Tips on Business Development for Advisors (Lawyers + CPAs + CBVs + Consultants)
- Nothing can replace real face time and your smile!
- Run small, intimate & memorable seminars. Make it stick!
- Share food & beverage before and after.
- When shopping for a new advisor, clients are looking for industry expertise – Pick an Inudstry & become a Known Expert!
- Great service (responsiveness) is the #1 reason clients stick with you.
- It may take 8 times more effort to generate a new file from a new client than from an existing client.
- 80% of next year’s business should come from your existing clients.
- It may take 8 impressions to convert a prospect into a client – Be Persistent!
- Clients hire advisors, not firms! (But, firm size and brand also matter when deals are large and complex.)
- Clients hire advisors they know, like and trust.
- New prospects don’t know how good you are. They ask for referrals from advisors they like and trust.
Marketing vs. Business Development
- Marketing is the “stuff” and much of it can be bought.
- Business development is the “time” invested in building relationships and trust, and it’s hard to buy.
- Brochures and collateral materials
- Directory listings
- Public relations
- Client site visits
- Organizational involvement
- Speaking and writing
- Client entertainment
- Social media
- Training and coaching
A Few Rules on Business Development
- Nothing (I mean nothing) replaces face time
- Advsiors working in teams is good
- Mixing clients and prospective clients is usually good
- Small and intimate seminar trumps big and loud conference almost every time
- Focus on a specific target audience
- Persistence and patience are required
Programs for Existing Clients
- Client feedback program
- Client site visit
- Client appreciation event
- Client seminars
- Client e-alerts
For New Clients
- Participate in industry trade organizations
- Speak at target industry events
- Writing for target industry publications
- Help referral sources
- Be active on social media – to get to face time!
- Be persistent and be frequent: 8-11 impressions
On Client Site Visits
- Show thanks and appreciation
- Learn more about company and people
On Golf Tournaments
- Huge investment of time and money
- Attend but avoid organizing
- Take care of your foursome
Industry Seminar Series
- Small & intimate group
- Interactive format on topics of interest
- Team approach works best
- Invest time for content & delivery
What should you do first?
Contact Sonny Cho: firstname.lastname@example.org 416-822-8936