“Get me Will Smith!” “We need Sandra Bullock!” “Call George Clooney!”
These mega-stars are known throughout the world. Fans love them for their big personalities and their blockbuster movies, but in Hollywood, they’re known for the cha-ching! sound studio executives and investors hear whenever they’re cast in a new film.
In the movie industry, the Will Smiths, Sandra Bullocks, and George Clooneys of the world are known as “Bankable Stars,” a term used to describe an actor who can give investors utter confidence that they will achieve a return on their money by ensuring a large box-office draw. They are rare, highly sought after, and earn the highest fees in the industry.
The truth is there are Bankable Stars in almost every industry, notes Andrew Sobel. And when you can become the George Clooney of your market, it will be great for business.
“Just like the Bankable Stars you see in Hollywood, there are advisors and service providers in every market, who like their West Coast brethren are highly sought after and bring in very high fees,” says Sobel, coauthor along with Jerold Panas of Power Questions: Build Relationships, Win New Business, and Influence Others. “I call them ‘Bankable Advisors.’ Some are individuals and some are firms. Regardless, clients love them.”
“Fortunately, you don’t have to be a global eminence to achieve bankable status,” says Sobel.
So how do you become a Bankable Advisor who is sought after, earns high fees, and rarely has to go searching for clients because great clients come to you? Here are seven power questions you must ask and answer to move towards bankability in the business world:
1. Do you offer clients utterly consistent quality, again and again? You must build a reputation for consistent delivery, year in and year out. Goldman Sachs and Morgan Stanley lead the IPO market because they are perceived to have reliably procured capital, at the right price, to hundreds of newly listed companies. Sobel states, “I’ve heard this quality message from dozens of top executives as they’ve talked about their most trusted advisors: ‘You have to deliver, deliver, deliver; and over time, my trust in you builds up.’”
2. Are you a thought leader in your market? Some Bankable Advisors earn their stripes through writing books. “But there are other ways of building a reputation as a thought leader,” says Sobel. “You can achieve this through deep industry focus, for example—by speaking at industry forums, writing articles for professional publications, and being known as the consultant to industry leaders. You must consistently engage in thought leadership activities over time—you can’t just write one article or hold one breakfast event and then declare victory. If you can produce, every year, a slow but steady stream of thoughtful perspectives on your chosen niche, you will notice a powerful ‘flywheel’ effect that grows every year.”
3. Is your name clearly associated with a powerful value proposition? Like movie stars, Bankable Advisors have a specific value proposition that people associate with them. For actor Liam Neeson, it’s delivering an “intelligent” action film, whereas for author Jim Collins, it’s helping companies become great. “Your public value proposition may not define everything you do with clients, but it’s the tip of the spear that you’re best known for,” explains Sobel.
4. Do you have strong name recognition in your market? Bankable Advisors are well known! And in truth, most of them work very hard at getting their name out in the marketplace. When you’re bankable and potential clients in your geographic area, market niche, or industry segment think of your specialty, they think of YOU. “There is a multitude of ways to achieve this type of ‘marketing gravity,’ ranging from publishing to speaking to getting known as the advisor to top leaders in your industry,” says Sobel.
5. Are your fees at the top of your field? Bankable Advisors are able to charge high fees. But there is more to it than that. “Many researchers have demonstrated that high prices lead to high perceived value,” says Sobel. “Most people think that it’s the other way around—that you deliver high value and then you get high fees. But consider this: When you buy a luxury BMW, you EXPECT it to be fabulous. So on the road to becoming bankable, you enter into a virtuous circle of ever-higher perceived value and fees, with clients experiencing what they expect.
6. Do you ask the questions? Or are you “grilled” by potential clients who don’t really know who you are? When a film director calls George Clooney to discuss a potential movie project, who do you think is asking the tough questions? The star is. “The same applies in business,” notes Sobel. “And here’s the good news: You don’t have to wait until you’re famous to put yourself in this position—you can do it right now, regardless of where you are in your career. When you’re the one with the thought-provoking, engaging questions in the conversation—be it with a brand new prospect or a longtime client—you immediately move yourself up a notch and gain control of the discussion. You quickly move from being a vendor who takes orders to a proactive,
“How far along are you on the progression from unknown expert-for-hire to Bankable Advisor?” asks Sobel. “Regardless of the answer, start thinking about the steps you need to take to move closer to being renowned in your particular market.”
Andrew Sobel has published multiple books on client loyalty and the capabilities required to build trusted business relationships.
For more information, visit http://andrewsobel.com.