When your clients don’t fully understand the services you offer, you can find yourself in some awkward moments, and missing plenty of business opportunities, according to Larry Distillio, director of financial advisor business management with Mackenzie Financial Corp. in Toronto.
Distillio knows of one advisor who was asked by a client for a recommendation to someone who offered financial planning — something the advisor himself could provide.
“The client just thought of the advisor as the stock and bond guy and the mutual fund guy, the investment guy and that’s it,” says Distillio.
In order to avoid such awkward moments with clients, experts recommend establishing a process for identifying cross-selling opportunities and building awareness regarding your services. Focusing on better communication regarding your services in 2015 will also help increase your share of wallet and your perceived value with clients.
One way to make sure clients understand exactly what you do is to provide them with a “road map” at the beginning of the year. Create the road map by explicitly telling clients what services you will provide them — such as investment planning, insurance or succession planning — and when you will run through the process with them, says Sara Gilbert, founder of Strategist in Montreal.
“You’re really taking them by the hand [and saying] ‘this is how we’re going to take care of you’,” she says.
Another approach is to create a clear communication strategy. The first step is to take a close look at your contact management system. Sylvia Garibaldi, founder of SG & Associates in Toronto recommends advisors “sweep” their contact management systems once a month for cross-selling opportunities. Look through each account to identify a service the client may appreciate.
Garibaldi suggests creating monthly campaigns that focus on one service at a time. For instance, in February you might send out a targeted email to a select group of clients regarding life insurance and why they might want to consider such a product. You can then follow up with clients by phone to see if there is any interest.
For Distillio, building awareness about services is about finding the right story to tell. He suggests creating case studies to share with clients and prospects.
To figure out what stories to tell and how to frame them, Distillio recommends thinking about a market you serve and generating a list of events that individuals in that market typically experience during their lifetime. Consider the problems that clients might encounter when experiencing such events, and possible solutions. Then you can write out case studies outlining how you have helped clients in similar situations.
These case studies can be shared with clients and prospects on a regular basis.
“Make it part of your regular communication strategy,” says Distillio. For example, you could provide a copy of a case study in your introductory kit for new clients or post a couple as testimonials on your website. Another option is to raise the topic during client meetings and provide copies of the case study for clients to read on their own time.
Stay on track with your service communication strategies by making yourself accountable to someone. Garibaldi recommends asking a staff member, colleague, coach or mentor to keep you honest about following your strategy by periodically reviewing how many appointments you have made as a result of your efforts and the overall success of your communications campaign.
This is the second article in a three-part series on refocusing your business in 2015.
Next: Get advice to grow your business.