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Online lead generation is like fishing in a trawler in the open sea.
On a fishing trawler, they drag a large net in the general area where they think the fish are swimming, and it catches everything in its path.
After hauling it on deck, the captain is initially pleased with the size of the catch, but as the crew sifts through it for fish, it becomes clear that the sizeable catch is made up of mostly minnows (and junk).
With online lead generation, it’s easy to haul in a large amount of leads in a short amount of time and think you’ve hit the jackpot. But as you try to convert them into paid clients over multiple sales conversations and meetings, it becomes apparent that you’re spending a lot of effort for very little return.
For the hundreds of advisors I’ve coached and mentored to become trusted authorities in their space, solving this problem of low-value and unpredictable lead flow is the most important priority.
When you become a trusted authority, you don’t generate new ideal clients by dragging in any lead you can; you only generate it from a highly niched pool of your most ideal clients.
Instead of fishing in the open sea where you catch mostly minnows and junk, start fishing in pre-determined ponds populated only with the fish you want. There might be fewer fish, but they’re the most ideal ones and they’re easier to catch.
When you attract only the ideal prospects, you increase your conversion rate of turning them into paying clients, and you do it in less time and with less effort. This non-traditional strategy unleashes a cascading effect of net gains into your business.
The diagram below sums up what positioning yourself as a trusted authority is all about:
By taking a trusted authority approach in your business, you’re focused on finding – and to some extent creating your own exclusive pond to fish – populated by your most ideal potential clients.
And when you achieve this, you create a positively reinforcing feedback loop where marketing in the right place, to the right people, with the right message, generates more clients for less expense.
But without an authority position, you’re forced to take your chances out at sea, to catch what leads you can, which forces you to sift through them all hoping enough of them will become clients.
And that sets up the exact opposite loop, where you’re marketing in the wrong place, to the wrong people, with the wrong message, which generates fewer clients and costs you more and more each time.
To make your business look more like the diagram above, the questions you need to ask yourself are:
- What niche can I position my advisory business around as the “pond” that I get to fish out of exclusively?
- What are the traffic sources where my most ideal prospects are concentrated, and how can I adjust my marketing system to attract a consistent flow of prospects from them?
- How can I tweak my sales process to convert these ideal prospects into clients, as smoothly and effortlessly as possible?
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, “Trusted Authority” 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 “get new clients” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Australian 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.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
