We're always on the lookout for marketing strategies and
marketing ideas for financial advisors.
The advantages of the Seven Step Process are:
- Its practitioners make more per hour and year.
- The professionals who use the process are more likely
to be able to pick the clients they want.
- The third benefit is that (based on surveys) they "have
clients who are more satisfied. That
leads to happier consultants."
So wrote Peter Meyer in his book "Getting Started
In Computer Consulting."
It's not just about computer consulting. Peter's book holds
value for professionals in every field, including financial
advisors. And it's useful whether you are a 26-year veteran
or a green advisor.
We're still excited about introducing you to "The
Seven-Step Process" and the sales and marketing ideas
we found there. For our first printed newsletter for consultants
(in 1995, called "The Insiders' Marketing Guide For
Consultants") we interviewed Peter and wrote about
this process.
Personally, at the time we were frustrated by fatal errors
in our sales process.
One big one was "driving to solution." In
fact, that one error included two deadly mistakes: 1) Not
deeply understanding our prospects' unique problems and
needs and 2) Pressing our solution on prospects. Needless
to say, we floundered.
Happily, the Seven-Step Process supplied the missing framework.
And we avoided the trap of guessing what our prospects wanted.
The outcome: closing contracts that would have slipped
away without this system. And, perhaps best of all, the
process erased our sales anxiety.
The seven-step process encompasses:
1. Prospecting
A prospect contacts you as a result of a referral, or your
marketing draws him or her into your orbit.
Peter begins the process with three questions --
questions that you ask yourself as you discover more
about your prospect.
- Does your prospect have a problem that is important
enough that he or she will take immediate action?
- Can you help them to solve that problem?
- Do you really want to work with this person?
If you answer no to any question, stop right here.
2. First Meeting (introductory meeting)
The first meeting is for listening and moving the
process forward.
"If you want to be perceived as being self-centered,
talk about your own products and services," Peter
said during our 1995 interview.
3. Surveying the Stakeholders
Peter most often works with large corporations, and he
may spend a day or several days gathering information from
employees and customers or clients. You're getting a handle
on the problem from their perspectives.
He is diligent about "earning the right," as
he puts it, "to make suggestions and ask money for
it. You earn it by listening and understanding," Peter
said in our interview.
As a financial advisor, a different survey is in order,
and many of you have your own survey process, honed over
many years of gathering the data you need for financial
planning.
4. Design Session
The design session works best if all the relevant decision
makers are present.
"As a group you prioritize the problems," Peter
said, "and as a group you decide what the best mix
of solutions will be". Rarely will you, the financial
advisor, have the total answer. Peter cautions, "Whenever
you think you do, you are probably headed for a disaster."
5. Propose and Close
Here's the part we like best about the Seven-Step Process.
"If you do a design session really well,
the proposal can be matter of fact and anticlimactic,"
Peter said.
Be sure you reflect accurately the outcome of the Design
Session. Then, signing the contract becomes a formality.
At this point it truly is that simple. You've nurtured
the relationship, gained deep understanding of your prospects,
and put your understanding in writing. Peter recommends
about a page-and-a-half at most. No weighty binder of material!
6. Contracts
This, too, is as short and to the point as you can make
it. You don't want anything to slow down the momentum you
gained in your Design Session.
7. Follow Up And The Next Contract
You focus on your clients' satisfaction. Are they happy?
Peter asks about the next step the client is planning.
With the Seven Step Process you are well placed to become
part of solving the next problem.
A financial advisor's next step may be managing more
of the client's money. Or it could be asking for a referral.
For information about our customized programs call
Bob at 617-901-6886 or contact
us by email for more about our financial advisor's marketing
program . . .
