14 factors that can turn a prospect into a client
Do you think like I do? You are the person getting walk-ins, the agent or broker of the day. Someone is shown to your desk. They say: “I’m…
Do you think like I do? You are the person getting walk-ins, the agent or broker of the day. Someone is shown to your desk. They say: “I’m interested in opening an account.” You talk with them and they become a client. You think: “Wow! Am I good or what?!” Long ago, I realized I was giving myself too much credit. Even if I found the prospect myself, lots of factors contributed to them deciding to do business. What additional factors motivate them?
1. Your own efforts. Let’s give this one top billing. Even if they walked through the door, if you weren’t friendly, knowledgeable and persuasive they would have stood up and walked out. You took the time to learn about them. They didn’t feel hurried or like they were just another number.
Motivation: You come across as competent and you made them feel special.
2. Follow-up. Not everyone buys on the first encounter. Few do. They wanted to think about it. They are interviewing several firms. You followed up without being annoying.
Motivation: The message they got was “She’s good and she really wants my business. I will be an important client if I go with her.”
3. Reputation of the firm. Your firm has been around forever. It’s the biggest and best. When I worked for a major financial services firm and visited different cities, someone told me: “Don’t know where the office is located? Pick the tallest building on the skyline. The office is there or in the building across the street.” The firm’s name at the top of the building communicates “stability.”
Motivation: Size and impression matters.
4. Word of mouth. They have heard other clients saying good things about the firm. Maybe your clients are talking about you. If you asked how they chose your firm, they would tell you: “I’ve heard nothing but good things.”
Motivation: People ask others for advice.
5. Advertising. John Wanamaker famously said “Half the money I spend on advertising is wasted. The trouble is, I don’t know which half.” Your firm spends money building a public image and taking the firm top of mind. TV ads might be rare, but if the prospect did an Internet search for firms in the area, your firm’s name likely tops the list.
Motivation: Visibility = credibility.
6. Awards won. This can be major industry awards. It might be a J. D. Power award. It might be a People’s Choice award in the local newspaper.
Motivation: People want to do business with the best.
7. Office location. The prospect might have stopped in because they drive by your office every day. It’s easy and convenient to pull into the parking lot. Maybe your office is on their route between the commuter train and their office.
Motivation: They don’t have to find you. You made it easy.
8. Referrals. They approached a friend and told them about their problem. The friend explained they had the same problem. They went to you and you solved it. They suggest reaching out to you because you are a specialist in this area.
Motivation: People ask for advice.
9. Mailings. They get postcards or letters from you. Realtors do this often. Although you might throw them out or consider them junk mail, it builds name recognition.
Motivation: When they need to act, you are top of mind.
10. Seminar invitations. It’s similar to those mailings. You invite lots of people for a meal at a local restaurant. The prospect throws it out, but glances at it first. They learn you are an expert in a certain area. They read your bio. Maybe they attend the seminar. Maybe they just remember your firm and name.
Motivation: You gained name recognition and are seen as an expert.
11. Newspaper column. You might write a newspaper column. Maybe you were interviewed on local radio. Perhaps it wasn’t you, but someone else from your firm.
Motivation: It planted your firm’s name in their minds.
12. PBS sponsorship. They watch Masterpiece often. They see your firm made this possible. It’s like advertising, but it’s not.
Motivation: Your firm is seen as putting money back into the community.
13. Social responsibility. Your firm is listed as one of the best places to work. Maybe it won an award as a great place for working mothers with small children. This doesn’t speak to investment knowledge or advice, but it says the culture of the firm aligns with their own values.
Motivation: The prospect and firm share the same beliefs.
14. They know you personally. The prospect knows you as a neighbor, fellow parent or fellow parishioner. Business hasn’t come up in conversation, but they know what you do for a living.
Motivation: People prefer doing business with someone they already know.
The prospect walked through the door. They became your client. Like a recipe, many ingredients usually come together to produce a great outcome.
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