Generational Selling

This week I want to talk about communication.

Communication is the driving force behind any relationship. Regardless of the level of the acquaintance (friend, family, client, co-worker, etc…), the degree of the relationship will depend on the effectiveness of the communication.

Communication can come in several mediums (face to face, phone, text, email; and even TV, radio, and print from an advertising perspective). Effective communication, particularly if you are selling something, doesn’t come in a “one size fits all” action plan. In other words, we have to figure out how to relay our message to the receiver in a manner that he/she will best receive it. My friend Jim Holmes, with Tim Shaver and Associates Nashville Sales Training.com shared a great presentation with a group that I was a part of last week that does just this – teaches us how to communicate more effectively to an individual based on his or her generation.

For the first time in history, there are four different, yet clearly defined generational types – Veterans, Baby Boomers, Generation X and Generation Y. Each has its own set of distinctive characteristics and each has its own preferred communication mechanics. Let me encourage you to download Jim's presentation by clicking here GENERATIONAL SELLING.PDF (98kb) It may take a little longer to review than my normal weekly update, but I promise the material is worth the time to review. Happy selling!

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The Week Ahead
Next week, Existing Home Sales will be released on Tuesday, and New Home Sales will come out on Wednesday. Durable Orders will be released on Thursday. Consumer Sentiment and Leading Indicators will round out a light schedule. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday. News from Ukraine could influence mortgage rates as well.

The Week That Was
Last week, stocks posted large losses and mortgage rates improved, as investors grew more concerned about the strength of the economy. The reverse took place this week. Better economic data and comments from Fed Chair Yellen boosted stocks and caused mortgage rates to end the week higher.

The economic data released this week was generally better than expected. The biggest report, March Retail Sales, rose 1.1% from February, which was the largest monthly increase since September 2012. Industrial Production, another important indicator of economic activity, showed a comparable increase. Weekly Jobless Claims held steady near the lowest levels since 2007. The Philly Fed manufacturing index jumped to the highest level since July of last year. Stronger growth is good for the economy, but it increases expectations for future inflation, which is negative for mortgage rates.

Dovish comments from Fed Chair Yellen on Wednesday suggested that the Fed is not in a rush to raise the fed funds rate. Yellen explained that the timing of rate hikes will depend on when the economy meets the Fed's goals for the labor market and inflation. According to Yellen, a great deal of slack remains in the labor market, and this calls for accommodative monetary policy. Because loose policy boosts economic growth, Yellen's comments were viewed as positive for the stock market, and investors shifted assets from bonds to stocks.