How do we turn the 80/20 rule into the 20/200 rule? How do we take the top 20 percent of your client base and allow them to create 200 percent more revenue? Follow these three proven steps:
Step 1: Know your 20 percent.
Find out where the majority of your revenue is derived from. If this is your first time segmenting "A" clients, 20 percent in number, 80 percent in revenue; "B" clients, 30 percent in number, 15 percent in revenue; and "C" clients, 50 percent in number, 5 percent in revenue, you'll be amazed. If you've already done it, take a couple of minutes to review it.
Step 2: Know who they know
This step helps determine if you're serious about "client cloning." Now that you've compiled a list of clients to duplicate, begin researching who they know. Chances are you're already aware of a few connections. If you're still searching, try two other methods. Do you currently maintain a profile on LinkedIn? If not, begin today. Via LinkedIn, search for your top clients and extend an invitation to connect. Once linked, view their other connections to identify others they engage with.
If all else fails, spend time with some of your "A" clients over a meal and tell them you want to know them better. Ask a lot of open-ended questions about the potential introduction sources and become a better advisor to them in the process.
Step 3: Know how to ask
If you don't already have an "asking for advice" and "asking for introductions" script, contact me. A report titled "The 20/200 rule" has all scripts, plans and instructions in a reproducible format. Use mine or script your own words and use them. These words are your final key to success in this plan.
Sign up for The Lead and get a new tip in your inbox every day!
- A day in the life: father-daughter financial superheroes
- 5 scripts for countering the 'I need to think about it' objection
- The 100 best marketing ideas
Matt Neuman, "The Advisor's Advisor," is a leading authority with many of the industry's premier carriers. Contact him at firstname.lastname@example.org.