Social Prospecting: Where Does the Business Come From?

By Bryce Sanders

Slideshow December 21, 2023 at 11:54 AM Share & Print

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“Where’s the beef?”

Wendy’s, the fast food chain, came up with this slogan in 1984.

You remember “Show me the money” from Jerry Maguire. (1996).

You’ve bought into social prospecting as a way to break into high-net-worth circles in the community, but you wonder, “Where does the business come from?”

In sales, you have to ask for the order, but the connections you make represent six sources of potential clients.

Social prospecting can greatly expand your connections (and prospects) within the HNW community, but you need to be proactive.

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Bryce Sanders

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1. Your new friends.

Plenty of people know you work in the insurance field.

That represents only one of several ways you can help people meet needs, solve problems and gain peace of mind.

They might have an insurance agent that is not proactive.

They might not have seen the need for additional insurance until they heard one of your anonymous success stories in conversation.

You will ask every one of them when you feel the timing is right. Everyone should have the opportunity to say no.

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2. Life changing events.

They do not need your help right this minute, but something happens that gets them thinking about the future.

These decisions involve money.

It might be investing a lump sum now or getting one when they need it in the future.

They know you're good at your job.

When this need comes up, they usually prefer to talk with someone they know, not a stranger.

When you see these opportunities on the horizon, you might mention to friends: "This is not the first time I have seen this situation. I have helped others. I might be able to help you too. All you need to do is ask."

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3. Their organizations.

People might not have money available personally, but they may be in a position to send other business in your direction.

They serve on the board of a nonprofit.

Maybe they're on the finance or investment committee.

Their organization has money used to fund scholarships.

It needs to be invested for the long term.

They may be in a position to make the right introductions or get you in front of the committee in your professional role. You need to do some background research on their organization, so you can ask your influential friend the right questions.

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4. Referrals.

Your new friend might be very happy with their insurance agent.

They have worked together for years.

Maybe the agent is their brother-in-law! They may know other people who need an insurance agent and haven't found one yet.

They may know someone who isn't getting much attention and complains about it.

This is where those "Who do you know…" questions are a good fit.

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5. Their friends.

In the previous example, you were seeking referrals.

Now you're seeking access to their friends.

This should not be difficult because your background and interests are similar.

If you're sports fans, you might go to games together and meet their friends on a 1:1 basis.

They often "sell" or position you as part of the introduction when you first meet them.

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6. New social circles.

In the previous example, you're meeting new people one at a time.

It sounds like a client/prospect dinner, where one client introduces one friend!

Now take this up a notch.

You want to get invited to their holiday party at their business or home.

You want to meet lots of their friends.

One of the easiest ways to get an invitation to their holiday party is to throw a party yourself and invite your new friends to yours! Not everyone holds a holiday party, but you should get some reciprocal invitations.

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