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Turning Clients Into Advocates

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Turning Clients Into Advocates

  1. 1. Turning Clients Into Advocates How to Get More and Better Referrals from Your Best Clients Stephen A. Saenz Copernicus Partners
  2. 2. TCA Key Learning Objectives At the end of this WORKSHOP, you will be able to… Copernicus Partners At the end of this WORKSHOP, you will be able to… Differentiate marketing from sales Differentiate marketing from sales Identify the right clients for your business Identify the right clients for your business Articulate an effective value proposition Articulate an effective value proposition Make your business more “attractive” to HNW clients Make your business more “attractive” to HNW clients Turn more clients into advocates Turn more clients into advocates Get more and better referrals from existing clients Get more and better referrals from existing clients Command greater respect from centers of influence Command greater respect from centers of influence Get more and better referrals from centers of influence Get more and better referrals from centers of influence © 2005 Copernicus Partners, LLC | CopernicusPartners.com 2
  3. 3. TCA Marketing vs. Sales… Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 3
  4. 4. TCA Identifying the Right Clients for YOUR Business CLIENT PROFILE Copernicus Partners Needs Assets Revenue Potential Demographics Investor Style © 2005 Copernicus Partners, LLC | CopernicusPartners.com 4
  5. 5. TCA Articulating an Effective Value Proposition A value proposition is a statement that tells people Copernicus Partners what they can expect to get (in exchange for what they will pay) when they sign up to do business with you. An effective value proposition is one that “speaks” to the listener (reader) and says something highly relevant to them. Your value proposition should also let your listener or reader know why they should do business with you rather than one of your competitors. A value proposition is NOT the same as an elevator speech and is something that is best communicated in writing or in a previously scheduled meeting. © 2005 Copernicus Partners, LLC | CopernicusPartners.com 5
  6. 6. TCA Hunter vs. Hunted Mentality PROJECTION ATTRACTION Copernicus Partners (The Hunter Mentality) (The Hunted Mentality) SALES MARKETING © 2005 Copernicus Partners, LLC | CopernicusPartners.com 6
  7. 7. TCA Every business attracts certain types of clients… Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 7
  8. 8. TCA By the same token… Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 8
  9. 9. TCA Marketing is the engine that drives your business… Practice Management Copernicus Partners FINDING ADMINISTRATION Marketing Sales and OPERATIONS GRINDING Portfolio Financial Portfolio Portfolio Financial Reviews Planning Design Mgmt Research MINDING Client Relationship Sales Service Management Team Devel opmen t © 2005 Copernicus Partners, LLC | CopernicusPartners.com 9
  10. 10. TCA Ladies & Gentlemen: Crank Up Your Engines! FINDING Copernicus Partners Educational Referrals from Community Seminars Clients/COI Service An effective marketing engine keeps your sales pipeline filled… GRINDING Portfolio Financial Portfolio Portfolio Financial Reviews Planning Design Mgmt Research MINDING Client Relationship Loyalty Process Sales Service Management © 2005 Copernicus Partners, LLC | CopernicusPartners.com 10
  11. 11. TCA Why do most advisors get so few referrals? Copernicus Partners Raving Fans Advocates ? Clients Customers Shoppers LOYALTY LADDER Prospects *Used with permission. Adapted from Up the Loyalty Ladder, By Murray and Neil Raphel Raphel Marketing, Atlantic City, NJ | www.raphel.com © 2005 Copernicus Partners, LLC | CopernicusPartners.com 11
  12. 12. TCA Exceeding Client Expectations Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 12
  13. 13. TCA Satisfied clients are just that, CLIENTS! Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 13
  14. 14. TCA The Key to Turning Clients Into Advocates Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 14
  15. 15. TCA Lifetime Value of A Loyal Client CLIENT A CLIENT B Copernicus Partners $500,000 $2,000,000 2% fee 1% fee $40,000 8% growth 8% growth $37,500 $289,731 $35,000 Annual Annual Fee Paid by from Client Time Required to Service Relationship $32,500 Revenue Received Client $30,000 Revenue B $27,500 $25,000 $22,500 $20,000 $144,866 $17,500 Revenue A Time $15,000 $12,500 $10,000 1 2 3 4 5 6 7 8 9 10 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 15
  16. 16. TCA Lesson of the Loyalty Ladder Copernicus Partners Raving Fans ADVOCACY PROCESS Advocates Clients Customers SALES PROCESS Shoppers LOYALTY LADDER Prospects *Used with permission. Adapted from Up the Loyalty Ladder, By Murray and Neil Raphel Raphel Marketing, Atlantic City, NJ | www.raphel.com © 2005 Copernicus Partners, LLC | CopernicusPartners.com 16
