THE ISSUE:
Someone you’ve been referred to can’t be reached and isn’t returning your calls. Nothing else can happen until this is done. It’s frustrating. But, it can be addressed.
THE INSIGHT/S:
Assume your referrals are distracted and self-absorbed. Why? Because they are! Consequently, ‘breaking through the clutter’ won’t be easy unless you can appeal to what they perceive to be either a) potential threats to their safety or life and/or b) possible opportunities that will improve their position.
THE RECOMMENDATION:
Focus someone’s attention on what they don’t know . . . and ignorance isn’t going to be bliss, either!
THE ACTIONS:
Research . . . your referral to learn what would cause PAIN or offer GAIN
Appeal . . . to your referral’s self interest . . . based on what your research suggests
Wait . . . for a response from your referral . . . it will happen if you’ve done the above correctly
You’re Invited . . .
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http://www.dreamstime.com/stock-photography-suffering-pain-businesswoman-headache-image25232862
Granted, the title sounds a bit naughty, doesn’t it? But it’s true!
The prestigious Harvard Business Review recently published an article that validates this is, in fact, true.
This particular article originated from a 2006 study in which the researchers demonstrated a direct connection between moral purity and physical purity. It’s actually called The Macbeth Effect.
In the rather gory Shakespearean play, Macbeth . . . Lady Macbeth literally has ‘blood on her hands’ and indulges in incessant hand-washing as a result.
Lady Macbeth’s famous line, “Out, out…spot” wasn’t referring to the dog who wanted to go out to do his business. It was actually the blood on her hands from the intrigues of the play that prompted that line. But, I digress . . . 🙂
Why Business Networking Makes You Feel Dirty
Believing that moral lapses lead to physical feelings of being impure or ‘dirty’, these brave social scientists set out to test their hypothesis that when you engage in business networking — it evokes feelings of being non-authentic (ergo ‘dirty’) more often and more intensely than if you engage in social networking with your friends.
I won’t bore you with their marvelous methodology, but . . . they proved their hypothesis!
There IS a correlation between engaging in business networking that produces feelings of being ‘unclean’ that social networking doesn’t generate. Which, is why we sometime hear someone say, “I need to take a shower after going to a networking event”. In many ways, they’re not kidding!
Networking Isn’t The Problem, It’s Your Motivation For Doing It
The research study didn’t just reveal that many people feel, well . . . ‘dirty’ when they network for business, they revealed an important insight into why!
One of the groups examined in this study was lawyers. (Please, no jokes).
The researchers looked at how senior partners vs. newer associates in a law firm felt after engaging in business networking. They found senior partners felt LESS ‘dirty’ as a result of networking activity than the newer associates felt after doing the very same thing.
It’s About Value . . . Who’s Got It and Who Needs It
The conclusion of the study was that business networking is an activity that does not, by itself, make anyone feel dirty. But the degree of self-interest being exhibited by someone in a networking exchange was far more likely to determine if they felt dirty or not.
Think about it. The partners were going into a networking exchange with (usually) more value than their junior associates. In their case, value meant these partners were bringing substantial resources into a networking exchange — their extensive network of connections, access to resources of all kinds, etc. was much greater than what a junior legal associate might bring into a networking exchange.
Are You a ‘Giver’ or a ‘Taker’?
On the other hand, a newer associate has relatively less power to bring into a networking exchange and a lot of reason to seek to take something valuable out of it — can you help me find a good position, can you mentor me in the firm, can you tell me who are the players in town, etc. These newer legal associates bring more need than power into a networking exchange and, that generates feelings that make them feel ‘needy’ and that’s not a good feeling to have. Neither is feeling dirty. See the connection?
“Is This About Me or . . . About You?”
The study concluded that you’re LESS likely to feel dirty from business networking IF:
1) you believe you have valuable ‘resources’ — contacts, information, etc. — to offer, and
2) you seek to give value to others more than you seek to gain value for yourself
That makes a lot of sense, doesn’t it?
Take an extreme situation. Let’s say you’re playing ‘Santa Claus’ for a kid’s holiday party. Everybody’s going to love you. So why would your role as the great benefactor (Santa) and the ‘resources’ you bring (presents) make you feel badly or, ‘dirty’ in any way? Answer: it wouldn’t be possible!
Now take a different but equally ‘extreme’ situation. You’ve lost your job. You haven’t been able to find another. You’re low on funds. You’re feeling depressed, hungry and getting a little desperate, too. You hear about a Community Christmas party sponsored by The Salvation Army. There will be food and gifts for the homeless and unemployed.
You never saw yourself ever attending an event like this when you were working but, this year, things have changed. Drastically. You decide to attend. Reluctantly.
So why are you attending? Are you planning to give anything to anyone. Nope. Your motivation is to take value for yourself.
Nothing wrong with that. Especially if you’re going through a difficult time in your life. But that also changes your mental framework of the ‘exchange’ event from one where your motivation is to give . . . to one where your motivation is to take . . . value away from the exchange.
The BIG Takeaways!
Networking is a Contact Sport
If you want to network effectively, you have to go and show up. Networking is, by definition, a ‘contact’ sport. Like the lottery commercials say, “You can’t win if you don’t play”.
Framework Matters
If you don’t view networking in a positive light, you’ll find all kinds of reasons not to do it. And, if you don’t do it (or, rarely), you won’t develop this important business building skill.
Attitude Matters
An attitude that empowers you to network with others comes when you see yourself as:
1) bringing great value to others in every exchange you have with people, and
2) seeking to give your value to others more than you seek gain for yourself
BNI’s Ivan Meisner had it right long ago – “Givers Gain”. Now you know why!
Life is a Party . . . And You’re The Host
My mother was very successful in real estate. Her career spanned 42 years. She threw a lot of parties over the years. Invariably, she would greet a guest when they arrived and say, “I’m so glad you’re here. Come with me . . . I have someone I want you to meet”. Mom was connector. She was always adding value to other people in her own inimitable way.
