It's July - half way through. Your having a great year. You've written 30 new lives, some of which were multi-million dollar policies. You've added 10 new investment clients, and now you are managing about $22 million. Your income is projected to be up 20% over last year. Congratulations! But guess what? One of your clients acquired 4 years ago just had a baby, and you did nothing. In fact, you haven't spoken to the couple in over two years. Fortunately, they were approached by another professional and asked if they wanted to review their overall plan. They do. It was determined that they have not heard from you, and they see no harm in letting another professional handle their financial affairs. They increased their life insurance coverage, added a new policy and started a 529 College Savings Plan, all with the other guy. Where were you? This may be a shock, but it is happening to you and you don't know it. You have failed to invest back into your business by setting up a client contact or management system. You are not recognizing birthdays, anniversaries and other important dates because you think it is not important. You did not even take the time to send a simple annual review form, reminding clients to call you when life events occur. You have focused your efforts on bringing in new assets and winning new clients, yet you have neglected the clients from the past. But it's not too late. You can start now, but you must do it right. Get a database or contact management system. Pay a college student, part-timer 0r your teenager to input the data. Make sure you acknowledge important events like birthday's and anniversaries. Also plug in some important things like hobbies, charities, favorite sport or team, children's names or any other tidbit that will help you connect through certain interests. Prompt clients to send you an e-mail or call you when things happen by sending out a review form. Mail client letters, send emails, newsletters and set up your website. Make sure they don't forget who you are and how you can help them. The list goes on, but just get it done. Clients experience many types of life events that deserve recognition, praise and sympathy. As a financial service professional, it is important to stay in touch with and understand your clients. It's called empathy, and it is sales skill mastered by only a few. Businesses around the world are beginning to train their sales forces on empathy. You don;t want to get left behind. A great professional uses special times in people's lives to get in front of them and help them make sound financial decisions. It is a very rewarding job, but one must keep in touch. For examples of life events, as well as a comprehensive list of data you should collect from clients, visit my website at www.salesjive.com and log in to the Private Lessons area. Once you realize how much business you may be leaving on the table, you'll figure out that keeping that business is as simple as staying in touch. |
