You know how it is with your current clientele. They didn’t exactly fall into your lap through a well-executed plan. It was more like chance encounters—maybe at a conference, a recommendation from a friend, or the outcome of a cold call or email.
But here’s the thing: if you’re eyeing a more exclusive clientele and dreaming of that income graph shooting skyward, relying on chance won’t cut it.
Let’s spin a little yarn to illustrate. Any fishing enthusiasts around? Ever tried your hand at hooking a bluefin tuna? Rumor has it; that it’s not for the faint of heart.
The bluefin tuna, the behemoth of the tuna world, faced a population nosedive in the mid-1900s due to overfishing. Now, there are strict quotas on catching them. Seasons are set, and the prime time for this fishing expedition is between dusk and dawn.
Why? The darkness allows for the use of heavier tackle, crucial for these elusive creatures, and it makes it harder for the tuna to spot you.
You need the right gear—a 50 to 80-pound class reel and a hefty 6 to 7-foot rod. In essence, bluefin tuna fishing is an intricate dance of art and science.
Many return from the boat empty-handed, but for those who persevere, the payoff is monumental.
Buying bluefin tuna? Well, that’s another story—it can be insanely expensive depending on where and how it’s caught.
My point? Catching your ideal client is a lot like hooking a bluefin tuna. It’s not a game of chance; it’s a well-prepared, intentional effort. You need the right tools, conditions, and, most importantly, a plan.
So, how do you embark on this strategic fishing expedition for your right-fit client?
1. Network, but Mindfully
Let’s bust a myth right here – the idea that you need to do the classic ‘networking shuffle’ at those formal business events to bag clients.
Think about it: financial conferences are jam-packed with financial advisors. But unless your dream clients are fellow finance whizzes, it’s not the hotspot for landing new business.
Sure, these events are great for your professional growth and mingling with peers, but for client hunting? Not so much.
Hunt down events where your actual clients hang out. Are they C-suite executives, women in business, or tech entrepreneurs? Get specific.
Maybe you don’t exactly fit the attendee profile, but here’s a thought – could you contribute by speaking or educating them on financial planning?
2. Think Community
Forge connections beyond the boardroom. Seek out your potential clients in places where they unwind.
Are your ideal clients sweating it out at the same sports club? Enjoying theatre at the community center? Maybe their kiddos share the same school grounds as yours?
These unplanned communities often let you build solid connections, establish trust, and be more than just a business service in your clients’ world.
3. Introductions vs. Referrals
How do introductions differ from referrals? Well, a referral is pretty straightforward—it’s passing on a name or contact for you to reach out to, or for a potential client to connect with a service provider.
On the flip side, an introduction is a whole other ball game. It’s when someone you’ve interacted with, either in person or over email, formally introduces you to a potential client. I’m all about introductions, never referrals.
Let me emphasize this point. Your ideal clients likely know others cut from the same cloth, and happy clients are usually willing to link you up with people like themselves. Many advisors shy away from asking for referrals, possibly because it feels like walking a tightrope.
When it comes to introductions, timing is key. You don’t want to ask too early, before you’ve delivered anything worth referring. But waiting until the eleventh hour isn’t ideal either.
Here’s a crucial tip: Be graceful in your approach, follow up without seeming desperate, and, most importantly, don’t make a vague introduction request—be specific. Asking vaguely often leads to vague prospect meetings.
On the other hand, a specific request involves telling your clients exactly who or what type of client you’re aiming to connect with and how you’d like the introduction to happen.
This level of detail sets the stage for a prospect conversation that holds the potential for something substantial.
Here’s a trick to try: If your clients have public LinkedIn profiles or other social media networks where you can spot their connections, see if you share mutual connections who happen to be your ideal clients. Take it a step further—request a direct connection to a specific individual.
Quick Action Exercise: List three to five clients from your ‘best clients list’ who might introduce you to someone like them.
4. A Network of Introducers
Much of our business comes from a network of introducers. These could be clients, other businesses, or even friends. Consider an introducer’s fee—a percentage of revenue earned from a successful introduction.
To get a solid crew of introducers, first, start by identifying those individuals who have naturally been steering new business opportunities your way.
If that hasn’t quite been your scene, just like you’d ask for referrals, don’t shy away from stepping up and asking people in your personal and work circles to introduce you to potential clients.
Now, before you jump headfirst into the introducer expedition, pause for a sec.
Think about who this potential introducer knows, decide on the introducer fee you’re comfortable with, establish any upfront rules or conditions, and think about how you’d prefer the introduction to be made to a potential client.
Quick Action Exercise: List three to five potential introducers connected to your right-fit client. Consider their industry, communities, and profiles.
Embark on this strategic journey with intention. It might take work, but the reward is immeasurable.