One day I asked her the secret for her success. She said, “Billy, life is a party. You’re the host. You’re responsible for making everyone feel good for attending your party. Do that and you’ll be successful.” And that’s why I use the phrase, “I want to be a party to your party”. Life’s good. Networking makes it even better. Seeking to serve others ultimately serves you, too.
POINT:
You’re The HOST — it’s your party to share your value with with your guests.
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Quick Recap of My Last Post
Building Your Practice Network — Part 1 of 2, was prompted by a question from a young man who was transitioning from a career as a graphic designer to becoming a financial advisor.
While his financial education was being addressed by his company and CFP studies, he didn’t feel he was learning how to build his practice. Specifically, he was seeking guidance about the best ways to find and grow his clientele.
In the prior post, we set the stage for this post. My biographic ramblings notwithstanding, several points were made by me to this new planner:
Passion
It’s imperative that, whatever you do, you do something you love.
Leveraging Your Network To Find Clients
There are several options to connect with prospective clients. I highly recommend finding prospects through introductions from people who know, like and trust you to people they know who look like the people who can best understand, value, desire and afford what you can do for them.
4 Keys of The Preferral Prospecting® System
Actively seeking introductions to prospective clients is far better than waiting passively for referrals to magically ‘show up’. Asking people who know, like and trust us for help connecting with people who could use our services isn’t easy for most of us. But, it’s also not impossible.
A system for generating introductions to people is the ‘secret’ to generating opportunities with new clients on a consistent basis. There are four (4) key elements to such a system:
PROFILE
. . . of someone who looks like the kind of person you know or believe can become a client. The reason for such a profile is to share with other people when you ask them, “Who do you know who . . .”
SOURCE
. . . this is someone who knows, likes and trusts you so well that, if you ask properly, they’d be willing to introduce you to people in their network of connection who fit your profile
METHOD
. . . this refers to 2 things. First, what you must say and do to help your Sources identify people they know who fit the profile of your Ideal Client. Second, what you must say and do to approach those people and decide if they’re viable for you. Or, not.
PLAN
. . . If your method suggests a number of actions you must take to ‘make things happen’, your plan helps you orchestrate and coordinate them. Some call this the ‘How Much’ and ‘What Kind’ of activities must you engage in, daily and weekly, to generate the number of prospects that will be come the clients who support your annual revenue goals.
Getting Introduced To Others
There are seven (7) ‘mission critical’ activities that will help you generate introductions to people who look like the kind of people you’d be happy to have as your clients.
I’m assuming you’ve done the work necessary to implement your introduction system. Namely, you have a clear PROFILE of your ideal client, you know people — SOURCES — you can approach to generate introductions to their contacts who look like your PROFILE. Your METHOD — the things you’ll say and do — has been developed and readied to use. So now, the PLAN of what to do when is all that remains to be done.
Six (6) Key Activities
1. Approach your Source/s for a Meeting
You want to begin with people you know well and, vice versa. You can just pick up the phone and ask to meet. Tell them you’re actively building your clientele and would like their input on how to do this most effectively. Most people who know, like and trust you will agree to help and meet with you. You’ll also quickly discover who your real friends are here!
2. Meet with your Source/s
I highly recommend you have a face-to-face meeting with someone if possible. But, if you know someone really, really well or they’re not able to meet with you in-person . . . then a phonetical can work just fine, too.
3. Generate Introductions
this is where your METHOD comes into play. You want to explain that you have a challenge (to grow your clientele) and you’d like their help –– if they’re able to help you (by introducing you to people they know who fit your Profile). This is all covered in detail in this Discussion Guide:
4. Approach Your Introductions
the best way to do this is by snail-mailing a notecard or note on blank paper to each introduction you generate. You simply want to prepare the person for a phone call that you’ll make shortly after they receive your note. Do NOT assume or suggest the person has any need or desire for your products or services. Leverage the relationship you have in-common with the Source with a simple “P.S” like “Prior to my calling, please contact Bill Doerr concerning who I am and what I do. Bill’s number is (860) 798-6964”. Here’s an example of what this might be:
5. Follow-up with Your Introductions . . . about 3 days after you mail them your note of introduction. You’ll want to call these people, introduce yourself, reference the person you know in common (your Source) and see what happens. Generally, there are only three possible outcomes.
“It’ Over!” . . . First, they may not only have ‘no need’ to know more about you / your services but they may already have a great relationship with another planner and have no desire to look at you any further. Congratulate them on their relationship, thank them for their time and hang up. (In time, you can pursue these kinds of people, but for now, keep it simple.)
“Receptive, BUT not now” . . . Second, you may find someone doesn’t have a ‘financial girlfriend’ and also isn’t opposed to knowing you. But they also have no compelling reason to get to know you any better. Today. Again, you weren’t calling to sell them, today. You wanted to find out if they’re the kind of person who might need to know someone in your field . . . probably in the future, right? So ask them to invite you to keep-in-touch over time so that when (not if) a need arises that you can help address . . . you’ll come to mind like candy from a PEZ dispenser — i.e. first and favorably. You’ll need a system to do this — a ‘cultivation’ system. But it’s not hard to set that up and use it to keep-in-touch and top-of-mind with these people who are likely to become someone’s client . . . and you want them to be yours!
“Come on down” . . . Third, you may find yourself talking with someone who, upon learning that you’re a financial advisor, reveals that they’ve been thinking about their financial affairs and were wondering how to address them. These people may give you an appointment! It happens. But not it’s not common on a first call.
6. Follow-up with Your Source/s
If there’s one thing you can do that will make it so easy to generate additional introductions in the future from the person who just helped you to meet someone they know fitting your profile it’s this . . . give your Source a simple update on how their introduction turned out for you.
It’s such a simple courtesy! This one simple action will mark you as someone who has both class and manners. I suggest using a form to be able to make these ‘reports’ to your Sources — e.g.
Using a ‘Follow-Up Report’ form will allow you to do two things:
1. Record . . . what happened with each introduction your Source made for you, and
2. Report . . . back to your Source very easily on what happened with their introductions
The Key To Ongoing Success: Cultivate 240 People!
