Many advisors shy away from prospecting because of the perceived amount of work
it takes and the little perceived value it brings. Prospecting amongst financial
advisors has a "dirty" reputation because historically, prospecting required cold
call after cold call, and lots of following up with people that ultimately might
not even be interested in the products you offer.
Because of this misconception, most advisors commonly feel that working "leads"
is a better way to go and turn to online lead programs for their marketing efforts.
Advisors are often frustrated with lead sources due to the overselling and redistribution
of leads, lack of availability of true "exclusive" leads, and the high cost associated
with each lead ($20-40). The bigger problem however, is that advisors are all chasing
the same leads making it even more difficult to get the sale.
With the growing number of people on the National
Do Not Call Registry, advisors are increasingly challenged with "Who
do I talk to now?" and "How do I get in touch with them?" Over 85% of consumers
are on the DNC and growing. And with the
Telemarketing Improvement Act of 2007, once a consumer's number is
on the DNC, it's on there until they remove it. With fewer phone numbers available
and several advisors working with the same expensive web leads, what can an advisor
do to create fresh, new, opportunity?
With advances in database management, data collection, advanced demographic modeling,
demo-filtering, and smart automation, modern prospecting has become a very viable
means of opening up new opportunities and generating fresh leads. New tools are
empowering advisors like never before, and these systems are gaining in popularity
quite simply because they work.
Any advisor looking to effectively market their products needs to consider prospecting
when they devise their marketing strategy. Successful advisors understand that getting
sales takes work, time, commitment and a financial investment in marketing dollars.
Devising a good marketing plan requires thought, due diligence, and of course, a
budget. The pie graph above illustrates an example of a common advisors approach
to marketing. Prospecting is a critical piece to the marketing pie and shouldn't
be dismissed as optional.
If you use a web leads system that works, or some other marketing tool that you
have had success with, keep using it. The idea is to identify tools that you can
benefit from and learn to incorporate as many of them as you can manage effectively.
Don’t just rely on a single means for lead generations – use a variety of systems
to keep your new business continuously flowing. The top advisors in the country
usually have several lead generation systems running simultaneously to maintain
and grow their book of business.
Not all prospecting systems are created equal. Be sure to do your homework and be
certain that you clearly understand what you're getting with your prospecting system.
Properly designed, a good prospecting system will bring a significant ROI (return
on investment) in just a few months time. A good prospecting system is an investment.
Like any investment, it pays to know a few things about the product before you commit
to it.
Consider the following when you research your next prospecting system:
-
Automation - Does the system offer automation options? Can you let it run
in the background and have it generate leads without you having to do much effort?
-
Web Based - Can you access the data behind the system online?
-
Data Quality - Where is the data coming from? What are the demographics used?
Is the data source reliable? How are they modeled? Are the prospects provided resold
or are they exclusive?
-
Data Management - Does the system provide a good method for managing the
data? Can you track your success and conversion ratios?
-
Scalability - Can the system grow with you? Is it flexible and able to work
regionally?
-
Methodology - How does the prospecting system make the connection between
you and the prospect? Is it direct mail? Phones? Email?
-
Flexibility - As your market changes your marketing will change. Make sure
the system you choose offers flexibility and can adapt to how you want to use it,
while still providing proper guidance for less hands-on users.
-
Integration - How does the prospecting system work and integrate with your
other marketing efforts?
-
Price to ROI - Many prospecting systems are overpriced, over promised and
under deliver which is another reason why they’ve traditionally gotten a bad wrap.
A good system balances performance, value, and price.
-
Collateral Options - A good system will provide you with materials you can
use in a prospecting campaign or allow you to incorporate your own. Remember to
offer something of value in your prospecting efforts such as access to free materials
or a complimentary review of your financial status.
Prospect-Pro Premier by Advisors Pro-Shop is one example of a product that offers
everything an advisor can ask for in a quality long-term prospecting investment.
Not only is it simple to use, but it's powerful and fully automated. It gives you
tools that few other system offer such as a powerful CRM (Customer Relationship
Management) tool to manage the prospecting efforts and contacts as well as keep
track of your next step in the selling process.
The system also includes a web based response page for prospects to passively research
you, and even provides phone numbers you can call when the system prompts you to
do so. This is a system designed for busy professionals who don't have the time
to prospect but want to capitalize on the value and benefits only prospecting can
bring. It's recommended for any advisor of financial products looking to build a
strong contact base in a local area that are untouched and fresh.
For more information about Prospect-Pro Premier, visit
www.advisorspro-shop.com.