The Elements

By Ironstone   |   April 5, 2012

Learn How To Write A Prospecting Plan For Your Firm

Categories: Blog, Business Development, Prospecting

To accomplish overall marketing goals, many advisor firms need to include a plan for prospecting that includes the strategies and tactics to reach their desired results.  In our blog, “Learn The Fundamentals Needed For Your Marketing Plan”   http://aeschlapia.wordpress.com/2012/03/22/learn-the-fundamentals-needed-for-your-marketing-plan/    we reviewed critical steps to include in your plan, which are the same for your prospecting plan.

How do successful firms prospect?  Top financial advisors have one common denominator– a financial advisor marketing and follow-up strategy.   A rule of thumb to remember when prospecting is:

40% is preparation, 20% is presentation, and 40% is follow-up

Ironstone suggests implementing the following seven strategies in your Prospecting Plan

1. Provide a Personal Touch – Focus on the value and benefits to your prospects and clients.  Clients want attention and care.  Make use of public seminars to deliver solutions to clients through the benefits you can offer them.  Include hand written notes on mailings to add a personal touch that prospects will notice and appreciate.

2. Communicate Your Unique Value Proposition (UVP) – Differentiate yourself from the competition.  Keep your name in front of prospects to retain and acquire new business.  Your newsletters are an easy way to provide information about your firm or explore the potential of getting published.

3. Choose a Niche Market – Identify the clients you want to serve, you can then find out everything you need to know to dominate that market.

4. Share Your Referrals with Reciprocal Referral Partners – One of the easiest methods for receiving highly qualified referrals is from reciprocal referral partners who serve the same niche market.

5. Maintain Consistent Frequency of Follow Up – It takes about 6 – 15 “touches” for someone to start working with you. Plan a strategy that will allow you this opportunity.   You might include phone calls, mailings, emails, and events as a part of your “touches” strategy and tactics plan.

6. Leverage Your Time – The most successful advisors automate and systematize as much of their financial advisor marketing strategy as possible. Social media and e-prospecting are useful tools to employ.

7. Increase your Retention & Relationship – It is critical that you include relationship building in your plan.  Networking is the best place to start.

Remember:

  • People buy from those they know and trust
  • Prospecting is not easy unless you focus on helping, not selling
  • People who trust you give referrals
  • Referrals take the burden of prospecting off the salesperson

Ironstone will help you implement a successful prospecting plan, identify gaps in your existing plan and collaborate with you developing a solution to achieve the results you are looking for.  We will work with you on creating detailed goals that go deeper than the surface and assist you in planning the strategies and tactics needed to reach your goals.

Contact us for assistance in starting and improving your prospecting plan.

We want to hear from you!    What strategies does your firm use for prospecting?  Share your best ideas here!  We always love hearing from you!

Follow us as we explore each of Ironstone’s Fundamental 4™!

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

You won’t want to miss our next in the series:  Operational Effectiveness-Service Matrix



Ironstone
Practice Management

Ironstone is a learning and development consultancy with business acumen that translates across many industries. Our focus is on practice management strategies in order to enhance and improve both business and personal life. We support professionals who want major and comprehensive improvements that look at all aspects not just an isolated area for change. Ironstone has identified 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business.


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