Prospecting 101: A Prospect by Any Other Name…

prospecting…would certainly smell as sweet.  Apologies, Mr. Wm. Shakespeare.

Multiple choice:  The most important part of your business is….

  • Sales
  • Customer Satisfaction
  • Prospecting
  • Staff Efficiency
  • Sales Force Development
  • Product Delivery Pipeline
  • Pricing

Surprise.  But you probably guessed: Prospecting

No prospects equals no sales, no customers, no revenue, no delivery, no staff, and a useless sales force.  Prospecting is the keystone to building a business.

If you are (like most readers of this blog) in the financial professions, there’s a great risk that your prospecting activities look like the stereotypical guy in the back alley who opens his trenchcoat saying, “Hey, buddy, you wanna buy a Rolex?”

Would you like to be perceived with the same image instead saying ,”Hey, buddy, you wanna buy some of these here mutual funds?”  I didn’t think so.

If your approach rather is along the line of “Let me introduce you to what I do for my clients, and then we’ll talk about whether we have a basis to do business.”  Then there’s no question you’re not holding Rolexes in your suitcoat.

You introduce the concept of money temperament.  Most people (a.k.a., prospects) have never heard of it.  And you’re an expert because you’ve incorporated it into your practice and prospecting routines.

“Let’s figure out how you think and feel about money, first.  Then we’ll see if we fit.”

Introduce the Quick Scan.  Offer it to them (from your unlimited subscription).  Tell them it tells them about their relationship with money.   Explain it’s how you add value to the business relationship.  Tell them a little about the indexes so they know it’s real and not hand-waving.

Explain that you use it to form the foundation of your business relationships so there’s no mis-match between you and your clients.  This cements in your prospect’s mind that you are selective, and there’s a chance he or she might not make the cut.  Exclusivity is a great sales point.

At this point, you may no longer even have a prospect–you have someone who wants to work with you, even before the Quick Scan is taken.  You’ve started building up your business even before a sale.  You’re exclusive, scientific, professional, client-focused, and different from everybody else.

As though they were selling Rolexes from their trenchcoat.

–Spence

Spence R

Spencer Richards brings an electic background to Money Made Personal. Watch for Spence's posts commenting on today's money culture with respect to making good money decisions. And maybe some other stuff now and then.