Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Surveying your clients and prospects is essential, especially as we continue to confront a major shift in how we live our lives. Because of COVID, we are more addicted to digital technology, including greater smartphone usage than ever before. We are facing the fallout of Russia’s war with Ukraine, inflation, and constant market uncertainty.
But it is an amazing time to grow a business. As John F. Kennedy said, “When written in Chinese, the word crisis is composed of two characters. One represents danger, and the other represents opportunity.” The opportunity is that more people are questioning their relationship with their existing advisors and there are many “do-it-themselves-ers” realizing they don’t have the knowledge to manage their own finances.
Throughout our lives, certain events trigger the need for advice and other financial services, like the birth of a child, retirement or the loss of a spouse. Market turbulence is triggering a need for many, creating an opportunity for the financial advice profession. Instead of retreating, move full speed ahead.
Here are five ideas for research to implement:
1. Have one-on-one interviews with clients – Ask your clients, “What keeps you up at night?” or “What is your one biggest concern?” Listen to what they say; don’t react. Instead, ask probing question after question. It is a good active listening exercise to acknowledge what you are hearing, reaffirming that you and your clients have the same understanding of their values and goals. They will appreciate they are being heard. Learn as much as you can before starting to give advice. Take notes. If you have other clients with similar concerns, the general topics might be great for future enewsletters to send to clients and prospects, or even PR topics to pitch to with the media.
2. Send a three-question survey to prospects – Blasting out marketing content to prospect mailing lists can win over a potential client, but drip campaigns have statistically low odds of succeeding. Instead, use email to learn more about the people you want as new clients. Let them know you’re only asking three questions, so it will not take them long to respond. The survey can be worth the time and effort if it moves one prospect to submit a response, which moves them forward in the lead funnel. Think of questions that are not too private or intrusive. Use a tool like Constant Contact to know which prospects open the survey. Follow up on what is learned. Be ready to send thank-you responses and offers to thank respondents in person.
3. Check them out on social – It is a great to know what your clients are up to and who they are with. It is also very helpful to know more about prospects and let them get to know you. I say it all the time when I present at conferences: “Humans want to work with humans.” The more of a virtual relationship that can be built, the easier it is to win over prospects and develop life-long clients.
4. Hold a focus group about the future – Blend the attendees so there are prospects and clients. Successful business owners and executives would be solid participants to invite. Learn what they see in their industries. Ask how they believe the world of commerce will evolve. If you have an independent facilitator, find a way to have him or her ask your existing clients questions about their satisfaction with your services. If a prospect hears positive words directly from a happy client, it might lead to new business.
5. Host an annual advisory board meeting – Get together six to 10 of your most valued clients on a regular basis. Have a facilitator record their insights about your services, team of people, marketing and communications, performance, fees and whatever else you want to research. Assuming they are raving fans, get their advice on how to grow your business. Those who dedicate the time to share their thoughts might have great ideas. They will leave the meetings with a vested interest in your success. Those that are members of advisory boards can easily become the best referral sources.
I hope this advice helps improve your success and grow your business!
Mike Byrnes is a national speaker and owner of Byrnes Consulting, LLC. His firm helps advisors with business planning, marketing strategy, business development, client service and management effectiveness. Read more at ByrnesConsulting.com.
Read more articles by Mike Byrnes