Breaking Out In A Competitive Marketing Place, Richard C. Weylman, Ep. 3
Breaking Out In A Competitive Marketing Place, Richard C. Weylman, Ep. 3
Today's episode is on breaking out in a competitive marketing place. Richard Weylman is a highly sought-after marketing consultant in the financial services industry. Learn more at . Note: “Where The Insurance Pros Meet” is an audio podcast and is meant for the ear. A transcript of the audio is provided for referencing a particular section or for you to follow along. Listen to the episode to get the most out of our show. We use both speech recognition software and human transcribers to create the transcripts so they may contain errors. If you’re going to quote us in print, please be sure to check the corresponding audio. TRANSCRIPT Announcer Where The Insurance Pros Meet, Episode 3. Richard Weylman Remember, relationships drive revenue, and if you want to grow a practice today, they want you to relate. Announcer Where The Insurance Pros Meet is a podcast that brings the greatest talent in the world together: managers, coaches, and producers; the very best experts the insurance and financial services industry has to offer. Get ready to change the way you do business to have your most successful year ever. Now, here's Mark Miletello, a top 1% producer, manager, and your host of Where The Insurance Pros Meet. Mark Miletello Today we're going to discuss breaking out in a competitive marketing place. We have a very, very special guest on the show today. He's a highly sought-after marketing consultant in the financial services industry. He's the author of two best-selling books, Opening Closed Doors: Keys To Reaching Hard-To-Reach People, and a recent read of mine, The Power of Why: Breaking Out in a Competitive Marketplace. This book has been endorsed with names like Donald J. Trump, yes, that's now President Trump, Christopher Forbes, Richard S. Bernstein, Milton Pedraza, founder of an online university, the Weylman Center for Excellence in Practice Management. By the way, his work has been described by Christopher Forbes of Forbes magazine as brilliant, and I personally agree. I've been following and learning from our guest for a decade now, and I'm honored and excited to welcome Richard C. Weylman to the show. Welcome, Richard. Richard Weylman Thank you, Mark. Great to be with you. I appreciate the privilege of being part of the programming Where The Insurance Pros Meet. Thank you. Mark Miletello And thank you. Richard, were you able to catch the Mayweather/McGregor fight? Richard Weylman Oh, absolutely. I'm a huge boxing fan. Although a lot of people thought it was going to be for show only, I thought it was very interesting. I thought that McGregor handled himself well given the fact it was way outside of his, how shall we say, his sweet spot. But it was really an interesting fight. I think that it was truly once in a lifetime. Mark Miletello Yeah, it's neat. I love the way the announcers even were questioning in the early rounds. It's funny. I like to start my show with a Mayweather jab, followed by a straight overhand right, which he implemented so well, but knock out information that will immediately help our listeners win in the arena of marketing and sales in the insurance and financial industry. Now, Richard, I know someone who paid $5,000 for a ticket. I personally paid $100 to see the fight. And others that I've talked to cannot even believe people were paying this much to see this fight. So, I think there's a lesson here. As a marketing coach, I can't help but relate this to consumers of our products. I guess the question is, regarding our products in the insurance and financial industry, products that may do the same thing but are priced differently, how is it that agents or reps stay in business unless they're the lowest price? I think you're the perfect person to ask that question too. Richard Weylman Wonderful question. It's a perfect analogy. Why would somebody pay $5,000 or $100 to be able to see that fight? In the end, there are a couple of things to always consider. Why do people, and why are people willing to pay more? If they can afford it, why are they willing to pay more than, let's say, the low-cost provider. It really gets down to a couple of very fundamental things. Number one, it's the value that they place, in the case of insurance, on the recommendations that are being made. If you do a great discovery and really uncover, hear me clearly now, the emotional issues they're dealing with, not just, "I need more life insurance to protect my family," but really be able to tell a story of delivering a death benefit, to tell the story of why disability insurance is important, to be able to tell the story from your own perspective, that engages people emotionally, and when people are emotionally engaged, the value is far beyond just the product, but it also brings value to the relationships they have. The important thing here is value is created. Cost is a function of value. If you expand the value, cost becomes a minimal or a minor issue. That's one. Two, the second piece of that puzzle is they really want to feel that their life insurance agent, or advisor, use any phrase you want, is really a resource for people like them. What do I mean by that? I mean, they want to feel comfortable. You're not just there to create a transaction, but you're there to be able to help them, more holistically, if you will, with all their financial issues. Now, you may not be cross-licensed. You may not be able to sell investments, but you certainly can be the individual that they can call when they have a financial question, and through strategic partnerships you can then place yourself in their mind as a resource to them so that they see the value you bring is not just the product, not just the platform, but the insight that you have and the specialist in your firm that you can deliver to them to help them to get their financial life in balance. Is that helpful? Mark Miletello Absolutely. I mean, I want to say, "If we could bottle that up and sell it, or give it away," but you really have. You have in everything you've done, in your books, in the classes that I've studied for 10 years, and you've done it with the Weylman Institute, so you really have bottled it up. But there are so many nuggets in what you just said. What I think, Richard, is I think people can afford what they want to afford as well. When you think about the value the promoters built in the right marketing campaign, it's numbers that they calculate, and they feel is their worth, not the cheapest that they could do it for. Right? I guess from the south I have a different