How Going Out for Lunch Counts as Prospecting

When I was researching my client acquisition training seminars (and writing my book, Captivating the Wealthy Investor), I conducted plenty of interviews within our local high-net-worth community.

One person was a bank president. This was not a "one branch bank" operation. At the time, they had 30-plus locations. Today, they have 50 locations. The bank president had risen through the ranks from loan officer, ultimately reaching the top job.

The bank president shared a prospecting strategy he used when he was a loan officer and steadily maintained throughout his career, even continuing when he became bank president. It was still part of his daily routine, unless he had a lunchtime meeting he needed to attend.

His advice was simple.

Find a coffee shop, luncheonette or diner in an area of town with a concentration of small businesses. This could be on the main street in a small town. It might be in an industrial park area.

The other requirement is the coffee shop or luncheonette needs to have a counter where people can sit while having lunch. This means gourmet coffee shops that focus on takeout or tables and booths will not fit the requirements.

Have lunch at your favorite location every day. Sit at the counter. Be friendly and talk to the staff and the person sitting next to you that day.

Your goal is to become a familiar face, part of the regular clientele.

This takes time, but you will become a regular yourself. The other regulars will learn your name and vice versa.

You'll gradually learn about them, a little at a time. You're not pushing business or prying. You'll learn what they do and vice versa.

What will you learn? These are people who own the local manufacturing businesses. You might meet the local police officers. The local accountant or lawyer might have lunch here, too.

You might ask: "Why does the guy who owns a successful local business eat at the local diner?"

The bank president explained the reasons.

Local leaders are not eating in their cafeteria or executive dining room because they don't have one.

They don't eat at their desk because people interrupt them.

They don't go to their country club because it takes too much time, and there are often social barriers.

They eat at their local luncheonette because it's informal. Everyone talks to everyone else. It's not expensive. They can get in and out quickly. (Let's assume the food is good, too.)

Your object is to be the first person another regular thinks of when they have a question about insurance or investments.

"I will ask her tomorrow. She has lunch at the same place every day."

The bank president said: "You would not believe the amount of business I got through my local luncheonette!"

He related the story of two guys talking and one saying: "See that guy sitting at the counter? That's (name) the president of the bank!"

The other guy said: "He's a bank president, and he eats at the same places as me! He must be a regular guy. I'm going to go over and ask him about a loan for my business."

This is a low-key strategy.

You're "on stage" because you're learning about other people as you contribute to conversations.

You're "switched off" because you're not leading with business. You're establishing yourself as a good person people would like to know better.

Can you see the "luncheonette" strategy working for you?

Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He is the author of the book “Captivating the Wealthy Investor.”

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