Photo by Mark Leishman on Unsplash
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
While no advisor wants to take on an unprofitable client, setting a rigid, initial barrier based on minimum account size may not achieve that goal.
Consider my recent experience with creating videos.
I’m putting together six five-minute video teaching modules based on the research in my new book, Ask: How to Relate to Anyone. I’ll be offering it to anyone who wants to boost their sales and improve their relationships.
This is a complex and expensive project involving script writing, retaining a video crew, renting a studio, and sourcing a post-production team capable of inserting sophisticated after-effects.
After I wrote the script, I reached out to some prominent production firms to inquire about their services.
That’s where the trouble started.
My inquiry e-mail
My inquiry e-mail hyperlinked to my website and provided basic information about the project.
Then I got screened.
All the initial questions followed this basic pattern: Intense focus on their “minimum” price and little interest in me or my project.
This was typical: “While we appreciate your inquiry, unless you have a budget of at least $25,000, we will be unable to work with you.”
Just to test the waters, I responded: “Before we discuss price further, I wonder whether you would have an interest in learning more about me or the project.”
I wanted to convey that I could afford their minimum but would like to have a substantive conversation before discussing price further. I was interested in a vendor who was enthused about this project and perhaps had done similar ones in the past.
Here was the essence of their response: “We first need you to commit to our minimum fee in writing. Once you do that, we would be happy to discuss your project further.”
My response? “I find when the initial focus is on price and not in learning more about me or the project, it rarely works out, so I’m going to pass.”
The need
I fully understand the need to do screening. No one wants to waste their time dealing with unqualified prospects. But the focus on pricing can be off-putting to qualified prospects, as it was to me.
The Internet is an endless source of helpful information. He could have done a cursory search and found out enough about me to satisfy his initial concerns.
Better options
What if he had written something like this: “I see from your website that you are a prolific author. Is your project based on one of your books? Can you tell me more about it? While we typically handle large assignments, we do make exceptions if the project is something we’re passionate about.”
Marketing Services For Evidence-Based Advisors...and a New Book!
We offer consulting services on how to convert more prospects into clients through Solin Consulting, a division of Solin Strategic, LLC.
We offer a full range of digital marketing services exclusively to evidence-based advisors through Evidence Based Advisor Marketing, LLC. You can see examples of our work here.
My new book:
Ask
How to Relate to Anyone
Is now available in all formats. For more information, click here.
Schedule a call with Dan here
I know the suggestion that follows is a lot to ask, but how likely would it be that he would win my business if he wrote this: “I see you’ve recently published a new book, Ask: How to Relate to Anyone. I read the reviews on Amazon and ordered a copy. It really piqued my interest. Is your project based on that book?”
Advisors often talk about exceeding the expectations of their clients. Apply the same standard to your interactions with prospects.
Even if the occasional unqualified prospect slips through the cracks, the potential benefits far exceed that risk.
Dan trains employees in The Solin Process℠. He makes this guarantee: If his training doesn’t result in an immediate, transformational change in your personal and business relationships, and an increase in your conversion rate, his services are free.
Read more articles by Dan Solin
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
