190 likes | 410 Views
New Associate Training Series. Business Format System. Overview. Sales vs. Marketing. Whereas the Sales Process i s everything you do with a potential client to help them come to a purchase decision and get a signed contract or paperwork,
E N D
New Associate Training Series Business Format System • Overview
Sales vs. Marketing • Whereas the Sales Process is everything you do with a potential client to help them come to a purchase decision and get a signed contract or paperwork, • Marketing is everything you do to ensure a continual flow of new prospects, or potential clients and prepare them for the sales process.
Four Keys to Building a Successful Business • 1. Find a plan that works • Find examples of success and study what they have done to succeed. • Imitate successful strategies. • 2. Do it over and over again • Develop a written game plan. • Write and read an affirmation statement twice daily. • 3. Lead by example • A united strategy builds momentum. • Develop a team identity and tradition. • 4. Think big • Be a visionary. • Build a big team to build a big client base.
WFG: A Powerful Business Model • By employing a combination of three successful marketing strategies, WFG has created a highly innovative business hybrid. • Retail marketing – Clients go to a specific location to do business. • Direct Marketing – Business people contact prospective clients they don’t know via email, phone, mail, etc. • Relationship Marketing – Relies primarily onthe warm market approach and word of mouth.
The WFG Business Format System • The WFG Business Format System (BFS) is our proven step-by-step marketing, recruiting, and business building blueprint to help grow your business. It consists of6 Steps and 8 Filters. • The rapid relentless repetition of these six simple recruiting steps can lead to the building of a big business with many distribution outlets.
BFS Six Steps • Prospecting • The Approach / Contact • The Presentation • The Follow-Up • The Start-Up • Duplication
Personal Financial Review YOU Prospect Top 25 List New Associate Presentation Contact WFG Business System • The WFG business system looks something like this:
The WFG Challenge • Increase Your Will to Win • Develop a Passion for our Mission • Understand and Execute Your Commitments
New Associate Training Series Business Format System • Prospecting
Prospecting • Prospecting is the process of identifying qualified people to call on who may potentially become Associates or Clients. • Just as a retail store must have tangible inventory, in your WFG business, you must always have a solid inventory of prospects.
Developing a Target Market • In WFG, successful Prospecting can be divided up into Four areas: • Natural Market This market includes friends, neighbors, relatives, co-workers, social contacts and business contacts. • Friendship Farming Transforming strangers into friends to create a new natural market. • Friendship Borrowing System Relationship marketing through the third-party referral system. • Professional Prospecting Using WFG-approved tools such as videos, ads, letters and the WFG websites to expand your prospecting pool. 11
Natural Market • Creating a target list should be a top priority for any new associate, and the easiest, most natural place to begin is in your Natural Market. • Important keys in developing your prospect list: • Add names, don’t eliminate them. Think of the names of people with whom you would like to do business or who could benefit from the services World Financial Group associates provide. Resist the tendency to eliminate people from your list. Remember it’s not just about who you know but also who they know. • Complete your top prospect List with your leader Most people know hundreds of other people. If you were going to make a wedding invitation list, you would probably have more names than you could invite. Look at your mobile phone contact list. You know lots of people. • Use the “Executive Memory Jogger” to add as many names as you possibly can. 12
Natural Market • Qualify and Identify the Top 25 on your list Your list should have a minimum of 100 names to start. Once you develop your list, you will need to identify the top 25 and begin contacting them immediately with your leader.* There are 8 Qualifiers to help identify top prospects. 1) 25+ years old 5) Income 2) Married 6) Ambitious 3) Children 7) Dissatisfied 4) Home Owner 8) Entrepreneurial-minded * Contacting will be covered in Step 2.
Friendship Farming The System to Turn Strangers into Friends • As you go about your normal daily activities, be on the lookout for people with whom you can strike up a conversation. It is important that you be genuinely interested in the person to whom you are speaking. Make a connection and build rapport with them before you go to message. • There are four conversation points to keep in mind when casually visiting with a stranger. This is called the FORM System. FStands for Family. You might ask about his children,did they grow up here, etc. OStands for Occupation. What does she do for a living?How Long? Does she like her job? RStands for Recreation. Perhaps you have a commonrecreational interest. MStands for Message. Tell the prospect what you do topique his interest. Get his name to call or visit in thefuture and share the rest of the story.
Friendship Borrowing System • The ability to obtain referrals is one of the keys to your long term success.Referrals will provide you with an endless supply of prospects for recruiting new associates and product sales. The STEAM System can be used to generate referrals, by asking people the following questions. SSales. Who do you know who is a great salesperson? What did youbuy lately? Who sells himself/herself well? TTeacher. Who comes to mind when I say teacher—school teachersor anyone who teaches well? EEnthusiastic. Who is the most enthusiastic person you know, someone who is always positive and always has agreat attitude about life? A Ambitious. Who do you know who really wants to be a success, or is a success, the person who goes to bed the latest and gets up the earliest? M Money motivated or needs more money. Has one of your friends been talking about needing extra money? Who just sent kids to college? 15
Professional Prospecting • Using the many powerful WFG Communication tools can greatly assist you in building your World Financial Group Business. • WFG contact videos / DVDs • Internet marketing through WFG-online.com • Approved prospecting letters • Approved advertisements • Company approved marketing materials • Company approved magazines and articlesrelated to WFG • Company approved sponsorship tie-ins
Professional Prospecting • Many WFG associates have previously worked in the financial services industry. As a WFG associate, you, too, may find success in recruiting from these industries, but it’s important that you understand each of these markets and how to approach them before you do so. • Life Insurance Professionals • Securities and Investment Professionals • Accounting, legal, and other high-quality Professionals • Mortgage Specialists • Financial Planners • Property & Casualty Agents • Estate Planning Specialists • Qualified Plan Specialists
Effective Ways to Handle Objections • You must be completely scripted. • You must be familiar with the common objections people will give you. • Never answer a question with a statement; answer it with another question. • Listen twice as much as you talk. • You must be more certain about your proposal than the other person is about objecting. • If you don’t know the answer, write down the question and follow up later with an answer.
PROSPECTING NEVER ENDS • If you don’t have any names to call on, you are out of business. • Use these techniques daily to develop a never-ending supply of prospects. • You’ll always have someone to call or somewhere to go.