And the Answers Are…

Gregory LaMothe

Today I’ll give you suggested answers to the three quiz questions I gave you last Wednesday on how to position these three tough questions:

1)      Why do you keep on rolling over this certificate of deposit?

2)      Why do you bank with First Bank & Trust?

3)      Why are you taking so much money out of your business?

On their own, these sound very awkward and intrusive don’t they?  But not when you position them carefully.  Remember that the key to positioning is making a statement of explanation, prior to your question, that is customer-centric.  In other words, tell the customer why he benefits by answering it.  (Go back to the April 20 post for a fuller explanation.)

Here are the suggested approaches.

One:  Why do you keep on rolling over this certificate of deposit?

Your Positioning Statement:

As an investment professional, I become concerned when I see a client using a short-term investment instrument for long-term purposes.  When you roll over a short maturity CD over and over again, it strikes me that the CD is probably not the best long-term solution for you because your return is so limited.  It would help me to help you if I knew more about your objectives. So please tell me, why do you keep rolling over this certificate of deposit?

Two:  Why do you bank with First Bank & Trust?

Your Positioning Statement:

Because I am interested in having you bank with me, naturally I want to make sure that we will provide you with the service level you have come to expect, and then exceed that.  In order to understand what you value from a bank, I’d like to know what you are experiencing now from your present banking relationship, so tell me, why do you bank with First Bank & Trust?

Three:  Why are you taking so much money out of your business?

Your Positioning Statement:

I have 20 years of experience working with independent businesses such as yours, and I know the dangers of not having adequate working capital during downtimes, as they can hit a business very suddenly. That’s why, when I see a rapidly growing business like yours, I want them to be as disciplined as they can be in reinvesting in the business, in order to protect themselves, rather than taking money out of the business during early growth.  So please share with me, why are you taking so much money out of your business.

As you can see, when you give people an upfront reason to answer your question, showing it’s in their best interest to do so, they will be eager to engage with you, and it will be easier for you to ask any tough question. 

When you took a stab at solving these, your language may have been different from mine, but as long as your positioning statement was customer-centric, then you did it right.

Great positioning statements show that you know how to…

Think Like Your Customer

My May newsletter will go out on May 3rd, and there’s still time to sign up for it now. It contains a very useful sales tip on follow-up after the sale.  Click on ActionSystems to the right or go to my website www.actionsystemstraining.com, click on the newsletter link in the top right of the Home page and enter your name and email address.  Thank you.  Gregory

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About Gregory LaMothe
I teach people how to sell things. I own the company ActionSystems. Visit my website at www.actionsystemstraining.com.

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