What do people think about you and your company? They used to drive by your building to “check you out.” That is no longer the case. Now, they check you out by going online. What do they see?
Check out this recent Coaching Call I did to help my advisor coaching clients really shine online.
Before I tell you what “this” is, let me say that we all know we should be good at it… but very, very few of us are. Why? Because we have been given horrible advice on how to do it well. Thousands of articles have been written about it over the last 25 years… all of them garbage.
But… there is now a way to finally make “this” work.
So, what is “this”? It is referrals… and here’s why they don’t work based on the advice you’ve received and articles you’ve read. We’ve been told to ask for referrals based on 2 criteria, both HORRIBLE:
We know these things deep down in our gut, which is way many of us don’t ask for referrals as often as we should.
However, 7 years ago I created a referral system that has averaged a 50% success rate. So, if you ask 10 people for referrals, you could expect 5 referrals. How do you like them apples?
Here’s the setup and the script I give the advisors that work with me at 5Q Group…
So, why does this work… because instead of asking them to help YOU… or their friend, neighbor or relative… you are asking them to help THEMSELVES! Yes, a referral would help you and their friend. But, in addition (and it’s a BIG addition)…they are helping themselves by avoiding having to help their mom, friend or neighbor that relies on them, because you are going to help prevent all those problems!
What you need to do is find those problems that you can fix… that DON’T involve selling products, because this does not work by selling products. You have to find some problems you can fix with simple solutions that do NOT involve products or selling something. This creates a referral that makes your client feel much safer about making the referral because you are not going to be out slinging products, but instead, providing solutions to the person they referred.
What are those problems? It depends on your niche market. If you are having trouble figuring out what those things are, brainstorm with your colleagues, your coaches and your marketers to zero in on those value added… hassle saving solutions, you can provide to the client base you focus on. Then, watch your business grow because research says that referrals are 4 times more likely to invest with you, than a typical prospect.
How many of your prospects would like to know how to pay less than 1% tax on their investment income? So, instead of paying 12%, 22%, 24%, 32%, 35% or 37% on their returns and interest… paying just 1%. Do you think that would get people asking, “Hey! How do you do that?” It’s a technique that you know… but probably haven’t thought about in a while. You can find out how to do it in this short 2-page document, courtesy of 5Q Group.
You can use this Unique Selling Proposition EVERYWHERE to get people talking to you.
You’ll see in the explanation that it works for all non-qualified investments. The big comment I get from advisors is, “But Mike, most of my clients’ money is in qualified accounts.”
Yep, but remember, this USP is about bringing something new to your clients and prospects… getting new conversations going… finding new non-qualified money… and guess what all this leads to? Their big retirement accounts.
Most retirees fall into the category of Boomer. A lot of research has been done on how to catch a Boomer’s attention. It ends up, it’s music. Not actual music, but lyrics that bring them right back to their youth. You need to work the “catch phrase” from the song into your headline (a few examples below). It reminds them of the excitement of meeting their partner… the great times they had with their best friends… or a life changing event.
Think about a song from your formative years… I bet you know EXACTLY where you were when you first heard it.
Here are some ideas:
You get the idea! Now rip off one of these or come up with your own to finally get the retirees in your area paying attention to your marketing!
New sales research from this year gives us a window into what clients want from us.
69% – Want us to listen to their needs
61% – Tell us NOT to be pushy
61% – Want us to provide relevant information
I think we all know how to incorporate these things into our sales process, but how do you use these things clients want in your marketing?
First and foremost, if you want to have a successful marketing campaign you must know your target market, backwards and forwards. You need to know EXACTLY what the need, but more importantly… what they desire. How do you find out? Well, most importantly, listen to your own clients and prospects. Then, conduct your own research… or find other research that has already done it for you.
“Don’t be pushy” and “Give me Relevant Information” go hand-in-hand, when it comes to marketing. If you want to be believed in the skeptical world we live in today… you must first give valuable information that people can use even before they meet with you. They will NOT respond to promises of help… you must GIVE them help first… then your additional promises of help will hold more water.
Your website, Facebook page and LinkedIn are the modern equivalent of your brick-and-mortar store front. What do your clients and prospective clients see when they research you online?
And how are you using social media to grow your reputation and find new clients?
