By Shirley Hanson
copyright 2007
L.L. Bean became wealthy and made his heirs rich.
He leaves a legacy to financial advisors, too:
Valuable insights for a thriving financial advisory
practice.
His coaching comes to you thanks to Leon
Gorman, L.L. Bean’s grandson writing in "L.L.
Bean: The Making of an American Icon" (for Harvard
Business School).
His was an unlikely beginning: Leon L. Bean was orphaned
at 12 and left school after the eighth grade. His greatest
joy was hunting and fishing in Maine’s "outdoors."
As he tells the story, nothing happened before he was
40, in 1912, when he invented a better hunting boot. He
liked it so much, he - in his exuberance -
decided every hunter should own a pair.
Through his 3-page catalog he sold 100 pairs. When 90
of the first 100 sold were returned because the uppers
broke away from the bottoms, he refunded the let-down
hunters' money.
And those defective boots weren't the end (as they could
have been) but the beginning of the L.L. Bean story --
both the company's and the man's because they were fused.
Let's look at the numbers: From two $400 loans from L.L.'s
brother (the second $400 to build a better boot once the
first one fell apart) the company reached $1,000,000 in
sales in 1937 during the depression. And that was just
the beginning . . .
The L.L. Bean story offers 5 prime
marketing strategies for financial advisors. They may
sound homespun and obvious, but they catapulted a business
from a shaky beginning in 1912 to in-a-class-by-itself
status even today.
Lesson #1 - Act Out Of Passion And Vision
L.L.'s passion was the outdoors, specifically Maine's
outdoors. And that provided such overriding pleasure to
him that he wanted everyone to experience that joy. That
was his vision. His products centered on his way of life
and enabled him to share his happiness.
Build your practice on work you
truly care about. Have a vision and bolster your
vision with the understanding of how your service transforms
your clients' lives.
Lesson #2 - Extract Your Personal Story
It was said about L. L. Bean, "All he really had
to do was be himself and his customers became fans."
According to firsthand accounts L.L. was a buoyant individual
with boundless energy for the outdoors and excitement
about his products.
Please don't conceal who you are with a cloak
of "professionalism." This is a big mistake.
Instead, come to grips with your
uniqueness as an individual. No one can bring
to your prospects and clients that unique blend of education,
skill, talents and strengths, your special outlook, and the just
plain living that's yours alone.
Lesson #3: Live By Your Story
The quirky and legendary retail store in Freeport, Maine,
the products sold, and the words in the catalog all coalesced
to complete the L.L. Bean story.
It was said that when you bought from L.L. Bean, he made
you believe that you were buying his personal judgment.
The popular magazine, "The Saturday Evening Post" in a long article on L.L.
Bean wrote, "L.L. sells only what he likes and likes
everything he sells, and wants everyone to know it."
Be consistent. Everything you
do, say, or write must be in harmony with your story -
your core message.
Lesson #4: Base Your Practice On Quality
A blow for L.L. was the return of the 90 shoddy boots.
His personal lesson: "to sell fully-tested, high-quality
products of best functional value."
Don't cut corners.
Be sure the services and products you provide (and those
your associates provide) are top-notch even if it takes
extra effort on your part.
Lesson #5: Be Smart When Selling To Women
At first L.L. Bean merely tweaked men's clothing
for their women's garments. Perhaps, they resized it.
Maybe, they threw in pink for women. Still it was a man's
garment.
Soon, they realized that women's clothing was very
different from men's, and they designed the seams, materials,
and silhouettes especially for women.
For Financial Advisors:
When selling to women don't expect to call on pastel
colors in your marketing communications, name your program
"For Women Only," or paste a clipart photo of
a woman on your website to win them as prospects
and clients.
It comes down to this: Understand
their values, their traits, and how women make decisions
and design your services and your marketing to reflect
these differences.
If you woud like to receive my special report "Ten
Ways For Financial Advisors To Get More Business From
Women," you
will find it here.
