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Every financial advisor needs a
CRM and a PRM to grow. What is the difference between a CRM client
relationship management and a PRM prospect relationship management? It's
simple what is your prospects journey? How and when do you nurture an ideal
prospect and how often? What are your offers and you have a templated
system an approval process to take people through your prospects journey?
What is your clients journey?
You're a financial advisor with a very busy practice with lots of clients
and prospects. you built a robust CRM system to track notes to communicate
and build the relationship with your clients. You have even segmented
between ideal clients and non ideal clients in your CRM system. You know
how many meetings a year you have with your ideal clients and non ideal
clients and your team takes care of all that. It is the client's journey
and you've got written process is down to a science. Your CRM system manage
is the activity and drives results, but what about your prospects?
What is your prospects journey?
You have a name maybe a telephone number and an email address of prospect?
The first step is to make the phone call, make compelling offers and book
an appointment. Do you need a call script, emotionally compelling offers to
engage them, and a system for following up. If there is no answer do you
leave a message do you send a follow up email and when and how often do you
call back? If this prospect is busy or puts you off do you send him follow
up emails newsletters or communicate with them on a regular basis? Do you
ask permission to sign up for your blog, offer valuable guides, and have an
auto responder series of offers to make to them? how do they get to know
you and what you offer? they see you as every other financial advisor doing
the same thing offering the same solution and expecting different results.
the prospects journey sucks and it needs to change. you need a PRM process
and system.
What is a PRM process? A five
touch system.
So what is the five touch system? If I asked you the name of a great
marketing idea, you could probably name a few. However, if I asked you the
name of a great marketing system for financial advisors, could you name
any? The five touch system is exactly what the name implies, a system to
develop five touches or contacts with ideal prospects and take them on a
journey.
For
example if I asked you the name of a great financial advisor and you said a
name I have never heard of, I might not feel comfortable going to see them.
But If I had heard of them before, I would first look them up online, come
across their linkedin page, then their website to learn more. At this point
I would find out how you look the same as everyone else online, but might
be engaged by an offer.
Use the law of familiarity to
your favor. Successful marketers know that through their constant marketing
programs, people want to know about your business before they will do
business with you. How do they get to know your business?
I discovered that I was 80% more successful after the fifth contact. People
knew us and were comfortable in choosing us. For example, I developed a
system which I will share with you to develop five touches or contacts. The
reason why is in the numbers:
5-10% chance of having a person become a client after one contact ( or setting
up a meeting to see if they are an ideal client)
10-20% chance of having a person become a client after two contacts
20-30% chance of having a person become a client after three contacts
I
also discovered that most marketing programs stop or marketers give up
after three tries
30-40%
chance of having a person become a client after four contacts
50-70%
chance of having a person become a client after five touches or contacts
It
amazingly jumps up after five touches
70-80%
chance of having a person become a client after six and seven contacts
50-80%
of all new business developed after the fifth, sixth and seventh touch or
contact
I
also spoke to several financial advisors who were doing different marketing
strategies and discovered some interesting information.
40-50%
of advisors will call once and never call again
25-40%
will contact a prospect the second time and follow up
10-20%
will contact them three times
5-10%
will contact or touch people five times or more before doing business with
them and become very successful opening new accounts 70-80% of the time and
earning in the top 5-10% of advisors.
Why
stop marketing after two, three or four times when you are halfway there.
Your chances of success can be greatly increased if you continued or
developed a strategy to do five touches or contacts. This is where an
automated PRM system comes in. Most CRM systems do not automate your
marketing process to prospects. This includes follow up emails, landing
pages, autoresponders and more.
When was the last time a
prospect gave you a big account on the first meeting? The system is to have
as many touches as possible.
Marketing workbook for 2022
Here is my offer to you to find out more. Go to my landing page a get your
copy of your 31 page marketing workbook to help build your prospects
journey in 2022.
https://famarketingplan.getresponsepages.com/ Then go
to the technology checklist to find options for your PRM marketing system. https://technologychecklist.getresponsepages.com/
This is the year you give
up excuses and grow your ideal business!
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