Many advisors/agents have asked themselves these questions but they are doing nothing about it. Maybe they are following the same old process, or no process at all. The world is changing, and we need to adapt.
I think the best way to build a client base is to have a proven process. Through a lot of trial and tribulation, I have developed a 7 step process that can be adapted and can be used to grow your business. While I have used this in an advisory practice it can be used in any practice or business.
The following briefly illustrates each step:
The 7 Step Client Acquisition Process:
1. Initial Contact- The key to the initial contact is to "Create the Puzzle Picture" for maximum results. You want to make sure that you have an effective way to explain your message and help the prospect see why they should want to listen.
2. Needs Assessment- Finding the need and filling it is an important step in the process because without it you are no different than any other financial advisor who is calling. You must show your value by uncovering problems and presenting solutions. This is about identifying the different puzzle pieces and creating a picture in your mind of how those pieces will fit together.
3. Setting and Reconfirming the Appointment-Setting the appointment comes down to simply asking for the order. Prospects are notorious for setting an appointment and not showing up! You need to on the first call identify the puzzle pieces and how you can help them, then in confirming and follow-up bring them back to those puzzle pieces, and that you can put them together.
4. The 1st Appointment- Now that you have the first appointment it is crucial to make a good connection with the prospect. People tend to work with people they like, and people tend to like people who are like them.
5. Book the next Appointment- Always book the next appointment, before you end the appointment. Have a set confirmation process like in #3 and connect the puzzle pieces and the solutions you have described.
6.The next Appointment- If you have made it this far, it is time to
close the prospect. And get referrals. Most advisors think that closing the sale ends with the second appointment but they are missing a very important step which is continuing the prospecting process by asking for referrals.
7. Client Servicing-Client Servicing can make or break your
business. It is easier to keep a client than get new clients, so need to have a service system to keep people involved.
You do need to use a CRM and keep track of everyone, but this is part of the process.