Earlier this year we launched The Lead Generating Masterclass for Financial Advisers – a series of short online learning modules designed to teach financial advisers how to generate leads through online marketing.
Whilst the course has exceeded all expectations, there is one thing that has surprised me most of all – the number of advisers who rely solely on referrals to keep their business afloat. As someone who started a business the very same way, I empathise with their situation. It can be an incredibly hard way to run a business, but for some it’s the only way they know how.
If you do rely on referrals for all new business, I wanted to show you how to do this far more effectively. To quote legendary author Hunter S. Thompson “anything worth doing, is worth doing right.”
But let me first share some of the back story with you.
When we started the Masterclass, I asked all of the financial advisers in the class to submit their biggest lead generation problem. To my surprise, roughly 60% of the problems submitted were related to respondents getting new leads from referrals to grow their existing client base.
Digging a little deeper, I discovered of the advisers who had cited this problem – the vast majority were ex-bank advisers. Advisers who in many cases had become accustomed to having new leads land in their lap – a dream scenario but unfortunately something that is now but a distant memory.
If you do find yourself in this situation, there is some good news: there is a very simple reason your referral sources are not sending you new leads, and I’m going to show you what you can do to fix it.
The reason your campaign to generate new leads from referrals is not working, is the very same reason most digital marketing campaigns are a flop – you are failing to communicate ‘what’s in it for them.’
Like it or not, your referral partner’s favourite topic is themselves.
Every day your referral partner is bombarded with information, requests, and things that take up their precious and valuable time. So, unless you can very quickly and very clearly communicate how you can help them “survive and thrive” to quote marketing guru Don Miller, we are going to be ignored.
If your cold emails and cold calls to potential referral partners are leading to nothing, here’s what you need to do about it: you need to start focusing on what you can do for them. Talk more about them and less about yourself, remember it’s all about adding value. But first and foremost, make sure your first contact is so interesting that they want to hear what you’ve got to say!
To help you do this, I’m going to share a blockbuster cold email template I have personally used with great success. It’s an email template from the master of effectiveness Tim Ferriss – note effectiveness not efficiency. It’s a template you can use and adapt, and which will at the very least get the recipient interested in starting a conversation with you – access the template here.
In business, as is the case in life generally, great relationships begin when and only when you can get people to know you, like you and trust you; and cold emailing is the first step in this process.
If you’re interested in learning how you can utilise digital marketing to generate new leads on demand – register for our 6 week Lead Generating Masterclass for Financial Advisers.
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