Client loyalty isn’t something you deserve simply because you crafted a financial plan or found a great new investment. You must actively connect with clients throughout the year to strengthen your relationships.
“You have to treat your clients as if it’s a privilege to get their business,” says Kevin Toney, marketing coach with Primetime Promotions in Winnipeg.
Remind yourself that your clients are another advisor’s potential clients. That means you must do everything you can to strengthen your relationships with them.
Reaching out to clients throughout the year using various “touch points” — opportunities to connect with client to show you are thinking of them — can be time consuming and difficult to manage if not done right. Follow these tips to stay on the right track when touching base with clients:
> Target a small group
Manage your time wisely by focusing on a select group.
Touch points should be tailored to individuals to give them meaning, says Terrie Wheeler, president of MarketYourAdvisoryPractice.com in St. Paul, Minn. They should be designed to develop a stronger client/advisor relationship.
To make the most of your time, she says, focus on 20 to 30 clients with whom you want to build deeper relationships.
> Make notes
Write down important personal points about each client as you become aware of them.
For example, take notes about clients’ interests and hobbies, Wheeler says. If you learn that a client enjoys sailing, loves dogs or is a wine aficionado, record that information.
Remembering these details will help you select relevant information to send to your a clients; you might send a note about an upcoming wine show in your client’s area.
> Use a database
Keep track of whom you need to contact, and when, with a proper client-relationship management system.
You need to have an updated CRM, says Toney, to create an organized system of regular client communication.
> Start a routine
While there is some debate as to how often you should reach out to clients, you shouldn’t let it slip for more than a few months.
Wheeler recommends touching base with clients once every quarter. Toney, on the other hand, advocates more frequent contact, saying you should connect with clients at least once a month. Find a frequency of contact that best suits you and your clients.
> Focus on the issues
Touch base with your clients in a meaningful way by focusing on their concerns.
Whether you are talking to a client over the phone or sending him or her an interesting article, Toney sasy, always make sure your communication is about your client’s concerns. This is not the time to talk about yourself or your business.