How to stand out from the crowd

Bryce Sanders, president of Perceptive Business Solutions, offers 19 tips to help you stand out in what has become a crowded market...

Prospecting can be like love. We prefer people to fall into our arms instead of being dragged to the altar kicking and screaming. How do we get friends to approach you for business? Be ‘top of mind’, when they think of a financial question.

Everyone needs to know three things: who you are, what you do and why you are good. These techniques will show you how to raise their awareness.

People are busy. It takes effort to get noticed. In general, you need to ‘touch’ a person six times before you get onto their radar screen. One short letter or seminar strategies often don’t work.

What is their preferred communication channel? People are different. Some open every piece of mail. Others throw away everything but bills and personal letters.

Here are 19 ways to ‘touch’ your prospect. Pick a few and try them simultaneously. Learn which people respond best to each channel. Once that’s established, focus on that channel for communicating with that person.

19 strategies

The first three strategies are most often used by advisers seeking to raise their visibility.

1- Letters: This is the obvious approach when communicating about business. The more personalised the better. Mail-merge programs make this easy. Use typed envelopes, not address labels. Stick a stamp in the corner; don’t use a postage machine. The object is to get the letter opened.

2- Phone calls: These are immediate and cheap. Most executives have ‘screeners’. Voicemail serves the same function; it still gets your name out there.

3- Email: Many people get lots of emails. Some people still feel a sense of urgency when they get one or hear: “You’ve got mail.”

You are part of the crowd competing for attention. Strategies 4-9 are channels touching them from different directions.

4- Social media: LinkedIn and other websites have been hailed as the 21st century solution to ‘who knows who’.

Learn your firm’s policies on using these sites. Assuming it is acceptable, join one of them, seek out ‘who you know’ and build your network. Research HNW prospects you have identified. Learn background information about them and find out who might provide an introduction.

5- Seminar invitations: Hard card wedding-style invitations get opened. The shape and expectation are different. Hand write the address and using a postage stamp.

6- Hearing you speak formally: Speaking at a seminar is an excellent way to present yourself professionally. This is important when prospects see you as a university friend. If you can bring the presentation to them, that’s ideal. Many community groups and companies bring in speakers from time to time. Do you have access to a seminar addressing ‘Identity Theft’?

7- Electronic newsletter: Your firm probably makes this available. Build up an email list. With people’s permission send it out from time to time. It reminds them of your professional connection and positions you as a resource.
8- Faxing: If you have a relationship with the person, faxing can get a report on a research opinion change on a stock they own into their hands quickly. They may mentally count the time passing before their own adviser calls.

9- Clipped articles: Easy and effective. Friends have hobbies, acquaintances have employers, prospects own stocks. Keep track of connections. When an interesting article appears in the newspaper, cut it out and send it along with a note: “Thought you might find this interesting.” Don’t ‘send a link’ or copy the article. The single clipping announces: “Of all the people I could send this to, I chose you.” The person knows you are alert and are thinking about them.

The first nine strategies are proactive. The next 10 need an opportunity to put into practice.

10- Meeting you in person: People want to connect a name to a face. For your HNW prospect in the community you have lots of opportunities to meet them. The encounter is brief. No problem. You are seeking to create an impression. Know a complimentary fact or two about each person. “I read about the donation your foundation made for the Haitian Relief effort. That was very generous.” People make judgments in the first 30 seconds or so. It’s been said people size you up by looking at “the top foot” and “the bottom foot”. Dress well, smile. Combed hair. Shined shoes. Be brief. Less is more.

11- Hearing you speak informally: You are getting your hair cut on Saturday morning. There are three barbers’ chairs and 10 people waiting on the sidelines. The barber asks: “What do you think about the market?” or: “Do you like bank stocks?” Like it or not, you are on stage! Have short answers that show you are knowledgeable. Back your statements with facts. Don’t offer specific advice because 10 people are in hearing range and everyone’s situation is different.

12- Read about you: It’s unlikely your firm will let you be quoted in the local newspaper in a professional capacity. Your firm may provide ghostwritten articles on financial education topics where you are allowed to attach your name as a representative of the firm.  People may see your photo attending a charity event. It shows you give back to the community. You might write articles on non-investment related subjects (with firm approval) This gets your name recognised.

13- Delivering photos: You are involved with a local charity. Photos are taken at an event, maybe you take them personally. You get a great photo of a local couple enjoying themselves. Frame the photo. Call them up and schedule a time to deliver it in person. You are involved with the organisation. This can build goodwill for your group and give you the opportunity to learn more about their interests when they welcome you into their home.

14- Postcards on vacation: A California adviser brings a list of friends and prospects. He sends postcards when he travels. You want to communicate “you are thinking about them” and the points that make the destination unique. It makes a positive impact and gets you remembered.

15- Research about their firm: If your firm publishes a research report on a friend’s company, why not send it out? People like to read outside opinions about the place where they work. They may even provide the names of a few others to add to your research distribution list.

16- Clip articles about them: If they are involved in the community they get into articles. Send it out with a short note: “Great photo”, or “Congratulations on completing the capital campaign for the museum.”

17- Being told about you: If a HNW individual asked a friend of yours: “What do you know about this guy?” what would they say? Unfortunately, friends won’t deliver your marketing statement. Ideally, you want them to say, “He’s a financial adviser at [firm]; very involved in the community. Honest. True to his word. Very good at getting things done.” If you remember the Boy Scout Law, “A Scout is trustworthy, loyal, helpful…” you want them to volunteer those attributes when talking about you.

18- Answering “How’s business?”: Mentally re-word the question: “How have you helped someone lately?” Have short anonymous stories handy about how you made a difference in a person’s life or prevented them from making a financial mistake. Over time, friends get the message about why you are good.

19- The grand gesture: If you know them socially and have a personal relationship, consider sending a bottle of champagne to their table if they are taking a cruise or transatlantic crossing. A bottle of champagne presented at their table on the first formal night makes quite an impact. A short note: “Hope you enjoy your crossing as much as we did” helps. They will talk about you with the other guests at the table.

Does persistence work?

A US adviser I interviewed explained he was competing for a corporation’s retirement plan. The company was owned by a friend. He used several strategies to keep in touch tactfully. The friend called and moved the retirement account over to the adviser’s firm. The adviser asked: “Why did you choose to work with us?” The friend replied: “You kept in touch. When it was time to make the decision you were the first name that came to mind.”

Everyone should have the opportunity to say no. You may feel friends should make the approach. They may need help but be hesitant to ask. A US adviser told the following story: He approached a person at a private club where they were both members. When business came up the person said: “Yes, I would like to be your client. I was waiting for you to ask.” When the adviser asked why the person didn’t approach him first, the response was: “I’ve heard you do business with some of the wealthiest people in the club. I assumed I was too small.” He wasn’t, and the adviser, who raised his visibility by getting people to talk about him opened a large account.

Of course, the above story could never happen in the UK. You would be struck by lightning if you ever brought up business in a private club!

Note: Firms have compliance rules on writing articles, spending money and using social networking sites. Gain approval beforehand.

Bryce Sanders is president of Perceptive Business Solutions. His book Captivating the Wealthy Investor is available on amazon.com.