perspective. I've seen a $5,000 pickup truck driving down the road with a $20,000 ATV in the back, so it reminds me that when you want something bad enough you find a way to afford it. It becomes part of your budget. Richard Weylman That's right. As I said, the cost is a function of value. I think it's important too for insurance, particularly with DOL and all the things, you know, there's all this noise out there. And people are like, "Oh, fee disclosure, or commission disclosure." Part of the problem, frankly, Mark, is that insurance agents and advisors, even on the financial advisory side, when they're asked ... and I asked an insurance agent recently who is a friend of my wife, and I said, "So, how do you get paid?" "Oh, I get paid on commission." Wow. And I ask advisors all the time, "So, what kind of a practice do you run?" "Oh, I run a fee-based practice." Well, either one of those statements, if you say you run a fee-based practice, my first question must be, "What's the fee?" If I say, "How do you get paid?" And you say, "I get paid in commission." I'll say, "So what's your commission?" My advice to everyone listening to this discussion today is very simple. If somebody says, "So, how do you get paid?" "Well, I get paid for the recommendations that I make that you accept to protect your family." Mark Miletello Love it. Absolutely. Well, you know, like I said, it seems like everything that you say, and when I'm reading your book, and listening to you, you add one little twist to things that people say that brings so much value. You're right. If someone asked me today how I got paid I would have said the same thing, because that's ... But that makes a lot of sense, and thank you for sharing that. Richard Weylman You're welcome. Mark Miletello We've kind of talked about the pinnacle of boxing, so as one of the leading minds, I believe, in professional marketing, Richard, right off the bat let's give the listener a professional tip or tool. Is there a tip or tool or a piece of technology that you can share with the listener that is either transforming your business or could help transform theirs? Richard Weylman Well, not a self-promotion. Obviously, I've been producing coursework for many years. We're a research-based consulting firm first. We've done a lot of discovery of what's going on with the consumer, and that's really our sweet spot, it is understanding how to engage the consumer, and, more importantly, convert them into a client. Our online platform The Weylman Center has allowed us now to bring 41 courses that used to be on DVD, et cetera, it's allowed me to upgrade all of that and put that in the marketplace. It's WeylmanCenter.com, and an agent or an advisor can sign up for $27 a month, have access to 41 different courses, hot links to every single market in the United States right at the local level. But setting that aside for the moment, because we've really designed that for people that really want to build a practice of distinction. I think the large picture here is this. We've just concluded doing research with 350 affluent individuals. What does that mean? Well, we have about 7,000 agents and advisors that belong to our online university. We do a lot of webinars, we have masterminds, it's a very interactive site with a lot of people, they're taking courses, they have all the tools they need to execute. I do a lot of webinars and masterminds, and they dial in. I got 70 of our members to go out and interview five of their best clients to ask four questions. Number one, "How can I get more clients like you?" Number two, "What do you look for when you engage with an advisor initially?" Number three, "How can I do a better job of explaining my platform to you?" And number four, "How important is good service?" In response to your point, as a tip, I will tell you this is what's critically important. 87% of people in this country today belong to an organization that supports what they do for a living or their special interest. Now, that could be everything from golf, and tennis, to book-reading, too, in our case, the fight game. But the bottom line is, 87% of people belong to some network that supports things they're interested in, including their occupation, business, or profession. But here's the bigger point. 71% of those people said they and people like them only want to work with an advisor that's in their network, meaning that individuals that really understand their situation. And everybody on this call, I mean, we all know this. If you all are honest with yourself, you've been asked the question. "Have you ever had clients like me, or have you ever worked with anybody like me?" They're really trying to get that discover in their own mind; do you know them, and do you know their situation. My tip for everybody is that absolutely not target small business, or not just target doctors, but to really break that down and say, "What type of small business? What type of doctor?" Because as an example in physicians, maybe 5% of physicians belong to the American Medical Association, but well over 97% belong to an organization that supports their specialty, whether it's anesthesiology, or chiropractic care, or orthopedic surgeons, because that's how they get their CE credits, and that's how they expand their learning. So that's really my tip for everybody based on our research, is that 87% of Americans belong to something that supports either their business or their interest, and by determining where your best clients, your top five or ten, what they spend their time on, the organizations they belong to, and then target those organizations where you can become a resource to the people in those organizations, that changes the game. Of course, we have our online platform, and you can sign up for $27 a month, and take the coursework, and participate in the study groups and all of that, but the most important point I want to make here is not just about our site. Let's set that aside. The key thing is, the tip: focus your marketing efforts. Being all things to all people today is a non-starter. If you do that, if you're targeting small business, you're targeting 13% of the population that's no longer involved in something. Is that helpful, Mark? Mark Miletello Absolutely. What you've shared, we usually take this opportunity to break for some industry news, and you really kind of segued right into what I've recently read; that some industry firms are not hiring experienced reps. To me, this is a complete about-face from past hiring procedures. I can honestly say, as a manager of over 20 reps and being in this industry for 27 years, and from thousands of interviews, I think I