Why Does Wall St Need to Stop Marketing the Old Way?

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By Pat Fenner

The Situation at Hand

I almost had to laugh. I was listening to Robert Reich on NPR the other day, as he was talking about the true loss that Wall St has suffered in recent times. We've seen the "hits" it's taken with Bear-Stearns and Lehman Brothers, among others, and the resulting roller-coaster-like rebounds as well.



One reason...

I found his analysis of the real consequences somewhat ironic. At the root of it all, he proposes, Wall Street has "suffered a serious decline of trust". For years, companies have over-promised and under-delivered. Tax-payers and share-holders are the ones who are left holding the bag. The decision-makers at the corporate level appear to be able to hide behind the company name and suffer minimal consequences (they still get their pension, or they just move on). According to a BusinessWeek/Harris poll, a full 67% of Americans don't trust the ethics of large companies; just 26% believe they are straightforward and honest in their dealings with consumers and employees. A more recent poll shows that 72% of respondents feel that Washington is focusing on keeping "big business" afloat. Seems to me that in order to survive in the future, they're going to have to learn to market without sounding like they're marketing!

Why Does That Make Me Laugh?

Now at the get-go I want to explain that I am NOT suggesting sales should in any way be shady, underhanded or manipulative. As Reich points out "trust is its (Wall Street's) most important asset". Trust and integrity should be at the root of any healthy business relationship, and these qualities make up the foundation of what is sometimes referred to as "attraction marketing", and taught by folks such as Ann Seig and Mike Klingler. What I am referring to are sales techniques where - ok, get ready for this - the salesperson actually asks questions to determine the customer's need, as opposed to force-fitting the product or service. Stephen Heiman and Tad Tuleja also describe this wonderfully in their book "The New Conceptual Selling". The emphasis is on building a relationship and finding ways to serve the customer; in short, building trust!

The Upside

What I appreciate most about this approach to selling is that it challenges me to pull the best out of myself. At times I may need to dig deep to see what qualities I possess and lessons I've learned, or knowledge I have or services I can perform that directly apply to my customer or client's situation ~ and be a help to them! At times, it may mean that there is someone else or some other product or service that can better suit them. But in the long run, let me assure you: putting the customer or client's needs first always ends in a win-win solution! This is what I'm learning in Renegade University.

The Bottom Line

Now, if this could help the big guys, what do you think it'll do for your business? Providing true value and content, providing real and relevant solutions ~ how could you lose? There's no better way to learn how to do that than going back to school, and there's no better school than Renegade University! If you're interested in checking it out, get in touch with me today, and we can schedule a free walk-thru! Don't think you can depend on government bail-outs when times get tough. Build your own, sustainable, business.

So What Do YOU Think?

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Wendy Mills profile image

Wendy Mills  says:
15 months ago

Hi Pat,

Some great points here. What I find interesting is that once you understand the concept of attraction marketing and actually focusing on the needs and wants of your potential client, you start to notice all the poor marketing and neglect of the customer that goes on these days. The one good thing about that, for who actually put the customer first, is that you'll certainly stand out from the crowd and people will want to do business with YOU. People have gotten so used to poor customer service they are amazed when you actually put their wants and needs first.

Thanks for your insights and leadership in helping people to be more effective in their businesses!

Pat Fenner profile image

Pat Fenner  says:
15 months ago

Thanks for your observations, Wendy.  Today we almost expect most marketers to be "snake oil salesmen", and to be ripped off at some point; but it doesn't have to be that way!

coachcurt profile image

coachcurt  says:
15 months ago

Hi Pat:

Good stuff. I can't do much about Wall Street - but I can do much about my own business - and Wall Street will have very little to do with my success. Thanks for pointing out the tools that can empower and equip.

Coach Curt

Pat Fenner profile image

Pat Fenner  says:
15 months ago

So true about Wall Street! I have family that is watching the Dow Jones nervously these days because it's their sole "retirement plan"! Not bad as part of the plan, but I'm defintely not putting all MY eggs in one basket!!

Eddie Perkins  says:
15 months ago

Pat,

A great hub. Very well thought out. I think you have a lot to offer and I'm confident that many will trust you to lead them to success in business. ~ eddie

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