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What’s the first thing that comes to your mind when your referrals have slowed down and you need new clients?
Most likely, a voice enters your mind from your old mentor who said to you: “If you need new clients, get out there, ‘shake the trees,’ and start prospecting!”.
It’s probably below your pay grade at this stage of your career (especially if you have a book of business) to have to start “pounding the pavement,” as the old sales gurus used to say.
But is prospecting (in the traditional sense) still a relevant and applicable concept for selling?
In the pre-internet era, when information was relatively scarce, prospecting for new clients by cold engagement in an attempt to prove your value (the “numbers game” approach) was relatively effective, because society was predisposed to trusting most people, without a previous developed relationship.
Demonstrating your expertise through providing information meant that you had knowledge. Having knowledge portrayed you as an authority.
Fast forward to today. Information and knowledge as authority building has lost its leverage, primarily because other advisors are dispensing similar advice.
Information is everywhere and knowledge is common, so people are less impressed by it.
Because of this, prospecting in the traditional sense is dead. Lay it to rest for good.
What’s needed instead is a way to prove your authority with potential clients that isn’t based on knowledge and information.
What’s needed is a marketing system that selectively targets your most ideal clients only, by identifying the “ponds” they swim in and fishing them using a trust-based message precisely and directly relevant to their deepest and most urgent problems that they can’t help but respond to.
You’re not asking them if they’re interested in what you have to offer or the philosophy or your firm, which is what traditional prospecting does.
Rather, you’re showing them that they have a problem, and they no longer can ignore it – and their response to you based on this approach is motivated by the perception that you understand their problem and therefore understand them.
You’re not an authority based on your knowledge; you’re an authority based on how quickly they trust you.
This is an entirely different philosophy and approach to traditional prospecting because it frames the sales interaction around the prospect needing you, instead of you needing them (the key to being an authority).
Rather than jumping straight back into the same old ideas and tactics that the gurus are still espousing (which perhaps you’re growing tired of), and getting busy with the same old prospecting activities you did last year, ask yourself these questions first:
- Who is my ideal client?
- Who has them in their “pond”?
- What is their number one problem and how do I market that problem, to generate a response that’s based on them seeing me as an authority they can trust?
To learn more about this evolution from traditional prospecting to inbound-demand lead generation (without having to go through a middleman), order your complimentary book and consultation below.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
