There are a variety of ways to acquire new leads to build your practice, such as referrals, advertising, direct mail and e-mail, seminars and other client-related events. However, the bigger challenge you face is converting your leads, or suspects, into prospects.
This requires “a disciplined process that gradually deepens and strengthens” your relationship with the suspect, says George Hartman, CEO of Toronto-based Market Logics Inc.
Typically, everyone is viewed as a potential prospect, contends Prem Malik, chartered accountant and financial advisor with Queensbury Securities Inc. in Toronto. But you must then “qualify each suspect as a prospect, as not all suspects are necessarily prospects,” he adds.
Here are some tips on how to convert suspects to prospects:
Assemble list of suspects
Your list should normally come from your target market, says Hartman. That’s because you will be better prepared to deal with suspects whose objectives are aligned with the products and services you have to offer. The activities you engage in to attract your suspects must be “consistent with the way your target market likes to be approached,” suggests Hartman.
Initiate contact
You can use different methods, including personalized letters, telephone calls or e-mails. “Never use mass-market mailing; it is too impersonal,” advises Malik. He suggests you introduce yourself and tell the suspects about the services you offer, your values and how you can help them achieve their objectives. “Offer to send additional material, if required,” recommends Hartman. Indicate that you would like to follow up with them over a defined period.
Qualify prospects
Once you have followed up with your suspects, you should be able to come up with a qualified list of prospects who “meet your preferred client profile,” says Hartman. This list can be sorted by short and long-term prospects and by individuals with whom you need to follow up or who require additional information. Some suspects will be eliminated at this stage.
Invite to meet
Invite prospects to a face-to-face meeting at a mutually convenient time and place. This should “allow you to determine whether you should be working together,” advises Hartman. You would also be able to “establish rapport and credibility and earn the confidence” of the prospect, says Malik. Talk about “the big picture; tell them about your values; and share your experiences about clients in similar situations,” recommends Hartman. “The meeting is your best chance to convince the prospect to become a client,” adds Malik.
Say “Thank You”
Send a personal “thank you” letter after the meeting. Tell the prospective client how much you enjoyed meeting with him or her, and that you look forward serving his or her needs sometime in the near future, suggests Malik: “Leave the door open for the prospect to call you with any questions and for you to follow up at a later date.”
Follow up
You might be able to convert some prospects after the first meeting, but others can take several meetings. In fact, in some cases, it can even take several months, says Hartman. It is therefore necessary to follow up with potential prospects on a periodic basis by offering to send additional information, newsletters; articles of interest and invite to special events.
IE