There are five major steps that advisors can take to help them create an unlimited flow of quality prospects. Not only will these skills help them eliminate cold calling forever, but they'll be meeting high-level prospects in exactly the way those prospects want to be met: through a referral from someone else they already trust.
The steps are as follows:
1. Adopt a referral mindset. I believe you must embrace referrals as the best way to build your business. Referrals are not just something nice that happens every now and then. They are the primary part of your overall marketing and growth plan.
2. Enhance your "referability." You must be good at what you do; you must be good at your relationships with your clients. To be referable, you must create a "Wow!" experience.
3. Prospect for referrals. I believe you must be proactive in making referrals happen to obtain the clients you want. You do this by "planting seeds" and knowing how to ask for referrals in an effective way. You must also create a profile of your ideal client so you know who fits your business and who doesn't.
4. Network strategically. Not all of your referrals will come from clients. However, "networking" is an overused term and often does not lead to the results people want because, in my opinion, it is not approached strategically. Networking in a strategic manner is more effective because you are targeted in your approach. Every advisor should have 10 to 20 high-level referral alliances who send them a steady flow of great prospects.
5. Target niche markets. I cannot overemphasize the power of working within a niche to build your reputation and attract clients. You bring more value to your clients, so your requests for referrals are more targeted and more effective.
Adopting and working on the above five skills will go a long way to helping you meet the people you want to meet the way they want to be met.
Excerpted with permission from "The One Thing ... You Need to Do as Told by the Financial Advisory Institute's Top Coaches, Consultants & Industry Leaders" by "D" Shannon and David Drucker, a compilation of industry experts' advice. Tip written by Bill Cates, president of Referral Coach International. For more information on "The One Thing..." visit www.jatoforadvisors.com or www.onethingforadvisors.com.
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