If you follow this process and grow your contacts being cultivated to about 240 people who agree to be cultivated, you’ll have a steady stream of predictable revenue-generating opportunities . . . each and every month!!
Let’s assume you call each of your well-qualified contacts every 3 months. If so, you’ll be calling about 1/3 of your total contacts EACH month.
If you’re cultivating 240 people, it means you’ll have roughly 80 people you’re to re-call to ’touch base’ with each month.
You won’t connect with 50% of these people (40 people) due to timing issues — yours or theirs. It’s OK. They’ll come back again for another call in 90 days. That leaves you with 40 people who will be reachable.
50% of the remaining people (20 people) will thank you for your thoughtful diligence and follow-up call but have no need, at this time, to talk with you further. OK, they stay in your system and will also come back again in 90 days or so.
The remaining 20 people will either agree to talk with you about their financial matters and/or agree to introduce you to people in their networks who fit your Ideal Client Profile. Remember, these are people who ‘qualified’ to be cultivated in the first place and are growing closer and closer to their ‘need’ and purchase. So stay with them and see what develops!
Assuming you actually end up meeting with 20 people . . . how many will give you introductions . . . possibly half? How many meetings will generate updated ‘facts’ and turn into ‘open cases’ for you? How many open cases will result in a ‘decision meeting’ where you can present a recommendation for someone to buy something from you? What’s your average client transaction worth to you? How many of these do you require to ‘make your numbers’ . . . for the month . . . for the year? See where I’m going with this?
My friend, and I say this not knowing you personally but in a collegial way, you are in a wonderful position to do a great deal of good for others and enjoy a great life and lifestyle for yourself as a financial advisor.
If I can be of any further assistance to you, contact me. I’m delighted to be able to transfer what I’ve learned worked for me on to a new generation of advisors. To download my report on this topic, just visit: bit.ly/1wOx6j6 Enjoy and prosper!
POINT:
Building a Practice Is Best Done By Design, Not Accident
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I was approached by a young man who recently switched to financial planning after a career in graphic design. He said, “I’m learning the technical side of financial planning through my company and CFP studies. But I’m not finding a lot of detail on how to build a productive professional network. Do you have any suggestions on how to do that, as well?”
Having been a ‘convert’ to financial planning myself I shared some thoughts on the topic . . .
Quick background. I was a Psychology major in school and one of my student jobs was taking care of / walking timber wolves (magnificent animals, by the way). I wasn’t in graphic design, but I can relate to making a fairly radical change and not having a ‘MAP’ to make the journey. ‘-}
I was recruited into the financial services field by a General Agent who’s classic line was, “Well, you’ve been shoveling their (the wolves’) _ _ _ _, why not try shoveling ours and see which one you like better”. That lead me to be in ‘the biz’ for 17 years in various capacities in the US and around the world. But I began as an agent / representative who had to find clients or starve. So I can relate to your situation.
Passion . . . You’d Better L-O-V-E What You Do!
Why you’ve decided graphic design is not going to float your boat and financial services will, is only relevant to you. But I do hope your decision fuels your passion. Why? Because if you’re not turned on by whatever you do in life, it’s going to be difficult to get up each morning and ‘go to work’.
Find Your Ideal Market
Like you, I had to find a way to get clients. I quickly learned that my ‘natural’ market of college students wasn’t filled with ideal prospects. Why? My competition was the myriad alternative ways my peers could spend their time and money. Good times, high times, etc. were far more compelling to most of my peers than investing or saving those dollars for a delayed gratification in the future.
I decided to seek out people who had some compelling motivations to insure their future and invest their money in other ways than my college chums. My prospect of choice looked like this: “Under 30 years of age, employed full-time, career-oriented, married, with 1 or more kids (or, planning to have them), owning a home and paying off a mortgage”. That completely changed my life in the business. Why? I had a profile I could use to ask, “Do you know anyone who . . .” with practically everyone I knew or met.
In the beginning I was pretty much of a rank amateur. I didn’t know what I didn’t know. I also didn’t know what wasn’t supposed to work. So I made things happen that my more senior colleagues would tell me would never work. Sometime, ignorance is bliss.
Back to your question. I like that you’re coming into financial planning from a non-financial background. As a psych major I ended up learning the business by getting my CLU and ChFC within a few years of my decision to go into the financial services field. You’ve already figured out that the ‘technical’ aspects of the business are not too difficult to learn. Yes, you must study, but you can learn what you need to not harm your clients’ interests if you’re willing to pay the price.
HOW . . . Do I Build a Productive Network and Profitable Practice?
The ‘real’ question you want answered is “How do I start networking in this (new) field?”.
Permit me to share some wisdom that, had I learned it earlier, would have created more success more quickly and easily than it did under the ‘trial and error’ approach I labored under.
By ‘networking’ I presume you mean ‘prospecting’. Specifically, prospecting TO meet people you don’t know (yet) THROUGH people who already know, like and trust . . . Y-O-U.
If you’re reasonably connected with people who want to be financially stable, happy, independent, etc. then you can apply what I’m about to share with you to grow your clientele and, in so doing, enjoy both significant financial success for yourself while you create substantial value, financially and otherwise, for far more people than you’ll ever know directly.
I hope you do just that. It’s hokey to say it, but when you can see the magnificence of the daily activities of your work, you turn mundane activities into magical ones and your life will be illuminated with a majesty that few people ever know from the work they perform while they’re on the planet.
So, here’s my advice to help you build a highly successful, effective and profitable network and practice for yourself.
Four Keys To Successful Networking
Let me suggest four (4) elements to create a ‘lean, mean, client-development machine’ . . .
PROFILE:
You must define the kind of person you want as your client. This is key — don’t offer, ask, invite or expect anyone to know if someone needs or even wants what you offer. Why? Because most of us don’t know people who need a financial planner.
