Converting prospects into clients can be a challenging and lengthy process. It requires a disciplined approach that gradually strengthens and deepens your relationship with prospects, says George Hartman, managing partner with Elite Advisors Canada Inc. in Toronto.
But, says Aiman Dally, CEO of Copia Financial Solutions in Toronto, not all prospects can be converted into clients. “You will have to make the call early,” Dally says, “as to which prospects have the highest potential for conversion.”
Hartman recommends using two criteria in determining which prospects you should pursue: the prospect should fit your ideal client profile; and you should have a reasonable expectation of doing business with that person.
Here are five tips for converting prospects into clients.
1. Qualify prospects
Prepare a list of prospects who meet your preferred-client profile. Divide that list into three categories: those you should follow up with in the short term, in the medium term and in the long-term.
“In the short-term list, you might have prospects you need to follow up with immediately,” Dally says. “This [decision] is usually based on prior interaction with them.”
2. Maintain consistent contact
Hartman suggests that you stay in touch with your prospects using various methods.
“Establish a fairly consistent routine through a series of interactions,” he says.
For example, you can send these prospects your newsletter, articles of interest or client testimonials. You might invite them to social events and client appreciation events. Ask these potential clients what type of information they want to receive from you.
“You want to remain on their radar screen,” Dally says.
3. Extend an invitation to meet
Invite prospects to a face-to-face meeting at a mutually convenient time and place.
Your goal, Dally says, is to “establish rapport and credibility and earn the confidence of the prospect.”
Tell them about your values and experience, Hartman says, and try to establish areas of “commonality.”
Adds Dally: “You should also try to find out as much as possible about the prospect. Have an open conversation. At the end of the meeting, you should get a fair idea as to whether you can [work with] the prospect as a client.”
4. Follow up
While you might be fortunate enough to convert some prospects into clients after the first meeting, it can take several months or even longer to convert others.
“You might need to have several meetings, spaced out over time to persuade prospects to choose you as their financial advisor,” Dally says. It is therefore necessary to follow up with them periodically. You would stop contacting them only if they tell you they are not interested.
“By following up,” Dally adds, “you might eventually strike a chord with those who still want you to remain in contact.
5. Say, “thank you”
Always send prospects a personal thank-you note after meeting with them. Tell them how much you enjoyed the meeting, and open the door for ongoing conversation by letting them know that you look forward to serving them sometime in the near future.
Inform these potential clients, Dally says, that they can call you with any questions, and that you would like to stay in touch.