Posts Tagged ‘Many People’
Tuesday, October 30th, 2012
by Shauna Trainor, The Covenant Group
Using social media for marketing purposes can often feel like you have arrived late and alone to a crowded event: There is no lack of people to talk to, but it may be difficult to cut in on conversations that began without you. Twitter is a main demonstration of this scenario. It can be confusing and overwhelming to know who to follow, how to get others to follow you and what to say to your audience once you have one.
Hashtags and targeted tweets
To start getting a response to the short tweets you post on Twitter, consider chiming in on discussions that have already started. Visiting Twitter’s search page makes it easier to find out what people are talking about. The page allows you to look up general trending topics or use the advanced search operators to find tweets specific to your interests or those of your client base. Searching for “life insurance,” for example, generates a list of conversations that include that phrase. This can provide insight into what people are saying about the topic and may present you with the opportunity to share your knowledge.
If you notice that many people are discussing a certain topic but have not addressed an angle you find important, write a new tweet that includes the phrase — without spaces — preceded by a hashtag (#lifeinsurance) that users will be able to easily find. Be sure others are using the hashtag for similar purposes or at least know to search for it, otherwise your tweets could go unread. Given the volume and frequency of tweets, you may need to convey the same message in several different ways to reach more people’s newsfeeds.
Responding to other people’s comments
Continue monitoring a few key phrases and hashtags, and follow the users who are the most knowledgeable and vocal on those particular issues — they may choose to do the same with you. As you build up a following on Twitter, you may find that other people are talking about your business or are directing their comments to you by including your handle (@yourusername) in their post.
Twitter is also a useful tool for driving traffic to your other internet assets, such as your company website, blog or other social media platforms. For example, if you recently posted an editorial but are disappointed with the low response, consider sharing the link with your Twitter followers and asking for their feedback. Did you just upload a fascinating podcast to your website? Include a shortened URL in your next tweet. This sets the tone for a two-way conversation and can help you bridge the gap between your various online marketing activities.
Shauna Trainor is The Covenant Group’s Marketing Manager. She focuses on The Covenant Group’s own marketing strategy and also helps entrepreneurs through financial advisor training to leverage social media and other technology to spread the word about their services and practices and build relationships.
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Tags: Audience, Conversations, Covenant Group, Demonstration, Find People, Insight, Insurance, Life Insurance, Many People, Marketing, Phrase, Phrases, Search Operators, Search Page, Several Different Ways, Shauna, Tweet, Tweets, Twitter
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Wednesday, June 6th, 2012
Entrepreneurs who are working to build their businesses and increase their client capital often become overwhelmed when they treat everyone equally. Often, when financial advisors first start out on their own, they do not establish a structure for their clientele. This is something I discuss more deeply in The Entrepreneurial Journey. They may treat their most profitable clients the same way they do their least profitable ones, which is a waste of time and prevents them from reaching their full earning potential.
How many clients do you currently have? Now ask yourself, honestly, how many of those people you have a close working relationship with. Most likely, that number is no higher than 100. If you stretch yourself too thin by serving as an advisor to too many people, you will be doing them all a disservice.
The key is not to shed clients, but to segment them. As your business has grown, it’s likely that you identified your ideal clients and that these are not the relationships you acquired in the early days. Rather than abandon those who have remained loyal and who may eventually mature into your ideal clients, classify them on an A, B or C list.
As I explained in the book, most advisors will likely find that their top 40 or so clients are supplying their firm with 150 percent of its wealth, and working with the remaining clients detracts from profits, bringing the company back to 100 percent. Determine your key relationships by establishing a set of criteria for who should be on the A list, and strictly observe those rules. Don’t let someone who should be in the B or C category linger on the A list.
Identify the potential value of each of your clients, and compare their likelihood of buying. The A clients will be those who offer high value and have a high chance of doing business with you. To achieve the value every client promises, take a three-pronged strategy. Focus on growing their assets, then cross-sell and consolidate.
To avoid “orphaning” the rest of your clients, bring on a junior sub-producer or consider splitting the servicing responsibilities with another advisor. By having a strong plan for working with every segment of your clientele, you will be able to ensure that every individual is adding to your revenue rather than taking away from it.
