An effective lead generation strategy is key to growing your business through new prospects.

Most advisors don’t appreciate the importance of marketing in keeping their businesses growing, says Keith Weber, a certified financial planner and president of Weber Consulting Group in Fort Collins, Colo. Marketing is a significant job responsibility that you must take seriously and consider carefully.

Yesterday’s BYB article looked at how to create and implement a lead generation strategy. The following tips will help you keep the mindset necessary to make the strategy work:

> Commit to the plan
Once you have developed your lead generation strategy, you must be committed in order to make it work.

“Everyone has great intentions to [create a strategy] but they just never get around to it,” says Weber. A significant portion of your time — up to 50% of your time if you are a rookie — should be dedicated to marketing and generating leads if you want to grow your business that way.

To avoid distractions, you must create a regimen for yourself, says Gerri Leder, president of LederMark Communications LLC in Baltimore. Without a structured marketing plan, it’s easy to get caught up in the day-to-day workings of your business and forget about your marketing efforts.

> Ditch the “sales” talk
When meeting prospects through your lead generation strategy, start conversations about them — not the latest investment products.

“You can win a lot more respect and a following by being knowledgeable and credible,” Leder says, “and not trying to be overtly ‘salesy’ in your conversations with people.”

While it’s OK to view each person you meet as a potential client or referral source, be sincere in your interactions with them. Take a genuine interest in these individuals and their lives.

> Broaden your search
Don’t restrict your lead generation strategy to meeting prospective clients directly. Include a networking strategy in your plan.

Create a network of centres of influence by building referral relationships with other professionals, such as lawyers and accountants, Leder says. Offer referrals to these professionals with the understanding that they will send referrals your way.

IE