In the business world, the process of cultivating relationships doesn’t end when a potential client walks out of your office without committing to your services. It’s a game of patience, perseverance, and continuous nurturing. Just because someone chose a different advisor today doesn’t mean that they can’t become a valuable client tomorrow. This article will provide a guide on how to follow up with individuals who visited your office but opted to work with another advisor.
Recognize the Importance of Following Up
The first step to successful follow-up is acknowledging its importance. Remember, every meeting is a seed planted that may eventually bear fruit, if properly nurtured. Research shows that only 2% of sales happen at the first meeting, with the majority taking place after several interactions. This statistic demonstrates the importance of follow-up in building a successful business relationship.
Maintain a Database
Keep a record of all prospects who walked into your office for meetings, whether they signed up for your services or not. The database should include key details such as their name, contact information, service requirements, and details of the meeting. Make a note of why they didn’t choose your services, if they shared that information with you.
Timing is Key
When following up with potential clients who chose another advisor, timing is crucial. It’s recommended to reach out 6 to 12 months after your initial meeting, once they’ve had a chance to assess the services of the advisor they chose over you.
Personalize Your Approach
Tailor your follow-up approach to the specific individual. Use the information you collected during your initial meeting to address their unique needs or concerns. This level of personalization shows you remember them and have given thought to their circumstances.
The Art of the Follow-up Message
Your follow-up message should be tactful and respectful. Start by asking how they’re doing and expressing your hope that all is going well. Next, subtly remind them about the meeting you had and express your ongoing interest in their financial health. Avoid sounding too sales-y or desperate. Instead, communicate your genuine concern for their wellbeing and progress.
Sample message:
“Hello [Client’s Name],
I hope this message finds you in good health. It’s been some time since we last met at our office. I remember discussing [specific financial goals or needs], and I trust that you’ve made progress towards achieving them.
Please know that my team and I are always here if you need any assistance, or if you simply want a second opinion on your financial journey.
Looking forward to hearing from you soon.
Best Regards,
[Your Name]”
Dealing with Responses
If they express dissatisfaction with their current advisor, offer your services while maintaining a professional tone. If they’re happy with their current advisor, respect their decision, but keep the door open for future communication.
Consistent Follow-up
Following up isn’t a one-time deal. Plan on sending them an email or giving them a call every 6 months. Regular but unobtrusive follow-ups help keep you in their mind and increases the likelihood they’ll reach out when they need a new advisor.
Following up with prospects who initially chose another advisor can be challenging. However, by approaching it with tact, patience, and genuine concern for their wellbeing, you can build lasting relationships that may eventually result in new business opportunities. Every ‘no’ is a stepping stone to a future ‘yes.’ Your commitment to long-term relationship building will set you apart in this competitive industry.