The Corner Office MBA: Listening

by Evan

God gave us two ears and one mouth.

Nearly 70% of our country’s Gross Domestic Product (GDP) comes from consumer spending. As Americans, we produce and consume goods and services that drive our economy. Someone comes up with an idea - that is then manufactured, packaged, marketed and distributed to an end consumer.

Therein lies the rub.

The end consumer. The purchaser. The individual who has a “need” that must be satisfied through obtaining the “product”.

In school you’re taught the basics. Reading, writing and arithmetic. But they never teach selling. The one thing that you could attribute the majority of our GDP too. And what is selling? Selling is communication. Selling is understanding the various qualities and capabilities of a product and being able to translate that information to a consumer. We must be informed of what they want in order to deliver the proper advice and sell them. What does the consumer want?

Therein lies the rub.

The consumer, your potential client, has a certain set of needs that must be satisfied through the purchase of the product. We must find out what these are through a process called “Discovery”. We ask questions to identify what the client wants and then we – shut up. Stop talking. Remain silent. When a potential client is telling you what they want – listen to them – understand it – and try to mentally match your product(s) with what they had in mind. Ask more questions to refine their criteria.

The conversation should be back and forth, but should mostly be centered around the client. Cause its not about you – its about them.

Therein lies the rub.

When you are in the process of discovery , LISTEN to what the client has to say, and don’t be afraid to repeat it to them. This is probably one of the most effective, yet underrated techniques in selling. After you are done asking a question, listen to the answer and then repeat back to the client what they just said.

Its not easy to listen, in actuality its one of the most difficult things to do. But for those of us who can master the discovery process, and listen to the answers, we will become much more effective in the world of sales.

About the author: Evan is an investment advisor at one of the top firms in Los Angeles. His clients include affluent individuals and private institutions.