I have a four-step plan that could change your business forever. And the beauty of it is you won’t be working harder, you’ll only be working smarter.
You can be the best financial planner on the block. The most incredible risk writer in the business. The most experienced, the most knowledgeable, the most thoroughly researched.
But if no one knows you, and your clients never hear from you — what good is your expertise? You must be better at marketing your business than doing it.
Let me ask you these questions:
*Do your clients hear from you again after they’ve signed those documents?
* Are you communicating with them regularly to get repeat business or keep those funds under management?
* Are you cross-marketing your services?
* Are you mailing or faxing things that could be e-mailed to save your business money?
* Is your back-office administration and time intensive?
* Would you like to increase your income?
* Would you like to increase the value of your business so you can sell it in the future?
Here is my plan of action for you to start the process to cheaply, easily and effectively do all this … and more.
The Four-Step Plan
Step 1
Database
A comprehensive database is the most valuable asset in your business.
With information in a database you can use it and work it with the simple push of a button. So take all the client information in your head, in your assistant’s head, in your receptionist’s head and put it in a database.
It’s a huge job, so do it over the next six months. Break it into bite-sized pieces. Make about 20 calls a week.
But for goodness sakes, do it — this will be the path to more income, a more valuable business, and an easing of your administrative workload.
While you’re at it, think about where you want your business to be in five years. What information will you need to market any new services you might initiate? Gather this information simultaneously.
Your database doesn’t have to be fancy or complex.
It can be as simple as using Microsoft Excel to create fields (columns) and then recording each client or prospective client in the rows. Excel is not just for formulas.
If you are using proprietary client software and have your prospects in Outlook or ACT or another database, it’s not a problem. All databases will save and export data as a TAB or CSV file. This way you can merge all your information in one location when you need it. Again use Excel as the common ground.
Step 2
Learn how to use your computer and everyday software
There is no way around it — information technology (IT) is here to stay.You must make sure you hire staff who can use computers and your software well (or have them taught well).
Microsoft says that in general we use only 10 per cent of the features built into Microsoft Office.
Once staff know how to swiftly work their way around any software you have and they know all the features and tricks, you can start automating.
You can start marketing campaigns, newsletters, appointment prompts with the veritable push of a button.
For example, look up the feature “text to columns” in Excel. This alone can literally save days of clerical work.
Step3
Communicate
The vast majority of your clients use e-mail regularly. So use e-mail with them.
Did you know that 80 per cent of individuals with incomes over $80,000 use e-mail regularly? That seniors are the fastest growing group of users? Don’t be apathetic towards communicating with them this way.
And don’t worry about privacy laws — the law allows you to market to clients with e-mail.
If you received an e-mail from your hairdresser saying it’s time for a cut, or your dentist saying it’s time for a six-monthly check-up or one from your mechanic prompting you to tune up your car — would you consider it unsolicited or bothersome e-mail? No! So don’t be afraid.
Step 4
E-mail—your best business tool
If your client database had the information in it, you could e-mail those with e-mail addresses (and post to the rest).
For example, if you had all your clients’ policy/investment dates, you could sort by month of anniversary and in the middle of month 11 you could kick out e-mails or letters to clients saying it’s time to get together for their annual review.
Even if only 10 per cent responded, by automating the process there’s no work — and it’s 10 per cent more people you’re in front of next month. And all it took was a few pushes of a computer button.
If you knew when a fixed-term mortgage was ending, you could get in there and write a new one.
If you knew that a client was self-employed, or retired, or an employee, or male, or female you could easily structure e-mail newsletters that are more targeted at their interest instead of a generic one.
Again, it’s as easy as the push of a button. And don’t get me started on the great personalisation software available that can merge any aspect of your database with an e-mail.
It’s always easier and cheaper to build better relationships with existing clients — increasing your income from them, getting them to refer more people to you — than to try to market and find new clients.
You can do amazing things with your database — but only if there is information in it. So work it!
Debbie Mayo-Smith is a keynote speaker, consultant and trainer on marketing and business development. Her technology tips will feature regularly inMoney Managementin 2003.
