Your client acquisition strategy is the lifeline of your business.
In a survey we conducted with over 5,000 consultants, entrepreneurs and financial advisors, the number one challenge was getting enough qualified leads in their funnel. The most commonly missed element of their marketing plan was an effective client acquisition strategy.
In our research of superstars who demonstrated revenue increases up to 775%, referral increases up to 1075% & assets under management increases up to $80 million, in PMA360.com (our Performance Mastermind Academy), the most obvious commonality was an effective financial advisor prospecting process.
Both studies prove that an effective business development process is critical to your success.
While there is not a ‘one size fits all’ for finding new clients, the secret of success is a strategy that produces a consistent stream of ideal clients to your business.
#1. Identify Your Ideal Prospect.
The first step to an effective client acquisition strategy requires that you identify the niche market you want to serve as well as specific details of your ideal client. Ask any professional who isn’t clear on their ideal client and I guarantee they are not operating at their potential.
Identifying your ideal client is critical because it is difficult (if not impossible) to create a flow of qualified prospects if you don’t know who you are targeting. Successful financial advisors, entrepreneurs and consultants are crystal clear on their ideal prospect and understand the world is not their market.
#2. Ask, Ask, Ask.
Prospects having motivating factors that get them to take action to solve their challenges, needs or desires. By taking the time to identify your prospects motivating factor, your acquisition of customers becomes much easier and quicker.
Too often advisors share that they began a new acquisition strategy because “someone recommended it” or they “thought their clients and prospects would like it.” When asked if they confirmed this with their ideal prospect and clients, the majority respond, “No.”
Successful financial advisors, entrepreneurs and business owners don’t assume. They ask probing questions designed to discover their prospects motivations. They take the time to ask their clients, prospects, centers of influence and reciprocal referral partners everything they can in an effort to better serve and understand their expectations. This includes what they want, how they want it, what they worry about, how they spend their time, what they read, where they travel, etc. By asking before acting, you attract and retain your clients. You also ensure each dollar you spend on client development & acquisition is the best use of your money!
Access insight on our research process & questionnaire, here: PMA360 Resources
#3. Determine the Strategies.
There are a variety of lead generation strategies that can create an overflowing funnel of ideal prospects. When you ask your ideal clients what they want, they will tell you. This provides you insight on what you need to do to attract more ideal clients and prospects. By asking specific, open-ended questions and listening, you will dramatically increase your results.
Too often, prospecting strategies are not ideal for attracting your preferred client.
The prospecting methods you incorporate for prospecting and client onboarding need to resonate with both your personality as well as your ideal client. This makes prospecting fun and easy! The days of cold calling people who have no interest in your services are gone as are the days of chasing new prospects.
Related: The Secret to Getting Ideal Clients
The most effective lead generation strategies are warm connector methods that focus on relationships and client attraction. Connector methods are important because when clients come to you, they are more open to your ideas and solutions and less concerned about price. Warm connector methods are also important because people do business with people they know, like and trust.
Becoming the authority in your field is another excellent business development strategy. The authority technique falls in the expert category. Other expert techniques include presentations, public relations, publications and social networking.
#4. Don’t Forget the Follow-Up.
One of the most effective and overlooked elements of your business development strategy is follow-up. While it sounds simplistic, most professionals fail at follow-up. Creating a quarterly or annual follow-up calendar helps to ensure you don’t lose site of follow-up.
#5. Execute.
One of the most critical and overlooked insights to successfully acquiring new affluent clients is the consistent execution of your marketing plan. Too often advisors create a great plan, begin working it and as soon as they get results, stop. Not surprisingly, the results they were achieving rapidly diminish.
This article originally appeared on PMA360.com .