Taking care of your top 10 clients is the best way to grow your revenue streams. Ask yourself two questions. First, how do you take care of each of these top 10 relationships to strengthen them? Second, what else can you do to strengthen them? The more you examine those relationships the more you will discover how to manage them, strengthen them and, as a result, your revenue streams will grow.
In addition to how you currently take care of these clients, consider giving a book to each of them. A book requires imagination and goes beyond the realm of ordinary tangible gifts and should strengthen your relationship with each client.
There are three sound reasons for giving books to these clients.
- A book makes you stand out in a remarkable way. While the client is reading the book, you are occupying space in that client's mind. How many other advisors can say that?
- A book shows that you are a big picture person that thrives on new ideas.
- Ideally, a book should lead to your receiving a stream of referrals from the client.
What makes a book such a unique gift are the ideas it contains and how those ideas might help a client address their challenges and transcend them. Is there anything more valuable than you introducing new ideas to a client and the client appreciating it?
Strengthen Relationships
Give a book to a top-10 client 90 days before the annual review. Tell the client how much you appreciate their business. The 90-day period allows your client time to read the book or, at least, to begin it. If your client does not initiate the topic of the book during the review, you can ask, "Did you have a chance to read the book? And, if you did, what did you think of it?"
Develop Referrals
The best way to obtain referrals is to ask for them, by saying, "Would you be willing to share the name of a business contact that might enjoy reading this book?" If the client does give you the name of a contact, explain that you will personally deliver the book to that individual. Thank the client for the contact.
Always make it easy for your client to give you referrals by suggesting hints such as their CPA, attorney, internist and dentist. Never fail to ask your client for the name of a book he or she has read that you might enjoy. That not only makes book giving a two-way street, it also gives you something in common.
Then tell the client, "I could also take the book to your CPA and to your attorney." Your client expects you to ask for more names. Clients are smart. They know you. These contacts are probably quality referrals because these contacts have values similar to your clients.
Ask for these names in person because it is easier for the client to find the contact information while meeting with you face to face. Your client's office is one of his or her most comfortable settings. This is why you should meet there to ask for a contact. This is more effective than asking for referrals during a telephone conversation or through an email. Don't forget to send a hand-written thank you note immediately.
Call Referrals
Call the contact and introduce yourself. When you get the appointment, follow up with a confirmation letter on your stationery. Remind the contact of your conversation, but don't use the exact words you used on the phone. Confirm the day, date, and time you will be there, and mention that you look forward to the meeting.
When you have given the book to the contact, ask, "Could I call you during the week of (date) to see if you found the book interesting or of value? Choose a date that is three months in the future. If the contact agrees to the date, he has given you permission to call again!
Write a thank you note on your stationery as soon as you get back to your office. Say, "I want to thank you for meeting with me. I hope you enjoy the book as much as [Name of client] did. I will follow up the week of (date) to see if you enjoyed the book." During that follow-up telephone conversation and after the contact expresses appreciation for the book, ask, "Would you be willing to spend 30 minutes exploring how my services might be of help to you?" If the contact agrees to a meeting you have a prospect.
Track Your Distribution
Before you give the first book to a client, design a spreadsheet to record the following information: the date you give the book to a client, the client's name, the title and author of the book, the follow-up date on which you plan to call the client, the names of the business contacts you receive, and the cost of the book. Note on the spreadsheet and in Microsoft Outlook (if you use that program) the contacts names and the dates you plan to call them. This will help you monitor distribution.
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