How to Master the Art of Selling Financial Services. Tom Hopkins

       CHAPTER 2

       Prospecting—Finding the People to Sell

      Prospecting is the art of finding the right client for your products and services. It’s a two-step process:

       Here, There and Everywhere

      If you want to find potential clients, just follow the lead provided by a song from The Beatles, “Here, There and Everywhere.” That’s precisely where they are. That fact presents more of a challenge than an opportunity if you’re cold calling. Of course, in selling financial s e r vices, looking here, there and every w h e r e will have you bouncing left and right, up and down, and back and forth like the metal ball in a pinball machine. Warm prospecting is a wiser course when marketing investments, insurance, financial plans, peace of mind, and the joy of anticipating favorable returns.

      Friends and Family. Start by contacting your friends and family. These folks know, like and trust you. If they don’t, you might consider a line of work where you can survive as a loner. Hopefully, they’ll be excited that someone in the family is picking up some expertise they don’t have themselves, but can benefit from. They should want to pick your brain and use your services.

      As a bonus, they will have their own network of friends, acquaintances and co-workers. Some will surely be in need of your financial skills and the products and services you offer, if not now probably in the future.

      Here’s an example of how warm prospecting can work.

      You have friends who are in all sorts of professions, but do you consider them sources of business leads? I’ll bet it never crossed your mind. In fact few people who market a product or service realize the wealth of warm prospecting opportunities they already have or encounter on a regular basis.

      Extend your prospecting antennae. Everyone you know knows other people—lots of them. Never again leave a meeting, whether you’re giving or receiving service, without considering who this person might know that needs your services.

      Acquaintances. Speak to those who are just acquaintances, as well. You cross paths with a lot of people every day. Some will need your product and some will know of others who can benefit from your service. I bet you haven’t a clue as to how many people you meet (or could potentially meet) every day. Mentally walk back through today or yesterday and trace your footsteps. Did you stop at the coffee shop? Did you drop off a prescription for a refill? Did you eat lunch somewhere besides your home or your desk? Did you pick up your kids at soccer practice? Or, drop them off? How about on the way home from work? Did you run an errand? Could you have?

      Every one of those situations brings you into close encounters with other people traveling in similar paths. Stop running on auto­pilot, reach out and meet them.

      Prepare a 30-second “commercial” about you, your product and your service ready so you can use it at a moment’s notice when you make a new acquaintance. And then be sure to use it.

       “Hi, I’m Hank Martin. I help people achieve their share of the American Dream by providing professional analysis of investment opportunities so you can be certain your money is doing exactly what you want and need it to do for you. I guess you could say I show families and individuals ways to save and make money, thus, eliminating debt and building toward financial independence.”

      Suppliers . Other busine sses offer great oppor tunities for prospecting. Work hard to impress every business you hire or purchase from. Word of mouth is one of the most powerful forms of advertising. When respected business people recommend you, other people listen.

      Itch Cycle. Take advantage of what I call the itch cycle. Every product or service has a limited lifetime. Bonds mature. Term insurance comes to an end. A five-year financial plan doesn’t automatically roll over into year six. Contact clients before the product “winds down” so you can be there to pick up the business when they need to renew. Or, guide them to another product that’s right for the next phase of their lives.

      For example, if you notice that the bond market is easing into a decline, it’s a good idea to contact the individuals and families you know who have purchased bonds to discuss the possibility of investing in the rising value found in the stock market or vice versa. Not only will you be improving your own business, you’ll be providing genuine service to people in real need.

       “Mike and Martha, that investment plan we drew up for you last year met your needs at that time. With how quickly things change in our lives, we recommend an annual review to assure that your strategy is on target to meet your continuing needs.

       Also, many new products are released each year to help investors like you improve their planning. I have a few suggestions to make concerning your particular situation. Why don’t I pop by for a visit to discuss some of the great opportunities that just might fit your needs today especially well?”

      Stay on top of things within your industry. It’s an unalterable law of nature that things change. When you see changes in the economy, in financial services or housing regulations, in the local business environment, in lending laws, in trends in the financial services industry or in anything affecting you and your clients, act on that knowledge. Make contact to see if there are any ways you can be of service regarding the coming change. You’ll not only be providing service, you’ll also be cementing your image as a pro-active (with the emphasis on the prefix “pro”) expert in the field.

      Orphaned Clients. See if any clients have fallen between the cracks. If you work for, manage or own an organization of any real size you will develop a substantial list of clients. As people come and go in your organization, it’s likely that some of those clients will be dropped or forgotten. These people, who are familiar with and who should be happy with your product and service, should be excellent potential clients for additional products and services. Check with your employers, your co-workers and company records to see if you can begin working these hidden gold mines.

      The Media. Study the media. Regardless of your market (local, regional, statewide or national) there are newspapers, radio and television programs, magazines, newsletters, web pages and other media providing information that can propel your new business efforts to ever greater heights

      News reporting, by definition, focuses on the negative. As they often say, “We don’t report on planes that land safely.” That’s a good and legitimate point, but the news can have a serious negative impact on the way people think. They can become convinced that all the news is bad and that now just isn’t the time to invest in financial services. Of course, negative thinking leads directly to negative results. They could easily find themselves in need of the very services or products they were too afraid to purchase.

      Address those fears carefully and with thought, but head on. No matter how bad the news may be, there is always some good news somewhere that can be used to provide balance. Also, negative news could itself be used as a reason to get involved. After all, if the economy is shaky, what better time to look for wise financial counsel?

      Read, watch or listen to the news to discover the “movers and shakers” in your industry and community. Notice who is being promoted or who or what company is moving into town. Make an effort to add them to your list of contacts. This isn’t as challenging as many folks think. Most people are surprisingly accessible. Pick up the phone and make the call. Introduce yourself. Set up informal or even formal meetings to get to know them one-on-one. Offer your services. And if someone is new to the community, offer yourself as a reference guide to that community. The important thing is to commit to meeting new people—all the time. Learn their needs, and put yourself in a position of showing how your product or service perfectly meets those