Over the past few years, I’ve heard the joke that ends with this punch line: “Yesterday you were a prospect, today you’re a client!” It resonates in the sales world because of the feeling some clients have once they sign on the dotted line.
It’s a feeling of under appreciation and loss. Why? Because before a client has signed, they’re courted as prospects – receiving high touch, responsive and on demand service.
But, once the sales experience is over, the prospect becomes a client and gets handed off to a different set of people and processes. And sometimes, all of the sudden, the courtship is over! The end of the attentive service is significant, because as I’ve said before: your clients are your competitor’s best prospects, and the end of this courtship experience is exactly what I’m talking about.
The good news is that moving out of the courtship stage doesn’t have to be a letdown. In fact, there are plenty of great retirement plan teams that haven’t lost a client. Why? Read more
I frequently talk to advisors and financial professionals about the prospects they’re working. Their sales pipeline can range anywhere from 10-50 active deals they’re working routinely. Odds are some of those great opportunities are their competitor’s clients. That’s why I’d like to share some insights about how client segmentation can build a moat around your client base.
Let’s begin with client segmentation
I have yet to meet an advisor or advisor team who doesn’t struggle to manage service delivery and growth…and for that matter, their sanity. Segmentation helps you strategically analyze how you communicate to clients and how your service model applies, or doesn’t apply, to their needs. Most importantly, it’ll help you create efficiencies so you can put your energy toward new client opportunities. Read more