understand, and maybe perhaps agree with a little that it's difficult to hire experienced reps. But not because I don't want an experienced person, I mean, hey, I would love to bring someone on board that I don't have to teach all the little things to, but Richard, I really believe from personal experience the reason this news that I've read has come about is because it's hard to teach reps that are set in their ways new marketing skills, if you will. That's kind of what you've just ... You must be involved and plugged in. Just banging out the phone is not working as well as it was when I first started. Richard Weylman Well, that's true, and no disrespect to anybody, but I will tell you we have seen a massive shift in consumer behavior in the last, well, let's say the last ten years just to come up with a ... You know, this is '17, so let's go back to '08, and we all know what happened in '08, but we've really seen it in the last five, six, seven years. There's been a massive shift in consumer behavior, and because of that, many of the things we used to do in marketing simply just don't work anymore. Mass marketing is a good illustration. Of course, that's not to say that our best experience is not good. It's just that sometimes all of this best practice legacy experience, while it worked 15 or 20 years ago, it doesn't apply to the consumer today. The millennials are different. They're very engaged at a completely different level. They are buying life insurance. They're very engaged but at a different level. As an illustration, if you look at boomers, boomers give their money to major charities. Millennials give their money to their alma mater. That's a massive shift in consumer behavior. The point being that even individuals that are in the market today, and let me speak to the veterans for a moment. A lot of people say, "Well, veterans won't change behavior." They won't unless you really set a vision in place. If you can help yourself as an individual listening to this, if you're an experienced advisor, agent, or producer, any phrase you want to label yourself with, but if you're experienced in this business it's critically important you reset your vision for the impact you want to make, not just on your own personal income, but the impact on the lives of so many people. If you reset your vision, then a couple of other things come into play. The things that are important to change behaviors, first you've got to be open to new ideas because things have changed. Secondly, you've got to be willing to execute. And thirdly, you've got to be transparent if you're stuck. I mean, we've got several thousand experienced advisors on our online platform. We have mastermind groups, I have a whole top-of-the-table group. It's amazing how open they are. But they all have a story about, you know, "I finally got the point I was spending all my time running this thing and I realized I need to invest in services, I need to get back to doing what I love, which is bringing in new business. So, I got open to new ideas, I became willing to make some changes, and when I'm stuck I log into the masterminds and I'm moving forward." So those are the things that are important, I think, for people to think about. You must reset your vision for what you want to accomplish with your career with your business, and then be open, and willing, and transparent to make the changes. Mark Miletello Well, and they have such a leg up on a brand-new person, let's say, coming right out of school or someone with no experience in the industry. They have such a leg up, so it hurts my heart to see a veteran come on board to fail. After reading your book, Richard, The Power of Why I kind of felt it's possible a veteran in the industry could use the advice I think your layout so well in your book. I love even, and I've told you this before, what I really appreciated is by page seven you answered this why question, whereas I believe many others that I've read and listened to don't even know what the why question is, and that's "Why are we failing? Why do customers do business with us? Why are we not performing like others in the field?" And you answer to why companies or reps are excelling while others might not, is the message and deliver from their customers perspective. The veterans especially are sometimes stuck in the only sales process they know, which is selling a product, presenting a product, talking about their fee, their commission like you said earlier. I think they fail in my eyes, mainly from a lack of understanding your book The Power of Why. And just personally here recently, and I didn't mean to kind of get into this, but over the last three years as a leading life insurance agent in one of the largest companies and oldest companies in the nation I kind of felt clients weren't accepting things that they had did in the past, and I was not getting the same results. And little by little I saw this transition, Richard. I really think after reading your book I finally pinpointed that I'm not delivering from a customer's perspective. As a personal story, I've thrown out everything that I know in my life insurance, I call it, presentations, and I've changed to a new life insurance discussion that is centered around the customer. And I've got to tell you, my sales have increased tenfold over the last, just three to four months by implementing this new concept. But it's completely based on what you said right at the beginning of this book, of delivering from a customer's perspective. I think veterans have the hardest time accepting that. That's from personal experience, but… Richard Weylman Well, you're exactly right. Just to piggyback on that for a minute, John Wooden, who is America's basketball player I guess is the way he would be described, and just something he said many years ago, one of his great quotes, and I don't know if I'll get it exactly right, but it'll be close, and that is that "You learn the most when you think you know it all." I think that's so important today, and we've seen this massive shift in consumer behavior. To your point listen, information is ubiquitous, opportunity ... I mean, gosh, you want to buy life insurance? Type it in your computer and pull it up on the screen. Want to do a financial plan? You'll get 2 million links. So, the truth of the matter is that the consumer already has all the power. They've got all kinds of places they can get information, and they can source things, they can buy things. If you don't explain your value from their perspective, meaning, "This is what it means to you, and the benefit to you is ... " Then there's a complete disconnect. Let me put it this way. If you are...