Most of our friends appear to be doing pretty well. They live in nice homes, drive expensive automobiles, take great vacations, etc. So stick to what I call ‘CVS’ characteristics to build your Ideal Prospect Profile.
- C = common to people you want as clients,
- V = visible to the naked eye and
- S = suggests a high correlation with the kind of person who can best understand, value, desire and afford the products and services you’ll offer.
My first profile helped me quickly determine if someone I was talking with knew anyone who was “under 30, employed, married, had a home, a mortgage and 1 or more kids”.
It was my job — not my nominator’s — to determine if someone had a ‘need’ or ‘want’ for the beneficial difference my problem-solving expertise, products or services could provide. Burden someone to know if someone they know has a ‘need’ for what a financial planner can do is likely to produce a ‘deer-in-the-headlights’ look and . . . no names!! (Arghhh!)
SOURCE:
You must seek out people who know — and can introduce you — to people who fit your PROFILE. I quickly learned my college buddies didn’t know too many people who looked like the kind of person I wanted to meet and, I hoped, make my clients. So I started to ask other people if they knew anyone who fit my profile. Some did. Some didn’t. But here’s what I learned! Just as I had formed a profile of my ‘ideal prospect’, I was also forming a profile of my ‘ideal SOURCE’.
As soon as I’d find someone who seemed to know people in their network who looked like someone I wanted to meet, I’d note what my source looked like and I built a profile of my ideal source — of people I could approach who’d likely know people who fit my ideal client profile.
Ironically, these two profiles were actually very similar. DUH! Water seeks it’s own level. People of a certain nature do, too. So if you want to find people who are gainfully employed, own a home, are married, have kids, take exotic vacations, etc. then it helps to ask people who look just like that, too.
METHOD:
Knowing WHO you want as a client and WHERE you want to go to ask for help to meet them is worthless . . . unless you have a way to make your Sources produce the names of people who fit your prospect Profile. This is not easy to reduce to a few pithy lines — but I’ll give you a Special Report I wrote on the topic if you ask. just visit: bit.ly/1wOx6j6
That said, the ‘secret’ that caused me to enjoy week after week after week of sales early in my career in the field was to ask my sources — once I verified they knew people who had any of the CVS characteristics in my prospect profile — for an INTRODUCTION — to the people they knew who fit my profile.
I learned that asking for an introduction is far less problematic than asking for a referral to someone. I explain why in my Special Report. But trust me. If you want to meet with qualified individuals who can become your client, seek introductions. If you want to become extremely frustrated with yourself, your contacts and your results . . . seek referrals.
Once your source is willing to introduce you to someone they know, you need a system to do this. And a key part of your system must include a commitment to report back to your source on how their introduction/s turned out for you. Why?
First, it proves to your source that you didn’t destroy their relationship with the person they helped you to meet. Letting your source know that ‘nothing went badly’ when you followed-up with their introductions is so important to your success. It’s also good manners and up-bringing.
Second, it makes going back to that Source a whole lot easier in the future. Trust me, you WILL go back – repeatedly – to any Source who can introduce you to people who can best understand, value, desire and afford to work with you. So why make it more difficult to do that?
PLAN:
The last element in your lean, mean, client-development machine is your plan of WHAT you’ll do and WHEN . . . to generate new opportunities you can convert into clients.
At a minimum, you’ll want to break your activities down into monthly, weekly and daily behavior goals.
To keep this simple, focus on doing the following kinds of activities:
1) approach sources for a meeting,
2) meet with sources,
3) generate introductions,
4) approach introductions,
5) follow-up with Introductions,
6) report back to your sources
In my next post, I’ll explain what EACH of these six (6) key activities imply and how to make them productive parts of a process that helps you ‘Get New Clients’.
POINT:
Building a Practice Means Building and Leveraging Your Network
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Yesterday, I had the pleasure to be invited to do an ‘Ask The Experts’ call with Colleen Ferrary, President of Small Business USA. 
Colleen and her organization are dedicated to helping small business owners access resources that help them succeed.
On our call, we discussed a number of factors that both enable and dis-able the ability of a small business owner or solo-practitioner to be effective in their marketing. I thought it would be timely and useful to share some of the highlights of our call with you, today.
Marketing Means
We began by talking about the role and definition of marketing. While there are various ways to define this essential business growth function, I said I like one that’s fairly simple:
“Marketing is a business function that reflects the decisions you make and actions you take, over time, to increase the quantity and improve the quality of opportunities where a sale can be made”
Marketing effectively, means you’ll be coming into contact with people who can best understand, value, desire and afford the beneficial difference you can create in their life on a predictable and regular basis. And that spells S-U-C-C-E-S-S.
The Challenges You Face
Typically, if you’re a small business owner or sole-practitioner, marketing is a challenge. Why? Because it sucks . . . resources away from other activities in your business where you’d prefer to use them. Notably, there are four (4) factors that limit your ability to market your business, your products and your services as effectively as you’d like:
Time
You have all the time in the world. 24 hours per day. So a lack of time isn’t the problem. OK, what is? Making choices on how to use your time that doesn’t help you your marketing, effectively or efficiently. Too often, I see people who make bad choices on how to invest their time on marketing as well as other areas of their life. Making better choices seems easy enough. Until you realize there is an emotional payoff for the choices we make. Yes, including the ‘bad’ ones. Reframing the importance of marketing can help. But this is a real issue.
Money
Business people often lament, “I can’t afford to spend money on marketing”. Really? Tell me, “Can you really afford not to market your business or practice?” Unless you’re absolutely without a source of funds for marketing, this is not a good mantra. Said often enough, you may actually believe it! My suggestion . . . get in touch with WHY you want to market — the consequential benefits it will produce — and you’ll reframe this issue in a totally different and far more productive way.
Skills
This is probably one of the few legitimate reasons why people don’t market effectively. You need to have an aptitude for marketing. Not everyone does. Maybe not even you. But even if you have it, you need time to invest in learning how to do it effectively. For these two reasons alone, having the requisite skill to do your own marketing isn’t something that’s safe to assume is always likely to happen.
