The gift that keeps on sellingBy Matt Bell | August 23 2016 07:00AM
The Canada Sales Congress sales idea contest winner has a simple and effective strategy for putting a smile on his clients’ faces... Give them a framed original newspaper from the day they were born.
Mike Morrow, president of Morrow Financial in Thunder Bay, ON says the newspaper comes with a collector’s certificate of authenticity and a letter his company writes, which highlights the most interesting parts of the newspaper.
Giving these gifts has had “tremendous results” such as new accounts and clients who feel valued, says Morrow. The cost for each newspaper is approx. $30 from www.signature-gifts.com.”
The concept in Morrow’s eyes is a simple way to demonstrate client appreciation, foster loyalty and a great way to get his firm’s name in front of people.
“It stands the test of time, as clients will keep it forever. They will show their friends whose first question is, where did you get this? Our name shared over and over,” says Morrow.
Morrow Financial orders several newspapers for clients who have a special day coming up such as a significant birthday, anniversary or retirement. Morrow says they keep these newspapers handy to show their clients how the world has changed. He adds that there are many ways to demonstrate client appreciation but the most effective way is to really wow clients.
“The real, original newspaper is hands-down the best strategy that we have ever implemented to help grow our business.”
Morrow says advisors like himself need to show appreciation and foster loyalty to clients in small ways, since keeping clients is a lot easier than finding new ones.
“I’ve always approached the business from day one when I started in 1989 when I was 24 by looking at the lifetime value of a client,” says Morrow.
A former Canada Sales Congress (CSC) speaker, he attended the 2016 CSC in May and was interviewed as part of the Congress’ Livestreaming event. During this interview, Morrow demonstrated another out-of-the-box idea. He brought with him a polished wooden brief case like the ones he gifts to clients when they purchase an insurance policy.
“We give everyone a policy box when they buy an insurance policy and it says on the top, “especially for John and Mary Smith. They’re high quality and a client of mine makes them and you can put folders in there, spots for books, a spot for them to put a USB drive.”
Morrow says by the time everything is completed it costs him around $200, which he said is an investment in fostering a relationship with the client and showing them appreciation.
A worthwhile investment
“It is expensive but if you take a client who you’re going to make $1000 revenue from and if you keep them for 20 years, you’ve got $20,000 in revenue, buying something like this, is certainly very inexpensive,” says Morrow.
Speaking during the afternoon break of the CSC livestream, Morrow says the clients also love the gift of a policy box.
“I have one client, his wife was telling me that every time somebody comes over to their house, he grabs the box and is showing it to them,” says Morrow.
As winner of the sales idea contest, Mike Morrow has won a complimentary pass to the 5th Canada Sales Congress on May 24, 2017 in Toronto.