You are not alone. As an agent or advisor in a metro market you are competing with plenty of other professionals seeking to add clients. How do you compete in an over-prospected market?
Big cities have a tremendous amount of wealth. This generates a tidal wave of prospecting calls to business owners and professionals who appear on those lists that are easiest to find. They have established secure defenses through the use of voicemail and screeners. You turn to social prospecting and discover seven other financial professionals have already joined the group. Your competitors may have even deeper pockets where event sponsorship is concerned.
How to choose your organizations
What’s a motivated agent or advisor with limited funds to do? You’ve done the math: You intend to join four organizations and attend a meeting for each every month. At those meetings you plan on meeting six people socially and saying hello to those you met earlier. Six new connections four times a month yields 24 people. Over 12 months this yields 288 contacts. Even if a third of them don’t have assets and another third can’t stand you, this process has generated about 100 people who like you and also have business potential.
Now let’s consider organizations to join:
1. Cultural institutions – They are supported my philanthropists. You want prospects with assets. Philanthropists have money to give away:
Don’t: Just look at high profile museums. They are often magnets for competitors who may be well established and carry big checkbooks.
Do: Find newer, regional or specialty museums. They still attract well-heeled donors, yet may be off the radar screens of the big firms. Think zoos, aquariums and libraries too.
2. Medical and social service charities – They provide a structured framework for raising money for medical research or helping the disadvantaged. These are noble causes.
Don’t: Focus exclusively on national organizations that raise money through mailings. You want organizations and events supporting the local hospitals and charities.
Do: Consider animal shelters. They might be off the radar, but they often hold great events and are popular with local movers and shakers.
3. Business organizations – You want to meet business owners. Chambers of Commerce have plenty.
Don’t: Focus exclusively on the high profile “Chamber” associated with your city. It’s likely plenty of competitors are listed in the membership directory.
Do: Find the smaller chambers within specific districts of the city. Consider local chambers for people from a specific culture if you are a good fit. Check out the member directory for local chambers (available to the general public) to determine how many competitors (if any) already belong.
4. Your religious institution or house of worship – It’s an ideal way to give back. It attracts a cross section of the community.
Don’t: Push business. It goes over badly and people talk.