Conversation, the Great Wealth Builder

How opening your ears can fill your bank account.

Every time you talk, you’re selling something. That argument with your spouse? You’re selling your point of view. When you tell your kids not to stick pennies up their nose? You’re selling common sense. It has to start somewhere, right?

But you’ll never make the sale if you don’t tell people what they want to hear. And to do that, you’ve got to listen. Do it right, and talking to people can put you on the fast track to more money.

What makes conversation so powerful?

It puts you in tune with people’s desires.

Think about the most important person in your life. The one you think about more than any other.

Yes, I’m talking about you. You can love a lot of other people, but there’s something special about that person who looks back at you from the mirror.

Don’t feel bad. It’s natural to put yourself first. In fact, everyone does it, and that me-first perspective is what makes it possible for you to talk your way to more money.

How?

By asking people questions and listening. Not that type of listening that has you nodding your head on the outside and yawning on the inside. I mean the listening that really cares. This type of listening understands that the stuff coming out of people’s mouths can drive you to Moneyland.

Ask what problems people want solved. Then figure a way to solve it for a fee. Just be careful. Initial answers can be misleading. You have to ask deep questions to get to the root of someone’s thought process. If you deal with people often, you’ve seen it in action.

Think of the guy who insists he needs a new pair of tennis shoes and talks nonstop about needing to get rid of a few fishing poles. When he has a few extra bucks, what does he do? He buys another fishing pole. Even if he has to drive an hour to get to the one he wants. Because talk — surface talk — is cheap.

Put in the time and energy to hold a good conversation, however, and you’ll learn what thought process drives someone to action. Use this knowledge to make someone take the action you desire.

It positions you to solve problems.

Good businesses solve problems. It’s their purpose.

Imagine a kid crying in the music store. His mom snags a cheap harmonica off the shelf and buys it for him. Instant calm. That harmonica solved the problem of the crying kid.

Any time you talk with people, ask questions to learn about their problems. Otherwise, you can’t give them a fitting solution. Ask the right questions and listen closely. People will tell you what they view as their problems and how they respond.

With the harmonica-buying mom, you can’t know the full story by just watching. Does she want her son playing harmonica or did she grab the cheapest thing she could find? Does she want her son to be a musician or to be quiet? A good music store owner would ask these questions to discover mom’s deepest motivations. This knowledge would then be used to market to more moms. The end result? A dramatic bump in sales.

I do this all the time. When I meet someone for the first time, I don’t start off talking about me. First, I ask what could make their businesses enjoy greater success and provide a better quality of life for all involved. Then I ask questions about problems in their company and follow that by asking for their picture of what overcoming the problem could look like.

At this point, I have the info I need for a targeted solution. My pinpointed answer impresses the person I’m talking with, as they know I care, understand their problem, and can be trusted to solve it. And that trust is what builds long-term relationships.

It helps you develop test markets.

Test marketing grows businesses. Thankfully, all you have to do is find some people dealing with the problem your business was built to solve.

And if you guessed that conversation is the best way to find these people, you’re right.

Once they agree to be your guinea pigs, show them what you’ve got. Let them try your product or service for a day or a week or longer. Do whatever it takes to get their buy in. They’ve dealt with the problem forever and will know if your solution works. If they don’t like what you offer, use their feedback and get back to the drawing board. The next time you approach them, your idea should be closer to hitting the mark.

Eventually, you’ll create a solution that your test marketing group likes. That’s when you’re ready to share it with the world. Since you’ve treated your test marketing group with respect, they’ll transform into your biggest cheerleaders.

However, none of this can happen until you have honest conversations with people. Ask questions and allow them the opportunity to openly say what’s wrong with your product. Running tests with people who only give positive feedback is useless. Negative feedback gives constant opportunities for improvement. In the business world, those who take criticism and act on it are the ones that lead thriving companies. The others become previous owners.

It gets you in people’s heads.

Someone who sucks at conversation sucks at life. At least that’s how they’re viewed. Everyone knows someone who can’t hold a decent conversation. Instead of suffering through awkward silences and missed social cues, you avoid this person at all costs. Because he’s a conversation killer.

Bad conversationalists aren’t just putting themselves at a disadvantage. They may do the same for others. What if the conversation killer you know found the cure to cancer? Since you wrote the guy off, you’ll never know about his findings. Now, he’s sitting on something that could change history, but it won’t, because no one will give him the time of day.

Perfect your conversation skills, and you can stick in people’s heads in a positive way. You won’t turn every acquaintance into a customer, but if you have a great conversation with someone, it pays dividends in the long run.

Want proof? Through the years, many entrepreneurs have cold-called me for business coaching. Not because they saw one of my Instagram posts or YouTube videos. But because of a one-on-one talk I had with some other entrepreneur. Often, that “other” guy didn’t even become a customer. He just enjoyed our conversation and recommended my services as a result.

Which brings up a vital point that flies in the face of what you may think. As great as it is to close a sale, you can’t do it right away each and every time. Some sales require you to play the long game. Great conversation is how you do it. Someone may walk away initially, but if you engage her in conversation and care about her wants and needs, she’ll be back.

That’s because when you use conversation to prove you know your craft, have solid solutions to real problems, and are transparent in your business, you’ll create positive impressions with every person you meet. Those impressions add to your reputation and ultimately build your empire.