14 ways to reel in clients

There are many ways to add clients, and some work better than others. But they all have flaws. Here are 14 of the most popular strategies, and how you can make them work.

Read: Charm wealthy prospects

#1: Referrals

Everyone’s favorite and the best strategy overall.

Pros: Prospects come to you.

Cons: The person referring is often asked, “Is she any good? How much money has she made for you?”

Solution: Coach clients on how you help people.

#2: Public Seminars

Present to a packed room and you usually get some clients.

Pros: Immediate results. They usually open accounts within four weeks.

Cons: If they haven’t opened by week four, it’s unlikely they will.

Solution: Do monthly seminars. Invite interested prospects to the next seminar, gaining another four weeks.

#3: Introductions/Networking

It’s social and fun.

Pros: Target market segments, like high-net-worth prospects.

Cons: Long timeframe.

Solution: Raise awareness. Everyone should know Who you are, What you do and Why you are good.

#4: Cold Calling

It’s a statistics-driven process. Do it enough and you get results.

Pros: It’s a daytime activity and you can use scrubbed lists.

Cons: Do Not Call rules. It’s likely everyone you want is on the list.

Solution: Business-to-business calls aren’t covered. Focus on small businesses that are quietly profitable.

#5: Client/Prospect Dinners

Advisor invites a client or two, encourages each to bring a friend for a relaxed evening in a fine restaurant.

Pros: Client has directly or indirectly presold the guest on the advisor.

Cons: Expensive, and some clients agree to attend but don’t bring guests.

Solution: Coach clients on how to extend the invitation tactfully.

#6: Calling Business Owners

Many small businesses are profitable.

Pros: Do Not Call rules usually apply to residences, not businesses.

Cons: Screening: someone is paid to keep you away.

Solution: Owners often keep long hours. Call early, late or on Saturday.

#7: Speaking to Groups

They assemble the audience, you present.

Pros: Target professionals by focusing on affinity organizations.

Cons: They may be wary of salespeople.

Solution: Offer “non-sales” topics like identity theft.

#8: Mailings

Email and texting has reduced the volume of snail mail people receive.

Pros: Works with high volume.

Cons: High cost of getting an interested prospect.

Solution: Increase your odds by handwriting and stamping a different sized envelope. Contact several times.

#9: Approaching Friends

They already trust you.

Pros: Low cost.

Cons: Long timeframe, and you can’t be too pushy.

Solution: Raise awareness. Meet and explain what you do. Can they explain your story to others?

#10: Cold Walking

Many suburbs have business parks with concentrations of small firms close by.

Pros: Low cost, gets you away from your desk.

Cons: Feels like door-to-door sales.

Solution: Cold walk with seminar invitations.

#11: Research Mailings

Does your prospect work for a listed company? You’ll send research from time to time.

Pros: They’ve become a prospect. You have a reason to recontact.

Cons: You must assemble the base. It’s often dependent on responses from a mailing.

Solution: Mail a lot or find a concentration of people working for the same firm.

#12: Walk-Ins/Call-Ins

Prospects come to you.

Pros: Most offices have them. Downtown storefront offices get lots of traffic.

Cons: You can’t control how often you’re scheduled.

Solution: What are the criteria for being chosen “Broker of the day”? What do you need to do?

#13: Newspaper Ads

People still read the paper on Sundays.

Pros: Impressive, builds name recognition, supports seminar strategy.

Cons: High personal cost: must run multiple ads to become a household name.

Solution: Ask a wholesaler help with the costs.

#14: Radio Advertising

Reaches a wide audience.

Pros: Builds credibility and name recognition.

Cons: High personal cost, compliance approval, multiple ads needed.

Solution: You and your team can volunteer for public broadcasting fundraiser answering phones. Deliver or sponsor your local radio station’s stock market report.

Also read:

Find and meet online prospects

6 ways to close a prospect