You can’t possibly clone your best clients. But you can take steps to duplicate them by finding prospects who share similar characteristics.
“A client duplication strategy can be a rewarding and fulfilling experience, allowing you to work with clients you’re most comfortable with,” says Nadira Lawrence-Selan, marketing and communications consultant with Hathleigh Consulting in Woodbridge, Ontario. The strategy requires knowing the attributes of the clients you prefer to work with and learning to be selective.
It is not about duplicating the biggest clients in terms of assets, for example, but rather those you consider to be your best clients, says George Hartman, CEO and co-founder of Elite Advisors Canada in Toronto.
Here are some tips on implementing a client duplication strategy:
1. Make a list of best clients
Hartman suggests making a list of your best clients. He says it is often a surprising exercise, but generally a pattern emerges which may be linked to “demographic or psycho-graphic factors.” Lawrence-Selan says that coming up with your list requires that you do some soul-searching, as it is easy to be influenced by factors such as asset size and client profitability. “While important, one of your most profitable clients, for instance, might not necessarily be one of your best clients,” she advises.
2. Meet with the clients
Have informal meetings with the clients on your list. Be straightforward in telling them that you have reviewed your client base and concluded that you like working with clients like them, suggests Hartman. Then ask: “Would you be willing to introduce me to clients like yourself?” Hartman says. Lawrence-Selan notes that the response is likely to be positive because clients feel appreciated.
3. Get their input
During your meetings with these clients, ask what they like most about working with you, advises Hartman. You should also ask about what you can do better to meet their expectations, says Lawrence-Selan. This will give you a good sense of what works and doesn’t work with your best clients, allowing you to improve your service, she adds.
4. Ask about their networks
Lawrence-Selan suggests asking clients about their business and social networks or what clubs they belong to, and whether they believe you could be of service to people in their networks. You should also find out about the best ways to meet some of their social contacts and develop a plan to put this strategy into action.
5. Keep clients informed
Make sure your clients are aware of how your plan to find more clients like them is progressing, advises Lawrence-Selan. You should also keep them informed about the results of particular referrals they have provided.