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CHAPTER 2

Prospecting—Finding the People to Sell

Prospecting is the art of finding the right client for your products and services. It’s a two-step process:

 Finding the people to sell.

 Selling the people you find.

Here, There and Everywhere

If you want to find potential clients, just follow the lead provided by a song from The Beatles, “Here, There and Everywhere.” That’s precisely where they are. That fact presents more of a challenge than an opportunity if you’re cold calling. Of course, in selling financial s e r vices, looking here, there and every w h e r e will have you bouncing left and right, up and down, and back and forth like the metal ball in a pinball machine. Warm prospecting is a wiser course when marketing investments, insurance, financial plans, peace of mind, and the joy of anticipating favorable returns.

Friends and Family. Start by contacting your friends and family. These folks know, like and trust you. If they don’t, you might consider a line of work where you can survive as a loner. Hopefully, they’ll be excited that someone in the family is picking up some expertise they don’t have themselves, but can benefit from. They should want to pick your brain and use your services.

As a bonus, they will have their own network of friends, acquaintances and co-workers. Some will surely be in need of your financial skills and the products and services you offer, if not now probably in the future.

Here’s an example of how warm prospecting can work.

You have friends who are in all sorts of professions, but do you consider them sources of business leads? I’ll bet it never crossed your mind. In fact few people who market a product or service realize the wealth of warm prospecting opportunities they already have or encounter on a regular basis.

Extend your prospecting antennae. Everyone you know knows other people—lots of them. Never again leave a meeting, whether you’re giving or receiving service, without considering who this person might know that needs your services.

Acquaintances. Speak to those who are just acquaintances, as well. You cross paths with a lot of people every day. Some will need your product and some will know of others who can benefit from your service. I bet you haven’t a clue as to how many people you meet (or could potentially meet) every day. Mentally walk back through today or yesterday and trace your footsteps. Did you stop at the coffee shop? Did you drop off a prescription for a refill? Did you eat lunch somewhere besides your home or your desk? Did you pick up your kids at soccer practice? Or, drop them off? How about on the way home from work? Did you run an errand? Could you have?

Every one of those situations brings you into close encounters with other people traveling in similar paths. Stop running on auto­pilot, reach out and meet them.

Prepare a 30-second “commercial” about you, your product and your service ready so you can use it at a moment’s notice when you make a new acquaintance. And then be sure to use it.

“Hi, I’m Hank Martin. I help people achieve their share of the American Dream by providing professional analysis of investment opportunities so you can be certain your money is doing exactly what you want and need it to do for you. I guess you could say I show families and individuals ways to save and make money, thus, eliminating debt and building toward financial independence.”

Suppliers . Other busine sses offer great oppor tunities for prospecting. Work hard to impress every business you hire or purchase from. Word of mouth is one of the most powerful forms of advertising. When respected business people recommend you, other people listen.

Itch Cycle. Take advantage of what I call the itch cycle. Every product or service has a limited lifetime. Bonds mature. Term insurance comes to an end. A five-year financial plan doesn’t automatically roll over into year six. Contact clients before the product “winds down” so you can be there to pick up the business when they need to renew. Or, guide them to another product that’s right for the next phase of their lives.

For example, if you notice that the bond market is easing into a decline, it’s a good idea to contact the individuals and families you know who have purchased bonds to discuss the possibility of investing in the rising value found in the stock market or vice versa. Not only will you be improving your own business, you’ll be providing genuine service to people in real need.

“Mike and Martha, that investment plan we drew up for you last year met your needs at that time. With how quickly things change in our lives, we recommend an annual review to assure that your strategy is on target to meet your continuing needs.

Also, many new products are released each year to help investors like you improve their planning. I have a few suggestions to make concerning your particular situation. Why don’t I pop by for a visit to discuss some of the great opportunities that just might fit your needs today especially well?”

Stay on top of things within your industry. It’s an unalterable law of nature that things change. When you see changes in the economy, in financial services or housing regulations, in the local business environment, in lending laws, in trends in the financial services industry or in anything affecting you and your clients, act on that knowledge. Make contact to see if there are any ways you can be of service regarding the coming change. You’ll not only be providing service, you’ll also be cementing your image as a pro-active (with the emphasis on the prefix “pro”) expert in the field.

Orphaned Clients. See if any clients have fallen between the cracks. If you work for, manage or own an organization of any real size you will develop a substantial list of clients. As people come and go in your organization, it’s likely that some of those clients will be dropped or forgotten. These people, who are familiar with and who should be happy with your product and service, should be excellent potential clients for additional products and services. Check with your employers, your co-workers and company records to see if you can begin working these hidden gold mines.

