Sales Tip of the Month: 3 Unlikely Places to Look for New Clients

Rather than search for a new or radical prospecting strategy, consider these tried and true ideas for filling your sales pipeline. In a recent BenefitsPRO article, Bryce Sanders, president of Perceptive Business Solutions, offers five simpler ways for financial advisors to fill their sales pipeline. While his tactics are geared more for financial advisors with individual clients, nevertheless three of his ideas certainly apply to benefits brokers and their clients.

Here are three of his five tips for filling your sales pipeline and a “to do” list for each one that can apply to benefit brokers:

  1. Where did your best clients come from?
    This isn’t my original idea. It came from some trainers/coaches I’ve thought are tops in their field. It works like this:
    • Make a list of your best client relationships.
    • Next to each name, write down how you got them. Look for commonalities.
    •  When was the last time you used that client acquisition technique?

Your “to do”: Make a list of your 10 best client relationships.

  1. Referrals reimagined.
    Here’s another old idea based on the word “help.”
    • Find something your clients have been complaining about recently. It might be volatility in the stock market or low interest rates.
    • Ideally, these are clients where you provided an answer through an investment strategy.
    • Presumably they followed your advice. They likely have friends with the same concern.

Your “to do”: Go back to those clients. Remind them of their issue and the answer you provided. Ask: “Who else do you know that’s concerned about volatility in the stock market (or another issue)? I might be able to help them too.” The rationale is people might be hesitant to refer, but they want to help others. Although this tip applies to individual investors, it can easily apply to HR and benefits professionals and the issue/pain points you helped solve with recommendations you made for their employee benefits portfolio.

  1. Clients who left.
    Everyone loses clients. Hopefully they didn’t leave because you neglected them. You probably lost some because they thought the grass was greener elsewhere. They were prospected by a charming advisor at a competitor. How did it work out? Are they happy or having buyer’s remorse? Only one way to find out.
    • One New York advisor I know calls past clients a few months after their departure.
    • She explains she understands they had their reasons for leaving.
    • She tells them they were an important client, and she wants to be sure things worked out as they hoped. She meets them halfway. Good things might happen.

Your “to do”: Build a list of your clients who departed on good terms. Call each up. Have a similar conversation.

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