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According to marketing experts, if you don’t have a funnel that generates a high volume of leads at the top, then you won’t have enough new clients coming out the bottom.
That funnel has been the primary model for lead generation for years, and it’s the only way advisors have been taught to approach and invest in their lead-generation efforts.
Funnel marketing worked reasonably well until two to three years ago, but it’s been failing ever since.
Here's why:
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Everyone is using it (principle #1, in marketing, do the opposite of the majority)
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It requires you to generate a huge number of leads at the top of the funnel (most are unqualified); then you have to waste your time in dead-end meetings with unqualified prospects who “need to think about it.”
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You’re in a low-volume/high-margin business, not in a high-volume/low-margin business (see #2).
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It forces you to “fish” in the wide-open seas of social media, hoping a “whale” will swim by and you’ll catch it (principle #2, hopeium is not a successful strategy).
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It locks you into a middleman lead-generation provider who is serving other advisors at the same time as you, giving you similar leads (you relinquish control of your ability to generate your own leads, a dangerous and risky position).
What’s the answer?
Fish out of your own pre-made “ponds” that already contain your high-net worth/high-quality potential clients – by becoming a trusted authority.
Trusted authorities:
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Know they should not be visible to everyone, only to their ideal clients.
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Know their time is extremely valuable, even 30 minutes with an unqualified lead is a massive waste of time (time is a non-renewable resource).
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Don’t follow the majority, they create their own inbound systematic, high-quality lead flows that only bring in their ideal client.
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Consider a sales conversion rate of less than 50% a failure. They expect 100%, because they’re only talking with high-net worth prospects.
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Swap the funnel model with their own “cylinder” model, bringing in only pre-targeted opportunities that fit their ideal profile.
When you fish out of the ponds that contain only your ideal clients, you spend much less time, money, and energy weeding out non-ideal prospects who end up being tire kickers.
The sooner you make the decision to become a trusted authority to your ideal client market, the faster you’ll be able to focus your time, energy, and money bringing in only your ideal clients, eliminating the waste of attracting everyone else.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trusted Authority” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Australian Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.
Read more articles by Ari Galper
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
When you fish out of the ponds that contain only your ideal clients, you spend much less time, money, and energy weeding out non-ideal prospects who end up being tire kickers.
