Question: I’m trying my best to find new prospects by working my existing book of business, centres of influence, and of course social media. But I want more A-list prospects better matched to my target market. What can I do to get the right prospects to build the business I want?
Nothing is more critical to your success than finding the right people to help. Except, of course, setting meetings under favourable circumstances with them. Without these meetings, even prospects are useless. (Calling them meetings rather than appointments makes them easier to arrange.)
Icon Al Granum defined prospecting in The Science, the Art of Building a Life Insurance Clientele as “discovering who measures up on three counts: who has intelligence; who has a deep sense of responsibility; and who has outstanding economic potential.”
Most people you can contact and meet are not truly prospects. Do they understand the realities of life as it relates to insurance? Do they feel responsible for the needs and protection of someone or something else like a family or a business? And do they see today as just a takeoff point for what they want to be in the future? If it’s “yes” to all three, then you have a prospect. If not, you don’t; regardless of whether you see their needs or potential. Even wealthy entrepreneurs, executives, and professionals without these characteristics are not prospects, at least not today.
In my experience the one source of great prospects that is not used much anymore is “Personal Observation” – referring yourself. It targets qualified people.
Personal Observation is the process by which you literally refer yourself to prospects by observing them in your world and then contacting, nurturing, and attracting them with a planned, professional pre-approach system. This approach takes time and means an investment on your part but is absolutely worth the trouble.
Whom do you observe? It depends on your target market, but prospects are everywhere. If you want to work with business owners, they are driving around in their branded vehicles or working in their buildings every day. Maybe you want a subset of business – like contractors, service people, or auto repairs shops? Maybe it’s professionals? They have offices right where you live. You literally see these people everywhere including in online media. If you want executives, check LinkedIn for promotions or websites for their specialties. I know a Top of the Table agent who works with municipal and utility workers and has retirement dinner seminar invitations placed under windshield wipers of their vehicles in parking lots. He fills 20 seminars annually that way. Just pay attention for the people you want to work with and that are likely to have Granum’s three prospect characteristics. Any target market can be developed into a prospect group.
How do you nurture and attract them? Once you have a name, you can find a postal address for nearly everyone. Why not send them a book that relates to their interest or to your specialty but that helps them out? Many agents will pay good money for leads so why not pay the same money to nurture a prospect on your own? Roughly $30 to mail an inscribed book with an introductory note saying you will call to meet them, is a great tax-deductible investment – and it separates you from the average. Maybe you send congratulations on a new job. Maybe you mark the opening of their new business or location. Maybe you start sending helpful information from your specialty to them so they can learn about you over time – either email or regular mail – and build a relationship slowly. Maybe it’s just because you just saw them on the street or at a social, community, networking, or religious event and want to meet them with a good pre-approach letter.
Observe the people you want and then invest in attracting their interest in you and the benefits they get working with you. It’s like referring yourself. This may take several attempts over some time, but when you control the quality of prospect, it’s worth the investment.
When you want to make on-point phone calls, text or email first for a good time and then use Gail B. Goodman’s proven scripts in her new book, Setting Appointments in the Smartphone World. Check it out at phoneteacher.com.
You need many more prospects than you think. Work on at least 100 at a time for sales that you plan to make over the next couple of years. Don’t be that average agent that clutches only half a dozen or so for the next few weeks. Nothing makes this business easier than when you have a long list of prospects.
This is why Granum says that fully 60 per cent of your time must be devoted to prospecting and promotion. You might think you are an insurance advisor for instance, but you must be a prospector first. Personal observation allows you to target, work with, and build a clientele of just the right people.
This column by renowned advisor coach Jim Ruta was first published in the March 2023 edition of Insurance Journal magazine.
For more information on the tools to use to build your brand, check out www.advisorcraft.com/solis
Jim Ruta’s mission is simple – to preserve, promote and propel the financial advisor business. A former insurance advisor and executive manager of a 250-advisor agency, Jim is a highly regarded coach, author, podcaster and keynote speaker. He has spoken 4 times at the MDRT Annual Meeting including the Main Platform. Jim Ruta is an Executive Coach and Keynote speaker specializing in life insurance advisors and leaders. He works with top advisors around the world and re-energizes audiences with his deep insight and passion.
If you have a question for Jim, you may send an email to [email protected]
