Money Talkers Always Lose

[Kevin]

This topic came up at last weeks IBR, so I thought I would share....

My Grandfather made his first million dollar deal when he was 30 years old. A real estate investor and broker. He is 91 today, from the time he was 11 he has always had a forty hour work week, he is extremely intelligent and his mind is sharper at 91, than anyone I have ever met. This is his tip, and his tip has worked very well over the course of his 70 business years.



If your the first to talk money, you lose


First an example. If you would go to my Grandfathers office, you might be looking for a commercial property. You will find a humble business man, who is more concerned about you than business. There will be fresh deli trays, fresh vegetables, wine, beer, soft drinks, liquor, coffee, tea, fresh pastries, you name it, its there. You will be asked if your hungry, even if your not you will be lead to the kitchen to look at the fresh olives that just came in today, you will be asked if your thirsty, (oh you just have to try a sip of this wine that came in from France today) and you will receive a full glass.

After you get some food and drinks, you will be lead back to a office or one of the conference rooms. You will sit there and snack. You will sit there and listen to my Grampa for a 1/2 hour about former funny business dealings. You will hear of how the economy was so much better in the 50`s, and future predictions. You will hear about family, and you will be asked how your family is doing. It will go on, and on. Until you decide, and make the first move to talk business and money. Then my Grampa will take over. He pretty much owns you at this point.

So back to business. Ever go on estimates (hopefully you have) On-Site estimates and quotes or meetings with potential customers.

Your goal is to be the last person that talks money. It takes patience and skill. How long can you talk with and listen to the person you are dealing with? Without talking business and money. That is the key to all business. Building the relationship as fast as possible. Yet thorough. Let the possible customer be your sales presentation. The longer you LISTEN the more money you will make. The faster you build that bond, the less likely the next estimate or potential appointment coming in after you will get the job or sale. You will be surprised what you hear when you do listen. In most cases the person will already tell you what they are willing to give you.

Today`s Tip: Talk and Listen more about things that are not money related, be patient and try your best not to be the first one that brings up money or price for a service or products. Concentrate more on telling the person on how you will complete the job they request, how it will look after, how happy you customers are, how happy they will be, how happy you are to meet them. How happy there family will be, how happy your family will be to be working on this exciting project.


....you understand?, lets make it happen. (as Grampa would say)

[Ricksard]

Kevin, I look forward to your posts. They always make me think, and I always learn something. Thank you.

[Mary Smith]

i've reread this post a few times. and I agree. Kevin's posts are always thoughtful. One thing I always run into when dealing with insurance, is people want to know what it costs, so it's always the first thing they ask. It's a difficult thing to gently move the conversation into the benefits of what they are going to be spending money on. I'm going to work harder to not be the first to talk money.

Sounds like his grandson learned a few things along the way

[lindapastor]

Mary, that's a bit tougher for you, however, I believe that when they come to see you 'asking' for insurance, THEY really are mentioning money FIRST.

Perhaps it would be simple to give them the benefits prior to the cost in your statement. eg: With comany X your coverage under an umbrella policy compared to abc coverage will be... $$ Save the $$ for last and you will not feel as if you are mentioning money first. Lead with the benefit.

It's like with supplements. I always say the health benefit is lower blood pressure, stronger immunity, lower cholesterol without prescription drugs, etc...

I do not say: for $45 you can improve your health... even if it is true.

Blessings,
Linda

[Mary Smith]

Thanks LInda, yes that is what we try to do. It's interesting too, that it doesn't matter what size the business is, or the relative "sophistication" of the buyer as it relates to the insurance transaction. There are just those that want to turn to the back page and look at the price first, and then proceed with a discussion.

I think using KEvin's grandfathers tip, means that for me, I'd be having conversations as he suggests, while in the beginning stages, information gathering stages I think. In any event, I like the idea, and plan to do better at putting it into practice. As I'm thinking this thru, kind of falls into place with Kevin's other post about slowing down.

[foamy]

Hey Kevin did your grandfather have Carnahan Chevy in Ypsi?

[Kevin]

Thanks for the nice words everyone, and no relation to Carnahan Chevrolet, only family I got in the car business is Frank T. Bentley

[Michelle Chesney]

Great Advice ~ people have gotten so 'busy' with moving on in life, and so self-absorbed, that most have forgotten how to build and have a relationship with someone. No relationship, no loyalty.

[lindapastor]

Times are tight, and more and more people are focusing on money, and how to save it. The first thing people ask me is how much does it cost? I always need to look up on my website or in the catalog for pricing. My focus is always the benefit of the products I offer through Shaklee.

I rarely think of cost first because I value life more than saving money. If a product is proven to help me feel better or prevent problems, then I buy it instead of the cheapest one on the shelf. (For instance, I know that there are less expensive fish oil supplements, but I KNOW that Shaklee's fish oil is tested for safety and is cold water processed, so it has a full spectrum potency of seven ultrapure omega-3 fish oils to help promote heart health. Shaklee OmegaGuard is the BETTER product. I believe in the company's values and their philosophy. I know their products will not harm me.)

I know there are 'deals' out there on everything, food, clothing, nutritional supplements, oil changes, tires, etc., but I usually spend my money with someone I know and trust.

Blessings,
Linda