The Practice Doctor is IN

Al Depman, CLU, ChFC, CMFC, BH

Practice Management Consultant

Giving Your Clients the Gift of a Dream Fulfilled

One of my pastimes is collecting and reading old magazines and newspapers.  Among my favorites are beautiful “Fortune” magazines from 1930-1950 and “Harper’s Weeklies” from the mid to late 1800’s. Along the way, I acquired a copy of “The Insurance Salesman” from the depression era (June, 1932). In its own way, it mirrors any current sales publication: sales ideas, product developments, reflections on staying positive in the midst of “this unpopular economic circumstance,” companies boasting of financial strength, and lots of success stories.

One that caught my eye in particular has a holiday connection and is a case study in “relationship” vs. “transaction” sales approaches. It’s told by an “old-time general agent” to a new agent and probably dates to much earlier than 1932.  I offer it here as it was published nearly 80 years ago:

I remember a story I heard once when I was a cub insurance agent. It did me a lot of good. As the story goes a certain old couple well on in years from a crossroad hamlet came to the city one day and went into a music store and inquired about a piano. They were met at the door by a dapper young salesman who sized them up quickly and inquired their business. He was informed that they were interested in looking at a piano—not necessarily in the market today, but they might buy a piano some day if it were not too high priced. 

Mr. Salesman led the couple back to where the instruments were kept. He decided that he might unload one of the pianos, which had been returned for unpaid installments. He showed this piano to the couple. He told them about its famous maker, about its refinish that was good as new. He opened up the case and showed them how solidly it was glued together and explained it would stand the heat and cold with only infrequent tunings. Then he went on to say, “And the fine thing about this piano is that this firm stands back of it with an absolute guarantee of satisfaction. You can buy this piano for a small down payment of $10. We will deliver it to your home and you pay for it just like paying rent. When shall we send it out?”

Well the old folks decided it was a fair enough proposition but since they only bought a piano once in a lifetime they had best shop around a bit. They started out of the store and got as far as the door where the sales manager greeted them and asked if they were being taken care of. They explained their purpose and thought they would probably be back. The sales manger inquired their names and where they were from. He introduced himself, too. As soon as they stated the name of the hamlet where they were from, he remarked: “Oh yes, we sold Mr. Brown and Mr. Alexander up in that neighborhood a couple of fine instruments.” Yes, the old folks admitted that Mr. Brown and Mr. Alexander had suggested they come in.

“Let me see,” said the Sales Manager, “that name of yours––Walker––is a familiar one. It seems to me we had a boy here on our high school football and basketball teams a year or two ago. A splendid chap he was, the most popular boy in school. I understand he is doing fine in college upstate now. Any relation of yours?”

Was he a relation? Why, he was their boy and maybe you think those old folks didn’t just beam out their pride and appreciation. They began talking about the boy and themselves and their home and all. The sales manager soon found out just why these folks wanted a piano, even though they couldn’t play a note themselves.  They explained that they had a big old house back there now that was awfully empty and quiet now that the children had grown up and gone. The youngest daughter had had a piano but she had married and left home last spring and taken the piano with her. But they had a neighbor girl who would come in to play and sing for them if they had a piano and then the young folks would be home at the holidays and they would gather around the piano and sing the old songs. 

But most important and urgent was the fact that a little granddaughter nine or ten years old wanted to spend the summer vacation with grandpa and grandma and her mother was afraid she would get behind in her music lessons.

Well by this time the sales manager had the folks back before one of the best instruments in the store. He knew they were well off financially and could pay for a good piano. He didn’t tell them much about the mechanics of the instruments. He just said, “This is one we can recommend” and because he had their confidence, that was enough. He brought out a few sheets of old songs and sat down and began playing them. He had a fair kind of voice and began to sing “Anne Laurie,” “Silver Threads Among the Gold,” “Rock of Ages,” “Nearer My God to Thee” and pretty soon the old folks joined in on the songs with their quavering voices.

I don’t have to tell you the rest of the story. Of course, he made his sale because he sold them what they really came in to buy––not a piece of furniture or a musical instrument, but memories of their younger days. He sold them again the sound of childish laughter and the clatter of children’s feet in the old house that was so lonesome.

All the themes that resonate in today’s client relationships were there almost 80 years ago: the value of referrals, truly getting to know your client’s emotional drivers and uncovering their dreams, and helping them take action today to achieve their goals in the future.

Even if you only have a “fair kind of voice” – help your clients sing their song!

The Doctor is OUT.

Al Depman, CLU, ChFC, CMFC, BH, a.k.a. “The Practice Doctor”, is MitchAnthony.com’s Business Practice Consultant. He is the creator of “The Practice Management Assessment” tool and materials and has authored numerous articles in professional publications on practice management, and author of the book, How to Build Your Financial Advisory Business and Sell It at a Profit, now available from McGraw Hill. Al combined his Liberal Arts studies with 10 years of management experience with McDonald’s Corporation to enter the financial services world 25 years ago. Since then, Al has evolved from an MDRT-level sales rep into a full-time consultant specializing in helping others engineer their business practices to the next level. Contact him at al@mitchanthony.com.

© 2009 Al Depman