I found an excellent article that will help you leverage at least one part of the Social Media puzzle. HubSpot has a great article on How to Optimize Your LinkedIn Profile for Sales.
LOHAS is the acronym that stands for Lifestyle of Health and Sustainability. It is represented by 26 million Boomers in the U.S. These people are concerned about personal health and the well-being of both themselves and the environment.
These people have money and opinions. They make things happen. They have a much greater influence on the direction of their peers and the marketplace, than the typical retiree. If you learn how to market to these people, you will be getting in front of people with money to invest and the ability to help you grow your practice through referrals.
How do you market to them? There is no one-size-fits-all… but you could focus your expertise on Socially Responsible Investing (SRI) and Environmental, Social, and Governance (ESG) investing.
Or you could appeal to their lifestyle tendencies by having an ad with an exuberant older couple on motorcycles with the headline, “Because you’ve waited long enough.” This is an ambiguous headline, but Boomers could read in their own experience and desires (and let’s face it… entitlement) into the ad.
An ad of this type taps into the Boomer’s desire to live life to the fullest… and not wait until it is too late. It calls for an awakening… enjoy that retirement now!
How old are people with the most money? Yeah, 50 and up. If you have been paying attention to the fitness industry, they get it. There is more and more attention being paid by the fitness industry to those 50 and up.
Why not capitalize on this? What happened to the fitness industry during 2020 and the Covid19 crisis? It basically shut down. Where is it now? Has everybody returned to the gym? Are their membership rolls as big and healthy as they once were? A resounding no!
Why not approach local gyms and offer to team up for mini symposiums at their facilities? A physical AND financial fitness check designed to cater to seniors? You speak for a half hour… the fitness expert speaks for an hour. You can both have booths set up with helpful information.
Also, you have a built-in list! Their clients! They can mail their client and prospect list saving you marketing dollars. So, what are you waiting for? Exercise that finger and start calling those gyms!
Research and surveys show some interesting statistics when it comes to how salespeople spend their time during the workday:
33% Talking to clients
21% Writing emails
17% Entering data
17% Prospecting and marketing
12% Conducting internal meetings
This is for salespeople in all industries and not just for financial salespeople, but you get the drift. Where should all your time be spent? 95% of your time should be spent in just two of the categories above… Talking to clients… and finding new ones, that is, marketing.
But Mike! I have to do all those other things to make my business run. YOU don’t have to do them. Train somebody to do them for you. When I was in personal production making $1.5 million a year… I spent exactly 2 hours a week creating proposals… the rest of the time I was meeting clients or finding new clients to bring on. I didn’t help clients fill out paperwork. I didn’t maintain compliance records. I didn’t write emails. Though, I did have a 10-minute daily internal meeting with my assistant… that meeting was specifically designed to offload all the other daily tasks to staff.
I had 2 wonderful staff that handled EVERYTHING else. I paid them well, but it was only because of them that I could make the money I did. How are you spending your day?
One of the most fruitful tasks I give to my coaching clients is to have them keep an hourly record of what they do each hour of the day… for an entire week. 100% of advisors that I have done this with are flabbergasted at how little “work” they actually do each week. The best of them, was only spending 50% of their time constructively… most were much lower than that.
Are you brave enough to try this exercise for a week? If you are, count on your income going up.
Where do the biggest cases come from? I’m talking about the five, ten or even 20-million-dollar cases. From a small businessperson that sells their business or retires. AND, these are the easiest sales when you can find them.
But, finding them is difficult because generally the first time you hear a business is selling… is AFTER it is sold. That’s too late. That’s why I’m offering a guide on how to find them (see the link at bottom of this article).
But first, why are they the easiest sale? While a small business is operating, the owner will spend almost all their time running the business. It IS their investment, so they don’t spend a lot of time or money investing outside the business. Thus, when they sell, a couple of things happen.
First, they have a pile of cash, millions of dollars, way more than they’ve ever seen in their life. And they are nervous about what to do with it. Second, they don’t have a lot of experience in investing because their business has been their investment up to this point.
So, they are extremely easy clients to bring on… if they trust you.
That’s why 5Q Group is offering this free guide to you. Download the guide that will show you 1) How to find the businesses that are being sold… and
2) How to get them to trust you.
