Consumer Bankruptcy Attorney Business Building Tip Sheet
Featuring timely marketing tools and tips to increase your productivity and profitability

Engage Prospects to Invest in a Solution

By Paula Langguth Ryan; Consumer Bankruptcy marketing consultant
800/507-9244; www.paulalangguthryan.com/bankruptcy-tools/attorneys

It happens to every bankruptcy attorney from time to time. You know that the person across the table from you would experience an enormous release of stress if they would allow themselves to declare bankruptcy. And the moment comes when you realize that are not going to invest in a solution. They’re not going to seek relief using bankruptcy, even though it is definitely their best option. The time spent on your free initial consultation will not result in a new client.

It’s easy to think the problem is something that’s out of your hands. It’s just where they’re at. They are stubborn, full of pride or afraid. But the truth may be something much simpler and less set in stone than you think. Your potential client may simply believe that the negative ramifications going on in their lives right now are manageable and will be fixed if they just keep moving forward on the track they’re on. It’s an ostrich-ox situation. They’ve got their head buried in the sand, yet they are still plowing forward, hoping to create something different, even though their vision is obscured.

You can see clearly that the track ahead is broken, and that they are headed for certain derailment. But they can’t see it. Why? Because they don’t have clarity about the impact their financial problems have had in the past, are currently having in the present and will have in the future they choose not to declare bankruptcy.

They may be too numb to look at the problem. Or they may be too emotionally attached to an asset they have or the impact their bankruptcy may have on others, or they may be invested in saving face with their family or peers. Without perfect clarity about the extent of the problem, they may allow their emotional attachments to color their judgment. Your job is to engage your potential clients in a way that guides them through the emotional attachments and helps them want to invest in a solution.

• What was their life like BEFORE this financial situation started? (Not in general terms like “we could pay all our bills on time” but in specific terms – what was their relationship with money? Were they actually on top of things or were they engaged in a cycle that would eventually have spiraled to this point, sooner or later?)
• How badly do they need or want relief from their current financial situation? (Is there a sense of urgency? Something they’re afraid will be lost, or missed out on, if they do or don’t file bankruptcy now? What is it costing them to NOT file bankruptcy? What would it cost them TO file?)
• What other options do they have? (While bankruptcy is ALWAYS a last resort, that doesn’t mean they should try every other option first – but they should know what options are available.)
• What are the pros and cons of those options? (Be careful not to “stack the deck” in favor of bankruptcy – but give them true clarity on their options. Empower them to make a decision FOR bankruptcy from a position of strength, knowing that it is the best solution for helping them eliminate the pain, fear and financial problems they’re experiencing.)

You have the ability to empower potential clients to fully and completely understand the extent of their financial problems and the real impact these financial problems are having on their lives, and will continue to have if not addressed. You’ll know you’ve succeeded when the person across from you tells you they’re ready to file, without you even having to ask.

Peace and prosperity,
Paula Langguth Ryan

PS The psychology of marketing to financially stressed individuals requires great skill. Think of it this way: if you had a brain tumor, would you want a general practitioner to operate on you, or a neurosurgeon? Develop your skills and turn more consultations into paid clients. A strategic marketing consultation with Paula Langguth Ryan can help you determine what major mistakes you may be making when doing initial consultations that result in lost opportunities and client reluctance to commit. Develop new skills to help you transform more free consultations into committed clients.

Call Liz at 800/507-9244 today, to set up a 30 minute strategic planning consultation ($250) with Paula, so you can review and enhance your current approach. Or email attorneymarketinghelp@newcreditafterbankruptcy.com.

December 3, 2010
Consumer Bankruptcy Attorney Business Building Tip Sheet
Featuring timely marketing tools and tips to increase your productivity and profitability

Moving Potential Clients to Take Action

By Paula Langguth Ryan; Consumer Bankruptcy marketing consultant
800/507-9244; www.paulalangguthryan.com/bankruptcy-tools/attorneys

Michael Masterson*, author of Ready, Fire, Aim, recently shared a conversation he had with one of the leading “no-money down” real estate gurus. The guru shared that most people’s motivation for buying his products is that they “don’t want to take action.” Now, that may seem completely counter-intuitive AND may not seem to have anything to do with your bankruptcy practice, but hear me out here.

The guru shared that after people complete his course, given a choice between going out and starting to work the program or taking another course, most will simply buy another course. They won’t start putting what they’ve learned into practice. The same goes for your potential bankruptcy clients after they have a consultation with you. The majority simply won’t take any action moving forward toward filing bankruptcy. Some will jump from attorney to attorney, getting one free consultation after another, hoping the advice will be something different than what they’ve already heard. Others will seek out debt consolidation programs, or take the ostrich approach and avoid looking at their debt anymore. Why do they do this? Here are the top three reasons (and what you can do to help them overcome their inertia, and take a positive step toward a future of financial security:

1. Fear of Pain: If people see filing bankruptcy as something that will be painful, with long term consequences, or something that will cause them to lose face with their neighbors and colleagues, they’re not going to do so.

2. Laziness: We are programmed to be lazy. We want to get whatever we want with the least amount of effort possible. Filing bankruptcy and starting from scratch may seem like too much hard work. Better to stay with the known evil of the debt they have than to move forward toward the unknown life of being without credit.

3. Lack of Confidence: If people don’t feel like can successfully break the cycle of debt or the poverty mentality that got them into their current financial situation, they won’t truly feel like bankruptcy will have any lasting successful effect on their lives.

So, how do you overcome these objections and help people move into a place where they’re willing to take action toward getting out from under the burden of their debt? The best way to overcome these concerns with potential clients and turn them into new clients is by motivating them through positive reinforcement. By this I mean, repeatedly responding to their objections (those they voice and those you pick up through their body language) in a positive, motivational manner.

For instance, if people are afraid of what will happen or how they will be perceived, repeatedly share that many people in their demographic group these days are finding themselves in a position where bankruptcy is their best financial option.

For those who are lazy, giving them a “step-by-step” guide to getting back on their financial feet may be the only motivation they need. Most people love to be able to simply ask “what’s my next step?” Then they can take that step, before moving on to the next one. Once you’ve explained the process of filing bankruptcy with your firm, go back and focus only on the 1 next step the potential client will need to take. This will help keep them from getting so overwhelmed that they freeze and do nothing.

And if people lack confidence about how to handle their finances or rebuild their credit after bankruptcy, point them to valuable resources like local money management courses, debtors anonymous meetings, or the Do’s and Don’ts of Bouncing Back From Bankruptcy booklet (or the full Bounce Back From Bankruptcy: A Step-By-Step Guide to Getting Back on Your Financial Feet). You can either direct clients to our website (www.paulalangguthryan.com), give them a flyer (download it at www.paulalangguthryan.com/bankruptcytools/attorneys/) about the book, or buy The Do’s and Don’ts of Bouncing Back or Bounce Back From Bankruptcy in bulk and give a copy to your clients after their creditor’s meeting.

Practice incorporating these tips into your consultations with potential clients this week and pay particular attention to which phrases you use seem to make a difference and which don’t. If you find any that really seem to turn people off, send them to me and we’ll “rework” them to help you supercharge their effectiveness.

*Michael Masterson is the author of numerous books and founder of the Internet’s most popular health, wealth, and success e-zine, www.EarlyToRise.com.

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