Cold calling can warm the planning business

Cold-calling is Peter Dunn’s best marketing strategy. “You need to understand that some professional people, such as accountants, are not taught how to sell,” says Dunn, who is managing director of Monash Financial Services.

“Cold-calling is a favourite technique because it teaches us how to sell.”

But Dunn warns that not everybody he talks to is a prospective client.

“We have an ideal client profile and if they don’t fit, we don’t market to them,” he says.

The marketing campaign delivers clients for a complimentary meeting to discover what their financial problems are and what sort of goals they are aiming for. A planner should never sell products at this meeting.

Dunn says the second discovery meeting, which is also free, is about selling the company to the client. The third discovery meeting and the financial plan are about selling advice.

“I think it is a bit trendy to ‘sell advice’, but I don’t think it should be,” he says. “I think we should sell advice and products. The way for the future is meeting the clients’ needs.”

Dunn says planners should understand the difference between selling advice and selling a product, and where marketing fits into the equation.

“Marketing is the way you attract suspects and prospects to your business,” he says. “Selling is the way to close a service or product to the prospects — having dispensed with the suspects.”

Dunn’s other favourite marketing strategies include seminars, ongoing service, referrals and panel participation.

“Seminars allow you to sell you, your company, strategies and understanding,” he says. “You should never mention products at seminars.”

Monash always has a follow-up evaluation sheet, which attendees fill in. This enables the planning group to develop lists for marketing opportunities.

Ongoing service is the cheapest marketing strategy available, says Dunn.

“We offer three levels of service. Two are standard, which means they get reviewed once a year and we also have a premium standard,” he says.

“Ongoing service actually saves you money because it is cheaper to keep a client than to get a new one.”

Dunn says if a planner does everything right with a client they inevitably get a referral.