Staff
If you’re a solo-practitioner, you have a number ‘hats’ to wear. For that same reason, you will be most challenged by this factor. You know the meaning of the saying, “If it’s going to be, it’s up to ME!”. Your nemesis is, more than anything, time. More precisely, it’s all the demands you have to do everything you must in the 24 hours a day you have to do it. If you lack the skills to do your marketing, then you’re really in a tough spot to get your marketing done effectively and efficiently. If you lack both time and skill . . . get someone else to do your marketing activities for you . . . or, suffer the consequences.
If you have staff, they may be just as challenged to do your marketing –– for the reasons cited above. First, they must have skills to market your business, products and services. Second, they must have the time — in addition to what you’re already asking them to do — to do marketing on top of everything else. Regardless of what your employees’ challenge may be, something has to give and usually, it’s not something you’ll like.
A Solution You May Like
If you’re a big company with lots of money (a sure-fire way to buy someone else’s TIME!) and staff (some of whom have some aptitude for marketing), then this won’t be of interest to you.
BUT . . . if you’re a time-starved solopreneur or self-employed advisor / planner / professional . . . this may be the best way to do marketing –– for you –– that is not only simple and effective but affordable and sustainable, as well. (How cool is that!)
Say “Hello” to PAM — Personally Assisted Marketing
‘PAM’ is a marketing service that’s designed for you if you lack the time and possibly the skills you need to do your own marketing.
Because PAM is affordable, you don’t need to invest a lot of money to see meaningful and measurable results. In fact, your marketing budget, large or small, is capable of generating a really nice ROI for you . . . in the hands of ‘PAM’.
How It Works
The power of PAM comes from a series of ‘touches’ . . . contacts made with people who are your prospects, clients and centers-of-influence. Most of these are done FOR you . . . by a VMA (Virtual Marketing Assistant) who is assigned to handle your marketing.
We’ve learned the #1 reason smaller firms, consultants and advisors find marketing so frustrating is that they’re trying to do it themselves. Not good!
That’s why you want someone else — your VMA — to do most of the ‘heavy lifting’ your marketing requires. This allows you to respond to marketing that puts people, with a PAIN or a PREFERRAL into contact with you on a regular basis. That is ‘all good’ for your bottom-line!
The Eight (8) Touches PAM Makes For You
Since most of your clients are buying a relationship with you, PAM focuses on creating ‘touches’ that are personally meaningful to the people you’re cultivating for the lifetime value they offer you . . . either in the form of revenues and/or referrals. These include:
Emails
PAM sends these to people who want to hear from you — i.e. 100% opt-in. These emails are short, interesting and can be scanned in no more than 7 seconds. We feature your photo and contact information prominently on each one.
PAM also does all the ‘work’ involved in creating these emails. From researching, writing, releasing and reporting on what your people do after they receive them. All you need to do is invite people to receive them from you. PAM . . . does everything else!
This keeps you top-of-mind with people who can, sooner or later, buy from you or refer you to others who can. They’re also designed to get people to ‘raise their hands’ and let you know they’d like to learn more about specific products or services you offer. Sweet!
Phone Calls
Once a quarter, your VMA will make a ‘courtesy call’ to each person you’re cultivating. The goal for each of these calls is to do three (3) things:
1. remind them that you are thinking about them . . . in a fiduciary way . . . to ensure they’re doing well
2. learn if they have a need that someone (an ‘Expert’) in your network may be able to help them address
3. invite them to request a call or arrange a meeting with you, if they wish, to discuss a matter of importance . . . to them
Do you get a periodic call from the office of your doctor, dentist, accountant, coach, auto mechanic, remodeling contractor, etc. Few do. But the impression it makes — and the perception of ‘preference’ it generates — for you when you do this is . . . ‘priceless’.
Meet ‘N Greet Lunches
One of the best ways to reconnect with people who are ‘key’ to your practice or business — prospects, clients and centers-of-influence — is by breaking bread together. Once or twice a month, PAM arranges for you to meet with 2 – 3 other people you’re actively cultivating.
You have to eat anyway, why not use the opportunity to strengthen relationships, introduce people who know you to one another. In the process, you’ll discover needs and opportunities you can address. Plus, ‘PAM’ takes care of everything — from contacting the restaurant (or, ordering the food to be delivered to you office), inviting and confirming the ‘guests’ and following-up afterwards.
Thinking of You Emails
Periodically, PAM will send a brief email to people you’re cultivating with one or two sentences. Something like, “Dear Mike — I saw this post on Linkedin and thought you’d find it of interest. Hope all’s well with you and yours. Sincerely, Christine”
Sending these thought-full emails to your ‘special’ people on topics you know (and, tell PAM!) are important to them will make YOU far more valuable to them, as well. Guaranteed!
Preferral Exchange Meetings
You know there are certain people in your business circles who have referred people to you in the past and likely would do so again in the future, right? Well, do you plan to reconnect with them on a regular basis? If not, PAM can help make that happen.
Once or twice a month — you choose — PAM will arrange for you to meet with people who are likely to introduce you to new people who are likely to understand, value, desire and afford your problem-solving services. Of course, fair’s fair and this is an excellent opportunity for you to return the favor.
But the bottom-line is that, by doing this consistently and conscientiously, you’ll be regularly generating new people to talk with because of the influence and prestige of someone else who’s already established a ‘trusted advisor’ relationship with them. Kind of makes your work a lot easier, doesn’t it?
Introductions to Your Experts
As PAM connects with your people each month, ‘needs’ will be learned and shared with you. Many of these will not be needs for something you do. But other people you know will be able to help. When that’s the case, PAM will help you make an introduction of your contact and your expert. This tends to delight three (3) people.
Your contact is delighted because you’ve helped them to identify and meet with someone they can trust — because they trust you, yes? Your Expert is delighted because you’ve helped them to meet with a prospective client they might other never have known about. And then there’s you. You now have two (count’m 2!) more people in the world whose opinion of you has gone up a few points. That’s called goodwill. And goodwill turns into more revenues and referrals!