The Media. Study the media. Regardless of your market (local, regional, statewide or national) there are newspapers, radio and television programs, magazines, newsletters, web pages and other media providing information that can propel your new business efforts to ever greater heights

News reporting, by definition, focuses on the negative. As they often say, “We don’t report on planes that land safely.” That’s a good and legitimate point, but the news can have a serious negative impact on the way people think. They can become convinced that all the news is bad and that now just isn’t the time to invest in financial services. Of course, negative thinking leads directly to negative results. They could easily find themselves in need of the very services or products they were too afraid to purchase.

Address those fears carefully and with thought, but head on. No matter how bad the news may be, there is always some good news somewhere that can be used to provide balance. Also, negative news could itself be used as a reason to get involved. After all, if the economy is shaky, what better time to look for wise financial counsel?

Read, watch or listen to the news to discover the “movers and shakers” in your industry and community. Notice who is being promoted or who or what company is moving into town. Make an effort to add them to your list of contacts. This isn’t as challenging as many folks think. Most people are surprisingly accessible. Pick up the phone and make the call. Introduce yourself. Set up informal or even formal meetings to get to know them one-on-one. Offer your services. And if someone is new to the community, offer yourself as a reference guide to that community. The important thing is to commit to meeting new people—all the time. Learn their needs, and put yourself in a position of showing how your product or service perfectly meets those needs.

Suppliers. Your suppliers can provide more than supplies. They are likely to live in the area and know a lot of people. They are aware of information you probably will never acquire. For example, he or she might have heard that Mr. Monroe down at Acme Deluxe Manufacturing has just gotten a promotion and a substantial bonus. He and Mrs. Monroe might just be in the market for a solid investment in which to put that new money to work.

The Three-Foot Rule. Consider anyone who comes within three feet of you as a potential client or referral base. I’m serious. It’s part of the here, there and everywhere philosophy. If appropriate, strike up a friendly conversation and within it roll out your 30-second commercial. You’ll be surprised at how many people need or know someone in need of your services.

The Internet. Reach clients by reaching out through the Internet. You can quickly and easily acquire an amazing volume of infor­mation on virtually any subject by logging online and tapping a few key words into your computer. You can thoroughly research entire industries, specific companies and organizations, and even individual officers of a corporation all from the comfort of your office.

Reach out through the Internet by creating your own web page so prospective clients can quickly and easily research and contact you. When you set up your web page be sure to reference it every­where you can— on your business card, letterhead, advertising, signage, public relations efforts and so on. Make it easy for people to find you.

Signs. One of the best places to advertise to a captive audience, and I really mean captive, is on your automobile. Think about it. When you’re stuck in freeway or highway traffic what do you have to look at except other cars? Well, the people in those cars you’re looking at just happen to be looking back. Why not give them a little reading material to break up the monotony? Those metallic advertising signs that slap against your car door are economical and easy to acquire.

I’ve found sources for all types of products and services while sitting in my car. Imagine if someone needing your product or service looks out his or her window to see your name, your company name, address, e-mail address, and phone number and the fact that you just happen to have the solution to the financial question they were just pondering. That little sign stuck to the side of your vehicle could easily be the cause of a new client becoming “stuck on you.”

Emerging technology. Some years ago companies prospected by mailing printed brochures. New and affordable technology a r rived and many of those companies began sending out “brochures” on video tape. Then CD and DVD “brochures” became the rage. The Internet has revolutionized the way many companies and individuals conduct business. Many are prospecting through web pages and e-mail campaigns. These are all valuable and proven tools for prospecting. Use them when appropriate for your marketing needs. And realize that some other new technology is currently in development. When it arrives, use it if it’s right for you.

Create A Network

A network is a group of individuals who help each other achieve their individual goals. I help you get where you want to go in business and you in turn help me get where I want to go. That help can come (and probably will come) in many forms.

For example, you may be new to setting up your own business and need the advice of a professional lawyer, accountant, real estate broker or any number of suppliers. One or more people in your network can probably make a few solid recommendations. You don’t have to reciprocate in kind either. Later on that person may require help writing a speech for his or her business-contact group. If that’s one of your areas of expertise, jump in and offer to help draft the speech. The point is to help each other in whatever area each person needs that help as long as you both know why you’re doing it.