  17. 17. TCA Story Builder Process ELEMENT TELLS PEOPLE… Copernicus Partners Mission Statement What you do (for them) Core Values What you stand for Philosophy What you believe Process How you do it People Who you are Points of Distinction What makes you different © 2005 Copernicus Partners, LLC | CopernicusPartners.com 17
  18. 18. TCA Client Advocacy Process: 30,000-foot view Client Advocacy Copernicus Partners 6. Follow up to ensure successful resolution 5. Refer clients to problem solvers as needed 4. Build a network of expert solution providers 3. Uncover more breakthrough insights 2. Get to know them (their families) better 1. Spend more quality time with your clients © 2005 Copernicus Partners, LLC | CopernicusPartners.com 18
  19. 19. TCA Client Advocacy Process: 15,000-foot View Spend more quality Get to know them and Uncover more Copernicus Partners time with your clients their families better breakthrough insights You add value just by When you spend more QT Breakthrough insights are spending more quality time with your clients, you get to things you learn about your with your clients. QT is know them better. You can clients that enable you to time spent with your clients also strengthen your client add value. These could be where the purpose of the relationships by taking an problems and challenges meeting is something other interest in their families. they face now or in the than discussing the clients’ You do this by asking the future. They could also be financial affairs. right questions. aspirations and dreams. Build network of Refer clients to problem Follow up to ensure expert solution providers solvers as needed successful resolution ESP include people who When your network of ESP Anytime you refer a client can solve specific problems is broad and deep enough, to someone, you run the or challenges for your you will be able to solve risk of them dropping the clients. They also include any type of problem or help ball. You can avoid this people who can help a clients achieve just about and demonstrate your role client or one of their family any dream they might as a strong client advocate members realize a dream have. Do that and you will by following up to ensure or take up a new hobby. add extraordinary value. successful resolution. © 2005 Copernicus Partners, LLC | CopernicusPartners.com 19
  20. 20. TCA Tapping Into Your Clients’ Circles of Influence INNER OUTER Biz Copernicus Partners Broker CIRCLE CIRCLE Architect Builder Accountant Attorney KEY AD / PR Printer CLIENT Agency Business Family Partner Member Golf Yacht Pro Broker Real Estate © 2005 Copernicus Partners, LLC | CopernicusPartners.com 20
  21. 21. TCA Client Advocate Campaign (CAC) THE SYSTEM… THE TOOLS… Copernicus Partners Identify Key Clients Key Client List Invite Key Clients to lunch Invitation Script Client Survey – Part 1 Position Advocacy Campaign and Client Changes & Transitions Survey Professional Advisors & Mail Part 1 of survey Service Providers Conduct CAC Meeting Family Information Reposition advocacy Client Survey – Part 2 campaign and survey Client Satisfaction Survey Review Part 1 of survey CAC Meeting Confirmation Letter Conduct Part 2 of survey CAC Meeting Script Send thank you note to client Call ESP candidates to schedule PAC Meetings © 2005 Copernicus Partners, LLC | CopernicusPartners.com 21
  22. 22. TCA Professional Advisor Campaign (PAC) THE SYSTEM… THE TOOLS… Copernicus Partners Contact ESP candidates PAC Invitation Script Introduce yourself and PAC Meeting Script mention mutual client Professional Advisor Interview Position your Client Advisors & Service Providers Advocacy Campaign Worksheet (take blank to PAC Position ESP Network Meeting) Have PAC Meeting Conduct Professional Advisor Interview Offer copy of PSN sheet Get copies of ESP’s marketing brochure Send thank you note Report back to your client © 2005 Copernicus Partners, LLC | CopernicusPartners.com 22
  23. 23. TCA Summary of Key Points Keep the marketing and sales functions separate. Copernicus Partners Keep the marketing and sales functions separate. Identify the right clients and don’t settle for less. Identify the right clients and don’t settle for less. Develop and articulate an effective value proposition. Develop and articulate an effective value proposition. Harness the power of attraction marketing. Harness the power of attraction marketing. Make sure your business is attracting the right type of clients. Make sure your business is attracting the right type of clients. Crank up your marketing engine! Crank up your marketing engine! Aspire to exceed client expectations. Aspire to exceed client expectations. Become a stronger advocate for your clients. Become a stronger advocate for your clients. Develop and implement the Client Advocacy Process. Develop and implement the Client Advocacy Process. Tap into your Key Clients’ Circles of Influence. Tap into your Key Clients’ Circles of Influence. © 2005 Copernicus Partners, LLC | CopernicusPartners.com 23

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