Simple ideas that get business moving your way.

QUESTION:

The market is slow right now. What can I do to get people moving and do business?

ANSWER:

Approach prospects with simple and easy ideas that they can decide on quickly and easily. These simple ideas may not be terribly profitable, but because they are interesting to clients, they get the relationship started. They get people thinking about their financial security and that means they are moving in the right direction.

In the retail business, these products are the “loss leaders”. They lead people into the store to buy other products where they make up the loss. So, while you don’t make money on a loss leader, you do get traffic. They are worthwhile for that reason alone.

What do you sell that can easily lead people into your “store”? Maybe there is a tax-advantaged plan which has a small margin but is top of mind for your clients that will get their attention? I have seen small retirement savings deposits turn into large life sales because an advisor was prepared to drive out and pick it up. Is there a unique new or solid old product you can sell even though it is not very profitable? Helping a client take any action at all to their own benefit has real value. Maybe you can just service some of those small, old orphan policies that could lead to something big from the family. Current circumstances could give you the opportunity to educate your prospects on a hot financial matter but for which you can’t really charge a fee or receive a commission. Explaining the latest tax reduction plan to a new prospect might just get you a look at their entire financial security portfolio. Just detailing a tax saving idea on its own could be enough to earn you the right to much more business. Still all of these things get people “into your store”. It gives you a chance to prove your worth on something small so you can earn your chance to show your stuff on something big.

These are just door openers, relationship starters – and they make sense. They make it easy for prospects to talk to you and then work with you. Starting with too much can hold you back forever. You have to give help first to get business later. The key is to keep doing something. Waiting to do anything until the market picks up is a loser’s game.



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