It’s important to think of your network not so much as a mutual aid society, but more as a group of on-going relationships. It’s not a matter of “I owe her because she helped me.” It’s “how can I help you…what do you need…what can I do for you.” As with anything else, the more you put into the effort the more you will get out of it.

If you don’t have a network, create one. It’s fun and you get to meet a lot of great people in the process. And don’t limit yourself by in-the-box thinking. Just because financial services is a white collar industry, don’t think you can’t have blue-collar members in your network. The mechanic at the automobile dealership, your mail carrier and people in any number of occupations you can name can all help and be helped by your network.

Once you’re in a network remember success depends on mutual cooperation and support. It’s a two-way street in which you give as good as you get. Share the wealth of information, leads and contacts and you will reap the wealth of information, leads and contacts. Here’s a sample scenario between you and Joe, the service technician who maintains your copier.

Joe: “Okay, Mrs. Henning. I’ve given your copier the full once-over, changed the toner and tightened a bolt here and there. It’s good for another hundred thousand copies.”

You: “Thanks, Joe.”

Joe: “I appreciate your business. How are you doing?”

You: “Fine, just fine. But I’m always on the lookout for new clients to serve.”

Joe: “That reminds me. We just got some good news. My sister and her husband are having another baby. I know they’ll be needing more life insurance and I’ll bet they haven’t even thought about a college fund yet. I know they’d be inter -ested in talking to you.”

You: “Would you mind giving me their full names and phone number?”

Joe: “Sure thing and give me one of your cards to pass along to them. I’ll be seeing them later this week.”

There’s one last area that applies not only to “all of the above” topics, but really to all topics, your entire career. It’s the matter of trust. People will not do business with people they do not trust. Yes, people get snookered all the time, but how much repeat business does the dishonest person get? How many referrals does he or she earn? And consider the effect of word-of-mouth on that person’s future transactions, business and livelihood. People talk and word always gets around. When you cheat someone, the biggest victim is yourself. Build trust and you will build business.

You can’t earn trust by being ethical during church or at the synagogue and then breaking the rules at work. Hypocrites do not do well in this business—not for long. Earning trust is more than a process—it’s a lifestyle.

In my book Sales Prospecting for Dummies® I devised an “Ethics 101” test. I’d like you to apply that test whenever you face something that might challenge your trustworthiness. I promise, it will help keep you on the right path.

 Would I want someone to do this to me?

 What would I do if someone did this to me?

 Can anyone get hurt if I do this? Who and to what degree?

 Can I look Mom and Dad/the preacher/my mentor/ my kids in the eyes when describing this action?

 Would I be proud to see this on tonight’s news program?

When so challenged, think about it, even for a few seconds. Think like a champion and you’ll know what and what not to do.

Target Your Target Market

Often the here, there and everywhere potential clients create a serious and daunting challenge. Narrowing your focus so you can concentrate on a specific, well-defined target market is one way to make sure you’re seeking only the best and most potentially rewarding “turf.” Here’s a simple process to do just that. It works equally well for individuals and organizations.

Begin by listing your top 25 to 30 clients. Look for commonal­ities among them such as age, income level, education, financial needs, probable needs in the future, ethnicity, hobbies and interests, and so on. Once you’ve completed the exercise, see how well they match up to your own profile. Note any common patterns.

Analyze each client. Write down the size of their investment funds, financial services needs, insurance needs, outstanding loans and financial commitments, property ownership, how they came to use your service, who referred them, if they have provided you with referrals, and so on. Again, note any common patterns.

Next, list your top 25 sources of referrals. Analyze them also. Make note of any common patterns between yourself and your sources. Be careful not to get so deep into this analysis that it takes you all day. You should be able to see the pattern emerge with a quick review.

The patterns that emerge should provide the necessary infor­mation for you to narrow the focus of your prospecting. You may discover a valuable niche market that you can readily serve. For example, although you may be concentrating your efforts on approaching one area of business, you may discover a profitable niche in another, such as serving small suburban businesses with net incomes of under $1 million, young families with the breadwinner just moving into middle management and a higher salary and benefits package, or individuals who focus on asset protection rather than building wealth. The needs are limitless. Use your imagination. Where are the people you can best serve?

Again, opportunity is always here, there and everywhere if you are willing to put in the effort to find and profit from it. I highly recommend that you conduct this exercise soon. You’ll quickly discover whether or not your marketing efforts are on target.

Find the people. Provide the service. And you will be astonished at the rewards that will enrich every phase of your life.

“We must not sit down and wait for miracles. UP and be going! “~ John Eliot