Let’s be honest, prospecting is draining. Cold calling, chasing leads that ghost you, and resorting to the “spray and pray” approach isn’t exactly what most people look forward to. The good news is that finding new business doesn’t have to feel like a mission. Having a structured approach can make prospecting a lot easier and even a little fun. How else do reps get new clients cold and keep it exciting?
Lead with value, not a pitch
My good friend and a former top 1% advisor, Derrick Kinney, says to stand out to high net worth prospects you have to address a problem they quickly relate with. “If you want to make it rain, connect with pain” – his words, not mine.
Competition is fierce in today’s world and being sold by a sleazy salesman isn’t a good feeling. Ditch the five-step planning processes and essays on life hacks and shortcuts. You get the idea, don’t go for the immediate close. Build trust that goes around in mutual circles because the reality is, you’re no different than the rep that bothered them during lunch yesterday. A short “did you know” post on LinkedIn can bear better fruit.
Narrow down your audience
Saying “I work with anyone who wants to grow their wealth” is a great way to blend into the noise. Pick a lane. Attorneys, pilots, fitness models, the underserved food truck owners around NYC. Whoever it is, own it and tailor your messages like you’re really talking to them.
Avoid the one size fits all approach. As my 7’11” friend said when I gave him some 401GO socks, one size fits all “has to be the biggest lie.”
Go where clients go
Being smart about positioning yourself using a multi-touch approach will go far. A little bit of online presence, some handwritten cards and a follow-up call is all it takes to get someone’s attention.
With that said, be strategic—join groups on social media, research their business and extract what may be a pain point given geography or using your expert knowledge. And of course, get creative using polls and surveys to gather info on your audience. It doesn’t hurt to ask your LinkedIn influencer buddy for an endorsement. Repost, tag, get in front of the right set of eyes. Co-host a webinar and reengage this crowd (more on this below).
Ask for intros, not referrals
This goes back to value. It’s extremely helpful when identifying a common issue among a group that you can address and solve. Filling a void or taking professional care can help you win your next big client.
Social groups can be a great channel to look for mutuals and a point for you to ask, “who can I help?” Collect info, send Starbucks gift cards and invite a dozen folks for your first webinar. Once you’ve got some attendees, now it’s time to send a “thank you and invite a friend” note… with another Starbucks gift card, of course.
Relevant initiatives by type of audience
This sounds obvious, but the industry has changed. People aren’t receptive to the old school approach anymore (the reason for this blog post in the first place). Remember, sending cold emails to a food cart owner may not be the best way. But if you are sending emails to an audience, track them. The same goes for webinars and lunch and learn events.
Hone in on what’s working well for a specific group and double down with follow-up (folks did surprisingly well in the 1980s without a CRM). It comes down to tracking what’s working and ditching what isn’t.
It’s not about you, it’s about them
Look, I’m not a fan of talking about the later years in someone’s life. But I was quick to figure out that it’s not about how I see things, rather where the world is headed with a huge emphasis on retirement planning. In the same fashion, prospecting isn’t easy but it also isn’t about convincing your audience to hire you. It’s about finding people that like your approach first, demeanor second and timely check-ins which makes them realize you’re the missing piece to their financial life.
Notice how I didn’t say find the next big thing? They’re buying the investment advisor, not the investment.
How do you break the ice for cold prospects? Let’s chat.
