Before you qualify your next client, qualify yourself.
Written By: Scott Koepf, Chief Strategy Officer (CSO)– Cruise Planners
Usually when the art of questioning comes up it is in relation to the qualifying stage of sales. That is indeed a skill to be practiced and refined however, for many advisors it may be just as important to self qualify. These questions should not just be asked when you start your business but on an annual basis. One of the most exciting aspects of selling travel is the constant rapid pace of change. So you need to ask these questions at least annually to determine:
- Why are you in this business?
- Why should clients do business with you?
- Who are the prospects you should focus on?
- What products should you promote?
All these questions can be answered by asking more specific questions until you create your Unique Selling Proposition (USP) which incorporates the answers to the above major themes. Below you find a list of questions that will help you craft that important positioning statement for your business.
Social / Economic Trends
- What demographic shifts will affect your business in the near or long-term future?
- What consumer trends and buying habits are occurring that may affect your business?
- Are there any ‘Hot’ retail trends that you see; and how can you take advantage of them?
- Are there any technology revolutions that may affect or benefit your business?
Competitive Trends
- Who are your primary competitors?
- Who is buying from them and why?
- Are they creative, aggressive, service orientated or price leaders? How do you compete?
- Do they serve specific customers or products (ie. niche driven) and if so, how do you compete?
- Who are your top four competitors and where do you see the best opportunity to succeed?
Industry Forces and Trends
- What are the biggest changes and trends occurring in the travel industry as a whole?
- What are the biggest changes and trends occurring at the supplier level of the travel industry?
- What are the biggest changes and trends occurring at the retail level of the travel industry?
- What are the biggest threats to your business from the above responses?
- What can you do to use the adversities listed above as catalysts to benefit your business?
Who?
- Who are your current customers? (Describe the typical client, demographics/psychographics).
- Who do you want as customers? Describe the profile of your ideal client.
- Why do you want this type of client?
- Are there enough of them within your reach?
- What are the expectations of your ideal client?
- How would they likely hear about you?
- Why do customers buy from your competitor instead of you?
What?
- What do you currently sell?
- What is the mix of products you sell? (Include secondary products: insurance, luggage etc.)
- What do you want to sell?
- Do your products fit your ‘who’?
- What are the primary benefits to you in return for selling these products?
- What are the primary benefits you offer your customers?
- Are these benefits unique, and if so, why?
This list of questions is certainly not exhaustive but should get you thinking in broad terms of what can and will affect your business. Your answers should delineate how you will overcome any adversities and take advantage of any opportunities. Your USP does not need to be carved in stone and can and should evolve overtime based on the answers to the above questions and your increasing experience. There are no right or wrong answers, only your answers. The challenge is to turn those answers into a plan that will elevate your business to the next level!