Managing Your Leadership Message In Turbulent Times Part 2
The economic landscape is unstable and a lot of people are concerned. Unlike last year at this time, I’m seeing delays in closing deals. This makes sense. With the stock market’s swoons, there isn’t the same amount of money in people’s pockets. At least it doesn’t feel that way.
In the worst responses to uncertainty, people hide. Maybe it’s because they think if they keep their heads down, the bad times will skip over them. Maybe it’s because they just don’t know what to say.
But that’s actually the opposite of what they should be doing. Recent history is filled with stories of businesses that disappeard because they mistakenly believed there was no way to tell an up story in a down market.
A client in the mortgage industry dealing (for some time now) with a rising interest rate environment tells the story about how mortgage interest rates in the early 1990s hovered around 10%. (I paid 12.5% for an ARM at the time – ouch!) At the same time, certificates of deposit were delivering 7 – 9% to savers. What did that mean for the housing market? Lots of inventory and lower prices so people who wanted to get in had more choices. It also meant retirees who’d paid off their mortgages and sold could earn plenty on their savings. Of course, experienced lenders knew interest rates would eventually come down and people who’d bought could refinance making it a win-win for them. Another part of this story is how rates have been artificially low in recent years and even though they’ve risen, today actually hover at still historically low levels. It’s an up story in a “down” market
The first thing to remember is…
Clients want to hear from you.
Clients and prospects may be in no mood for a sales pitch when they’re feeling pinched, but they do love a good education. Think about 2-3 areas you can provide information on – whether or not it’s something you sell. I often share information with clients about things I see in the news and by reading extensively and from discussions I have with other clients. It’s rare when vendors reach out during tough times. Clients appreciate it.
Number two is…
Show up.
It’s good if you pick up the phone. It’s even better if you visit. I know that can be terribly inconvenient and it’s time and money. But, boy, does it ever work. Another way to show up is to speak. There are an ever-growing number of opportunities for you to get in front of groups and educate them via your up story. It also saves more time and money than every, single, other type of communication.
Third is…
Convey your passion.
What are the ideas and beliefs you hold dear about what you do and why? Share them always and often and give them the emotion they merit. It’s your story. Own it.
The fourth principle is critical…
The money goes somewhere.
Money doesn’t disappear. It just moves around. If a client is not investing with you, she is investing elsewhere. Sure this could be in the bank for a rainy day, but there is nothing stopping you from being the sunshine and showing a way through your storyto invest with much higher returns. Use your imagination. We do have to be flexible and adjust. We must listen very closely to what our market is telling us. You can leapfrog over your equally qualified –– and even more qualified –– peers by constantly evolving toward what customers need.
And finally, number five…
Certainty sells.
The story I tell in turbulent times is very similar to the one I tell in times of abundance, albeit with a twist… Being a great communicator is important when times are good; it’s absolutely critical when times are challenging. If you’re not showing instead of telling, you will quickly fall down to the bottom of the most important lists. I absolutely believe this to my core, by the way. I know it’s true. Certainty sells. What do you know that will absolutely work for your clients and customers? What is it that they need right now? What can they expect if they follow your lead? What could be characterized as a win-win?