Items-of-Value
Staying-in-touch and top-of-mind with your key people is an important thing to do. And, do regularly. That’s why an item-of-value is so important. This ‘touch’ needn’t be expensive. But, it must be thoughtful. It’s a tangible experience that reminds someone you’re cultivating that, “You’re important to me”.
These items are usually very simple, inexpensive and have a high utility value. One of the more creative clients we’ve had the privilege to work with uses a solid milk-chocolate bar that shows their practice’s name and logo. It doesn’t last long (DUH!), but the feeling it creates for our client and their firm is . . . priceless!
Handwritten Notes
Each month, PAM will remind you of certain individuals who should receive a handwritten note from you. These are (mercifully) brief. Why? It’s not the message you write. It’s the message you’re sending to someone you’re cultivating — “You’re important to me”.
The reason notes work so well is that in a high-tech world where it’s so easy to ‘like’ someone’s page on Facebook or ‘follow’ someone on Twitter, you have to give your personal attention and time to write a note and (snail) mail it to someone. What your effort communicates, more than any words you may write on the card, is that the recipient is someone you regard, respect and value. Get your people feeling that feeling on a regular basis and you won’t worry about any alleged competitors!
The Power of PAM: Synergy
As good as each of these ‘touches’ may be, the real power of the PAM service doesn’t come from using any one of them. It comes from the synergy of combining all of them into a coherent and coordinated plan of action that is carried out consistently and diligently.
Your PAM plan is uniquely tailored to your needs and resources
For example, you may not want to have two Meet ‘N Greet lunches every month. OK, just do one. Or, you prefer your item of value to be a white paper — rather than a keychain calculator. That’s fine. You have a lot of latitude and options.
Regardless of your choices, just be sure the type and frequency of the PAM ‘touches’ your plan calls for are done consistently. That’s why we assign a Virtual Marketing Assistant to you . . . to help you make sure your marketing activities happen “according to plan”.
POINT:
Don’t Let Limiting Factors Hold Back Your Marketing and Your Success! Get PAM working . . . for you!
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Learn More About PAM — Personally Assisted Marketing
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“How can I convince a prospective client that I’m better than other advisors in my field?” That’s a great question. One I get asked a lot. OK, here’s an insight for you . . .
Prospects decide to work with you — as their advisor — the same way they decide to buy a book. But before they buy the book, they ‘buy’ the book’s cover. Consider the following scenario:
You’re in a bookstore. You find two books on a topic you’re interested in. You want to buy one book, not two. Question: “How do you choose which book to buy?”
Do you read both books before you decide which one to buy? No. That’s not practical. So what does help you choose one book over another? Short answer? It’s the book’s cover!
Specifically, it’s the experience a cover offers you that helps you choose one book over the other.
If it’s sufficiently appealing, you’ll probably buy the book. If not, you’ll put it back on the shelf. That’s the very same process prospects use to decide to work with you . . . or, your competitor.
The Impression You Make is Key to Your Success with Prospects
Let’s be candid. Financial planning is an overcrowded and highly competitive field. Next to encountering a few ‘coaches’, attending any social event means you’ll find more than a couple of ‘financial advisors’. And we both know that’s being conservative.
Your Challenge: Standing Out . . . from Your Competitors
To people who are not in the financial planning field, every planner looks like all the rest.
At a minimum, you call yourself by a common term — ‘financial planner’. You probably have letters after your name on your business card — CFP, CLU, ChFC, etc.. You’re licensed by the various financial regulatory agencies, you hold membership in your professional associations locally and nationally and you have awards and accolades from your company or broker-dealer. So do all the other planners!
There’s really very little ‘difference’ between you and your competitors . . . as Joe or Jane Public perceives things.
So here’s the problem: You may be no worse than your competition. But, you’re also not seen as being any better than they are, either. Not good. For you!
What you SAY and DO . . . Differentiates You
Some years ago a major accounting firm hired the ‘father’ of modern differentiation — Ted Levitt, Professor Emeritus of the prestigious Harvard Business School. They asked him, “Tell us how to ‘differentiate’ our audit services from the audit services our competitors are offering”. Winning an audit contract with a major company — think Boeing, Apple, Google, etc. could bring in millions of dollars in fees — to the accounting firm that’s chosen to do the audit.
Levitt knew that to ‘stand out’, something must possess two qualities. First, it must be unique. In a me-too world, you won’t be noticed unless you’re different. Think of Waldo. He doesn’t stand out so it’s hard to find him, right? Second, it must also be beneficial. Something must offer a legitimate benefit — as the target audience defines ‘value’.
The problem is it’s not easy to sustainably differentiate a professional service –– like you offer.
If your offering is beneficial, competitors will copy you and you won’t be unique for long.
If your offering is unique and competitors aren’t copying you, maybe there’s really no benefit.
There’s your dilemma. Finding a way to sustain a ‘competitive edge’ . . . a point of differentiation for you . . . over time . . . is a very real challenge. It’s why you feel like Waldo more than you like!
The Secret To ‘Standing Out’ and ‘Kicking Your Competitors Butts’
Good News! Professor Levitt’s first requirement . . . being unique . . . is actually easy . . . for you. Last time I looked, there was no one else on Earth who is just like you. Heck, even your mother told you that, right? Listen to your mother! She’s right. You are totally and perfectly unique.
As for being beneficial, here’s how you address that issue. Manage your behavior! Why? Because there’s a direct connection between:
1. what you SAY and what you DO in front of a prospective client
2. how they perceive you as a preferred provider of financial expertise, advice and products
3. whether they’ll choose you (or, your competitor!) . . . when the ‘beauty contest’ is over
I use a simple graphic with my clients to illustrate how this works . . .
It all begins with / depends on your behavior.
Everything (EVERY Thing) you do and say — i. e. your behavior — creates an experience for your prospective client.
In social psychology, it’s well-known that your perception of someone reflects the cumulative effect of the behavioral impressions they offer you.
