One successful young man I interviewed at a financial planners'
meeting told me, "I used to be in another industry. I went into
financial planning when I was thirty-three years old, joining my
father's small firm. He'd been in the business for years, but I had
to go out and get my own customers."
He drew up a list of twenty movers-and-shakers in his
community, twenty affluent people with large spheres of
influence who were eagerly pursued by everyone in the
investment community. This young man had very little
experience. He hadn't yet "earned their business."
He called on each of these people and said, "I am new to this
business. I know you know about my father, but you don't know
me. I am not trying to sell you. I know I haven't earned the right
yet. However, could I please have a ten-minute interview?
Would you, as a leader in the community, tell me what I should
do to earn the right to do business with people like you?"
See what he did? He made it safe. He told them up front that he
wasn't going to try to sell them anything. He only wanted ten
minutes.
Frankly, I think you have to be very lucky to get ten minutes of
an important person's time. But he presented it in such an
appealing way that no one turned him down. And he kept his side
of the bargain. After ten minutes, he left unless they invited him
to stay longer.
At the end of his first year, three of those people actually gave
him a small portion of their portfolio to manage to see how he
would do. At the end of three years, seven out of the original
twenty people had placed a portion of their investments with his
firm. He'd earned the right.
I used to say that there are two kinds of people to market to:
those who know and love us and those who never heard of us.
You can advertise traditionally and on the Internet, network and
join organizations, send out direct mail, and do a combination of
activities to get new business. But please don't think these
methods substitute for keeping in touch with the people who now
know you and love you. These are people who've inquired,
whom you've met at a meeting, who've done some business with
you in the past. Keep in touch with these valuable resources!
When Homer Dunn was an up-and-coming salesperson at IBM,
he told me there are actually three kinds of people that he calls
on. "First, there are the people I've already made a sale to." (This was
in the mainframe days, so it was a big sale.) "I keep calling on these
customers, making sure they are satisfied with the product and the
service." That's maintaining a sale.
"Then there are the people I'm calling on, those that are in the
sales cycle which can be a long-term process." (And, with really
high-ticket items, this can be a really long-term process!)
"Finally, there are the people I want to do business with. I have
not earned the right yet to do business with these people, but I
am maintaining a relationship, letting them know of my progress
and success. So when I have finally earned the right to the sale,
they are all mine."
HOMEWORK
1. What are you doing this week to earn the right to people's
business? Write it down.
2. What more could or should you do? Devise a strategy and
timetable.
3. Who have you targeted in your community? Who else should
you cultivate? Make a list.
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