“Should I email her again?” “What if I get the voicemail? Do I leave a message?” “Would a quick text be better?” While this sounds like first date woes, it’s actually one of the most common rejections financial planners experience with prospect marketing: non-response.
Consider this familiar scenario:
You meet with a prospective couple, you connect immediately, and you’re certain they will hire you. When you ask for the sale, (“When can we start?!”) you encounter the Excuse: that reason why they are unable to commit right there on the spot. They dodge the decision, so you let them go. When you call or email to follow-up, you hear nothing. Nada. Zippo. And so you wait and you question, “What should I have done differently? Did I make a mistake?”
I call this uncertain place Prospect Purgatory.
Prospect Purgatory nearly stopped me in my tracks from growing what ultimately became my successful financial planning practice. The passive rejection (ie non-response) from a prospect used to bring me to a halt in my business when I first started. I wasted time and energy spinning in my head making up stories about what went wrong. I was convinced it was my disdain and lack of skill for selling, and I was certain it meant the end of my entrepreneurial endeavor. (“Because if you can’t sell, you’re screwed,” I told myself).
Well, after sulking as a victim for a bit, I took charge of my business again. “I am an expert marketer and skilled at cultivating genuine relationships with people. How would I have handled this for one of the big corporate clients I worked with in my previous career?
The solution: A clearly defined system.
When you have clarity on your follow-up effort, you work the system, follow the rules, and feel confident that you have put in the appropriate amount of effort for that single prospect.
Implement this 4-part system in your practice, and you’ll eliminate the guesswork and keep your momentum strong.
4-Part System for Communicating with Prospects
1. Flowchart out your current prospect experience. Outline each of the communication touch points that you have from the time a person raises her hand to show interest. Define the purpose of each communication.
- Make sure you clearly explain and communicate the benefits for the prospect prior to the initial meeting (e.g. through a Welcome Kit)
- Know how to handle common objections before you meet so you are prepared in your session.
2. Craft the ideal prospect experience. After completing the situation analysis in #1, fill in any communication gaps that would leave you questioning what to do next.
3. Set the follow-up rules. Know exactly how many times and in what format you will follow-up and be sure to tell the prospect each time what to expect next from you.
- Note: You do not personally have to do the follow-up; you may utilize technology (automated one-to-one email triggers like Infusionsoft allows) or a team member to handle this responsibility.
4. Cultivate the prospect. Keep your non-responders on your communication list. Send your content regularly, and you stay top of mind. You may receive a referral from them down the line or be first on their list when a trigger event occurs in their life.
While that prospect occupies a larger percentage of your mind space, especially following an energetic meeting, remember that she is a busy individual whose life interrupts her as soon as she steps away from you. Your ego may not believe it, but most of time non-response has nothing to do with you. When you accept this truth you can move on and continue to work your system as a productive advisor.
Kristin is a CERTIFIED FINANCIAL PLANNER™ professional. Managing her own firm, she grew it from zero to six figures in less than three years, completely from scratch. In 2014 Kristin transitioned full time into training and coaching, where she now helps independent financial advisors to grow their firms.