If I’m always late or always have a messy room, you tend to perceive me as undisciplined, uncaring, disorganized, lazy, etc. That may not be true. But because that’s your subjective perception of me, that’s your reality of me and you’ll tend to behave accordingly toward me.
Pulling It All Together
OK, so how do you use these insights to help your prospective clients perceive you as the advisor they’d prefer to work with . . . assuming they’re ready to do so . . . and all other things are ‘essentially equal’?
First, learn what your ideal client wants to find in an advisor
Leavitt learned audit clients really didn’t care about the audit. It was a necessary evil — like undergoing a colonoscopy after age 50. What they really wanted / cared about was to work with a ‘business advisor‘ whose firm could also do their audit.
AHA! It was never about the audit, it was always about the relationship the client wanted!
The best way to learn what your prospects want in an advisor is simple. Ask your best clients this question:
“Why did you choose ME . . . over other planners you were aware of / considering using?”
You may hear: “You knew about . . . “, “You were thorough”, You listened well”, “You made me feel comfortable”, etc. These are perceptions . . . of you . . . expected by your prospects.
Once you learn the answer to the question, “Why me?”. . . you’ll know what your prospects are looking for in an advisor in your field. Then, I urge you to identify the ‘Top 3’ most commonly cited answers you hear.
When you know what makes you a preferred provider, you can create the experience (of you) prospects will use to decide if you’re the advisor they want. Yes, it’s an Open Book Test!
RULE:
“3 Behavioral Impressions –––> 1 Subjective Perception”
It takes 3 behavioral impressions to cement a single perception (AKA ‘truth’ or ‘reality) about you with a prospect. If you create 3 behavioral impressions for each of the Top 3 perceptions that educators want in their financial advisor and, all things being equal, you’ll have a decided edge over any alleged competitor! See? Amazingly simple.
Second, choose what you must SAY and DO to validate the Top 3 perceptions clients want
Your current clients were once your prospects. They were looking for someone they could feel comfortable trusting to help them manage their financial affairs. Behaving like what your clients wanted from you is the key to presenting your ‘best side’ to prospects in the future.
For example, let’s say you work with educators. Your best clients told you, “We chose you because you seemed to know a lot about teachers” If so, you may want to communicate your expertise by asking a question or sharing an insight. e.g. “Many of the teachers I work with are not aware of what their maximum contribution to a tax-deferred annuity program is for this year. Have you determined what you’re allowed to contribute and are you planning to take full advantage of that amount?”
That’s one (1) behavioral impression! If you make three (3) similar behavioral impressions during an initial meeting with a prospective educator client, they’ll form the perception that you’re someone who . . . specializes in working with educators!
Repeat that process with the #2 and #3 perceptions educators use to choose . . . their financial advisor . . . and you’ll end up not only standing out in your initial meetings, you’ll end up converting more prospects into clients, too.
POINT:
People buy books by their covers and advisors / planners by their behaviors!
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Here’s a dirty little secret hiding in plain sight . . . everyone can’t (or, won’t) connect you to people in their circles who can buy what you do and/or refer you to others who can.
I know. It’s not easy to accept, is it? After all, you want to believe that everyone and anyone not only CAN help you connect with qualified prospects, but they WILL do so. Happily and readily.
RINGGG!! RINGGG!! Wake- up call! That’s not the way it is.
The Right Person Makes Referrals More Likely!
When you take the time and make the effort to identify, approach and gain the commitment of the right kind of person, you will see a number of benefits:
1. You’ll generate more introductions and receive better referrals
2. You’ll grow your base of connections quickly and easily
3. You’ll meet quality people who don’t waste your time
4. You’ll enjoy a consistent flow of introductions and referrals
5. You’ll close business sooner rather than later
I could on (and, on) but I think you get the basic idea. Having the right kind of person to work with will help you generate more business, more quickly and far more easily than if you don’t. It’s that simple.
Want To Meet More People, By Referral?
One key to generating more referrals than you can handle (a problem you’d love to have, right!) is to work ONLY with people and partners who can help you make your goal of working primarily by referral . . . a reality.
This means you must seek introductions and referrals ONLY from someone who:
1. Respects you, professionally
2. Knows the kind of people you want to meet (i.e. fit your Preferral Profile)
3. Has potency with the people you want to meet from their network
4. Will introduce you to these people — if approached properly
In addition, the kind of person you want as a Connection or Preferral Partner must also:
5. Offer a complementary, non-competitive service to the same target market/s you are
6. Be able to receive introductions to people you know who fit their Preferral Profile
7. Be actively seeking to grow their practice . . . i.e. they’re not ‘gliding into retirement’
Of course, the absolutely-you-can’t-do-jack-without-it factor is :::drum roll::: TRUST.
Without trust, no one will introduce or refer you to their contacts because the RISK of losing their Relationship Capital is simply too great. So whatever else you do, establish trust, first.
POINT:
Knowing who to avoid, makes it easier to identify people who can help you generate referrals
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Apple Computers and I Have a Relationship
I’m a big fan(atic) of Apple computers. I bought my first Mac — a little 128K model while working on a project as a consultant at LIMRA — in 1984. I finished the project so far ahead of schedule that I got a ‘bonus’ check. That check paid for my new ‘personal’ computer. I was hooked on Apple. Our ‘relationship’ has stood the test of some 30 years. Apple computers and I are a ‘thing’.
Recently, Apple rolled out it’s latest operating system version called ‘Yosemite’. It reflected a number of changes from prior O/S offerings. Some were very substantial. Many were, as expected, pretty cool.
One of the applications that comes with an Apple iOS is called, ‘Keynote’. This is Apple’s answer to PowerPoint. And, while both are good. I prefer to use Keynote. It’s elegance (and, my skill at using it) makes it my presentation software of choice.
Keynote . . . is a ‘Consequential Damage’ of Yosemite
Unfortunately, the new Keynote / Yosemite pairing has resulted in a major problem. For me.
Keynote’s got a bug that Apple created with the launch of its Yosemite operating system. Even worse, Apple seems unable and/or insouciant to address this problem.
