Golf is a perfect game for prospecting and building relationships with existing clients. You get to spend a significant amount of time talking and socializing along the fairway, giving you an opportunity to get to know your clients and prospects better.
“Four or five hours is a long time to spend with your golfing partners,” says George Hartman, CEO of Toronto-based Market Logics Inc. It gives you the opportunity to exchange ideas and break down barriers.
“Golf etiquette allows you to gauge a prospect’s values,” says Prem Malik, chartered accountant and financial advisor with Queensbury Securities Inc. in Toronto. “Their demeanor shows through during the game, allowing you to determine whether you want that individual as a client.”
Here are some tips for having a successful day on the green:
> Plan ahead
Choosing a golf course with attentive staff and good personal service is critical to ensuring that your guests are satisfied. Make sure it’s a club that you’re familiar with so you know what to expect.
“Plan your day carefully,” Malik says. “That means everything from choosing your golf course and your foursome to determining what you’d like to get across or learn from your guests.”
> Choose the right partners
Carefully select the golfers who will be in your group and how they will be paired.
“In an ideal world, you may want to match a client with a prospect,” Hartman says. Such a pairing may facilitate healthy conversation that is aligned to your objectives and provide a living testimonial. It could also be a useful way to show your appreciation to an existing client.
You may choose not to pair clients with prospects, Malik says, but instead to match partners with similar levels of golfing experience.
> Don’t rush into a sales pitch
You should strive to enjoy the game without putting any sales pressure on your prospects.
“Invariably, you will get into a conversation about what you do,” Hartman says, “but save the direct sales conversation for later.”
Discuss business only if the prospect brings up the subject, Malik says. “The golf course is not the right venue [for discussing business].”
Otherwise, Malik says, prospects will recognize that you are taking them golfing only because you want their business. Instead, he says, “Make mental notes of key points of your conversation for follow-up later.”
> Make the club house count
At the end of the day, you will most likely end up at the clubhouse. Thank your guests for an enjoyable day and, if any financial planning topics did come up, tell them that you would like to follow up on them.
In some cases, it might be possible to get into a discussion about business at this point, but let it set the stage for further discussion at a different time and place.
> Follow up immediately
Once back at the office, make notes on each of your clients or prospects. Follow up immediately with those who have expressed an interest in learning more about what you have to offer.
Says Malik: “At this stage you would be in a good position to take your relationship to the next level.”
IE