reps were "starting to come out from under their desks". He said "there are so many reps that have not experienced the gyrations of this type of market, that have not worked in a recessionary environment, that have really never managed a book of business during an extended market correction."
Later in the day I spent time speaking to the marketing head of one of the country's leading broker dealers. His charge was to come up with content for an upcoming client conference that would address how to be most productive in a challenging environment. His mission was to provide actionable items to his attendees that would inspire activity the Monday after the meeting.
Episode 152 aired on April 10, 1997. One week earlier, over a period of just two days, the Dow gave up 300 points or 4% of its total value. The Fed had recently decided to increase rates for the first time in 2 years and the market lost a full 6% of its value from March 27 to April 3.
It's no wonder George was huddled under his desk. Alas, that bunker would have really come in handy when the "mini-crash" of October 27, 1997 erased 7% of the markets value in one day.
George, of course, illustrates exactly what not to do in this slippery economic environment.
But what should you do?
Use the events in the market today to create Maximum Memorability with your clients. Create your own episode. Not of a sitcom but of an activity, a behavior, an insight, or a gesture that your clients will forever associate positively with you. One that for them was Memorable.
The brain has 3 basic types of memory:
Sensory memory - brief bits of memory created by what we see, hear, taste and feel.
Short-term memory - think of it as just a notepad for holding information that is needed in the moment, like when you repeat a phone number to yourself so that you will dial it correctly when you get to the phone.
Long term memory - this is where your brain stores things such as your mother's birthday (semantic memory), how to ride a bike (procedural memory), and your kids first steps (episodic memory).
Episodic memory is the place we aspire to be in the client's mind. This is the stickiest type of memory, the kind that might begin with "I remember the time that ___".
So what will you do in this market environment to create episodic memories? Here are three suggestions:
· Perform a self check of your Attitude Indicator. In avionics the attitude indicator is that device that tells the pilot that the plane is flying straight and level to the ground. Is your attitude level? Yes, you paid over $3.50 for gas on the way to the office, your production is off 15% year over year, and your house has been on the market for 8 months. Do your clients really care? No. Not a bit really. What they need to hear from you is only steady, upbeat confidence. They need to hear in your attitude that everything will be ok and that you will help them fly financially straight. They will remember the time that the market was in turmoil and you were a composed, informed, upbeat professional.
· Use this period of time to solidify your Brand Name. What service or niche of the market do you want your clients to most associate with you. This market is a great time to get known for something, anything, clients and prospects will recognize you for. As an example clients may come to know reps for the Saturday morning 'market update' breakfast, the 24/7 accessibility to answer their pressing questions, the depth of their knowledge regarding that niche of the market.
· Become a Consummate Communicator. Get out in front of clients in multiple ways. Call your product partners to receive call scripts, newsletters, market opinions, market history pieces, etc. Send these approved materials to your clients. Call after sending to follow up. Invite clients to informal events at your office to review markets events and their portfolio. It is proven time and again that staying in front of your client during stressful times pays huge, memorable dividends for years to come. They will say to friends and family "I remember the time she called/wrote just to hold my hand, it made me feel so much more at ease with what was going on".
And here's one bonus suggestion: Although this suggestion should be a part of your DNA for any lasting sales success it is especially important in today's environment: Be Urgent - the gremlins in client's minds are working overtime in these markets. These little voices in their head get louder with each passing minute. When clients call you, get back to them ASAP. Not tomorrow, today. Not later, now. Your responsiveness will be remembered for a long time to come and you will have created Maximum Memorability.
George was a most memorable character, though often for all the wrong reasons. He did, however, understand how to create episodic memories that for many are as clear today as the day they originally aired in 1997.
Are you creating Maximum Memorability, or re-enacting a scene from "The Nap"?
For more information on Increasing MQ be sure to visit the
shorespeak website.