I used to create Keynote ‘slideshows’, added audio (voice narration) and mixed both into an MP4 (movie) file I could upload, distribute, etc. NO MORE! Now, audio / voice-over recordings are mysteriously ‘dropped’ from an MP4 after about 45 seconds. WTH?
“Apple . . . We Have a Problem”
I called Apple’s tech people. They’re pretty top-notch in my experience. Unfortunately, I was told by the tech person I spoke with that the “dropped audio in Keynote” is a problem that Apple knew would happen, knows is happening and . . . is (currently) doing nothing to correct it. Seriously?
This is a big issue as it means a lot of time and effort will be required to produce a similar result — using non-Apple software I might add! This cuts into my profit-ability and adds a ‘hassle’ factor that’s growing by the moment.
I don’t know which is worse. Apple’s knowingly making changes that compromise what loyal fans have come to count on from their relationship with Apple, or . . . Apple’s apparent dismissal of client concerns once they’re voiced. Either way, it’s not going to build trust between Apple and it’s community of fans. Quite the opposite.
Without the ability to do what has been done for many years, life is changing. And, not for the better. Thank you, Apple, Inc. I wonder what Steve Jobs would have to say about this egregious insult to the long-standing expectations of loyal fans . . . like me?
What’s Important to Learn From All This
Any relationship of value . . . and I believe a ‘client’ relationship qualifies for this . . . must be regarded as a fiduciary relationship. If you’re holding yourself out as a ‘trusted’ advisor, it means you’re worthy of your client’s trust, right?
The problem is, ‘trust’ is a fragile thing. It’s a challenge to establish it with a new relationship. It’s also a challenge to maintain it once you have it with an existing relationship. Trust . . . is the ‘glue’ that binds a client to you and you to a client. But like any bond, it can be broken. To the detriment of all parties involved.
POINT:
Trust . . . is hard to earn, and so easy to lose. Work hard to get it. Even harder to keep it!
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What’s Your TRUST FACTOR?
People who know and like you are likely to trust you. Trust is evidence you have relationships that allow access to the contact networks of others and that allows you to generate referrals for your business. And, as you know, more referrals = more revenues, profits and owner equity.
Why is TRUST Important?
To build business, you want referrals. The more people who allow you to leverage their TRUST of you, through their endorsement of you to their network contacts, the more referrals you’ll see from it.
Why Relationships Matter
Consider this . . . the average person has a contact network or sphere of influence with 200 people — more or less. So building a solid relationship with people whose contacts are most likely to 1) understand, 2) value, 3) desire and 4) afford what you do, the more opportunities for referrals you’ll be generating.
Strategic Alliances
One of the types of relationships you’ll want to establish and maintain is with someone who satisfies the following characteristics:
1. they are highly regarded and trusted by people in their contact network
2. they know or have clients who look like your ‘best clients,
3. they know, like and trust you . . . i.e. ‘raving fan’ material, and,
4. they are willing to introduce you to select members of their network
If you will build a strong relationship with 25 people who serve the same kind of client as you do — with complementary vs. competitive services or products — then you should be seeing both referrals (inbound leads from receptive individuals) and Preferrals (outbound introductions to qualified individuals).
The numbers of Reality
Let’s say you have 25 Strategic Alliances. On a quarterly basis, that means you could be meeting (I prefer lunch) with 2 of your alliances each week. Now, because they already know, like and trust you AND you’ve been able to give as well as receive . . . they’re coming to lunch with the full understanding that this is a time to exchange introductions to people in their network who share characteristics in common with people who are your ‘Ideal Client’ and you’re coming to lunch to do the same thing for them.
Assume you manage to collect, on average, 5 names of people who may, sooner or later, be likely to need the services (and, outcomes!) you offer. That’s ten (10) preferred introductions (Preferrals) a week . . . 40 or so a month. So what happens when you follow up?
Roughly 1/3 will say something that means there’s no future — e.g. “Oh, did I tell you my wife is a CPA and does all our tax work?”. See, it’s over before it gets going.
Another 1/3 will express interest in what you do but have no current need for it. If they invite you to ‘stay in touch’, you have a ‘future opportunity’ you can cultivate, over time, until one of either ‘coughs up’ or ‘gives up’.
Finally, 1/3 will be interested and receptive to some kind of immediate ‘next step’ . . . a meeting to get better acquainted, an agreement to take your online survey and schedule a debriefing call or meeting, etc.
The REAL Payoff — “Life Gets Much Better!”
Over time, as you build up your database of people who share characteristics in common with your best clients, and they invite you to keep-in-touch so you can stay-in-mind should they or someone they know ever need the service/s you provide, roughly 1/3 of the people you’re cultivating . . . will come ‘up’ each month . . . for a recall to requalify to remain in your Client Cultivation System, or ‘CCS’
Say you have just 240 qualified prospects in your CCS. That means that about 80 people are due, each month, for a ‘touch base’ call. Now, because they already know you, it’s not a ‘cold call’. As they’ve invited you to stay in touch, it’s a call with ‘permission’ — so you’re not intruding. And, assuming they were qualified to be cultivated in the first place, with each subsequent call, they (or, someone they know!) are getting closer to the time when they’ll need someone who does what you do.
It’s called ‘CULTIVATION’ for a reason — just as a farmer keeps the weeds away, the insects at bay and makes the water plentiful, so too must you, as a service provider, offer the ‘gentle care and feeding’ of the relationship known as ‘client’. And if someone is not (yet) your client, keeping-in-touch on a regular basis and in a client-centric manner is one of the best ways to ‘harvest’ the seeds of success you’ve planted in the past. It’s also a proven strategy to both differentiate yourself from others in your field, and build up client loyalty to you and your brand.
POINT:
Relationships matter. Cultivating relationships for both current and future revenue opportunities is a wise strategy to make your business or practice generate clients (and, the revenues they suggest!) consistently and efficiently.
BILL DOERR, CCO
860-798-6964