As founder, president and CEO of The Covenant Group, Norm Trainor is often seen as the face of the company and its’ leading financial advisor training programs. He has penned several best-selling books, articles and other works with entrepreneurs and financial advisors to show them how they can become more valuable to their clients, boost productivity and, ultimately, achieve the success they desire.
Copyright © The Covenant Group
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Tags: Client Relationships, Clientele, Covenant Group, Disservice, Earning Potential, Entrepreneurial Journey, Financial Advisors, Ideal, Losing The Battle, Many People, Mature, Norm Trainor, Outset, Profits, Relationship, Segment, Shed, Waste Of Time
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Saturday, August 28th, 2010
How do you become a Trusted Advisor? You start by earning people’s trust, which you can easily do by following these three steps: Communicate with conviction, ask better questions, and tell the hard truth.
1. Communicate with Conviction
Have you earned the right to expect people to follow your advice and respond to your authority? No one will give you that authority unless you first believe you deserve it. If you show up in the marketplace assuming that you’re not going to be trusted and people aren’t going to respond to your authority or advice, it becomes a self-fulfilling prophecy. The result is a collaborative environment where the client directs you instead of following your advice.
I often see clients or prospects who strongly believe that they know what they’re doing. Others think, “It’s my money, so I should be in charge.” There’s certainly some truth in that, but unless they’ve dedicated themselves to becoming financial experts, they should find somebody smarter than themselves and defer to that person’s expertise. Unfortunately, many financial advisors don’t convey the impression that they really are more competent or knowledgeable than their potential clients and prospects. Therefore, people don’t defer to them.
To become a Trusted Advisor and have people defer their financial decisions to you, your clients need to think, “I trust you and I believe you have my best interests at heart. I also trust that you’re competent enough and, between the two of us, you know better.” There’s nothing wrong with a client questioning your authority, but at some point all clients want to find an advisor they can trust. Deep down inside, they want you to tell them what to do. If they can trust you, they’ll do it. If they can’t trust you, they’ll find someone else. That’s why so many people have more than one advisor—they don’t completely trust any of them. Communicate with conviction, and you’ll earn your clients’ trust as well as all of their business.
2. Ask Better Questions
Have you ever noticed that most people would rather talk about themselves than listen to you talk about yourself? If you want to build a high-trust relationship, shallow chitchat or talking about your credentials won’t do it. You need to talk about what’s meaningful, important, significant, and compelling to that person. One of the best things you can do to prepare for that kind of conversation is to gather information in advance. Anytime someone refers a potential new client to you, ask the referring person questions that will lead to meaningful, important, significant, and compelling information. Find out as much as you can about your prospects: What are their values, interests, passions, and goals? What do they do for fun? Who do they care about most? When clients or prospects see the connection between the value you bring and what’s most important to them, they tend to respond positively. In the process, you lay the foundation for a long-lasting, high-trust relationship with the people you truly want as clients.
3. Tell the Hard Truth
If your clients don’t defer to your authority and expertise, there’s a good reason, and it’s not them. Chances are, it’s because you’re behaving like a salesperson. Instead of communicating with conviction and earning your clients’ respect, you’re following the old “customer is always right” mentality. Even though your clients may have little or no financial expertise, you defer to them rather than take the chance of upsetting them and jeopardizing your insurance or mutual fund sale.
I spend a lot of time coaching my Trusted Advisors to tell the truth and be direct. At first, many argue, “I’m afraid of how clients will respond if I tell the truth.” I understand that. However, if you want to be a Trusted Advisor, you have to tell the truth—even when the consequences are less than desirable. Think about it this way: If you tell people the truth and they respond poorly, do you really want them as clients? Most people appreciate and respond positively to the truth; honest communication is a cornerstone for building trust.
Copyright © Bill Bachrach, Bachrach Associates
Tags: 3 Ways, Advice, Collaborative Environment, Conviction, Financial Advisors, Financial Decisions, Financial Experts, Heart, Many People, Marketplace, Money, Prospects, Self Fulfilling Prophecy, Three Steps, Trusted Advisor, Truth
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