If your conversations are stalling, ask whether you’re trying to prove competence when the prospect is looking for relevance.apfDesign/iStockPhoto / Getty Images
The Question:
Dear Natalie,
I’m doing all the things advisors are told to do: I’m posting more, improving my website, using better technology and asking for introductions.
People are clicking, replying and saying, “This is really helpful.” Then, they disappear, delay or say they need to “think about it.”
Do I have a lead problem, a sales problem or something else?
The Answer:
Dear Advisor,
I wouldn’t start by assuming you have a lead problem. But you may have a relevance problem – a “why you” problem.
You’ve created more motion in your business: more content, referrals, introductions and touchpoints. For years, advisors have been handed a tambourine and told to shake it louder. But a lead is not a client. As you’ve noticed, a polite prospect is not a buyer. Someone can nod along and still leave unconvinced that you’re the right advisor for them.
Technology can tell you someone may be in motion: they sold a business, changed jobs, inherited money or downloaded a guide. They clicked on something. Is that useful? Absolutely. But technology can’t turn you into the obvious choice for that prospect. That part still belongs to you, the advisor.
That’s where growth strategies break down. The advisor finally gets in front of the right person and the message comes out beige. It’s about planning, service, process, credentials, comprehensive wealth management, a co-ordinated approach and personalized strategies.
Everyone says that. You could put half the industry’s websites in a blender and pour out the same sentence.
Meanwhile, the prospect is sitting there with one question banging around in their skull: “Is this person actually for someone like me?”
That’s what advisors need to answer before the first meeting, during the conversation and again when following up.
But advisors should also ask themselves a different question: If more people find me, would they know why they should choose me as their advisor?
That’s where positioning starts to affect conversion.
When your positioning doesn’t make prospects feel recognized, you start explaining. You explain the process. Then you explain it harder. You send the follow-up e-mail. Then, the cleaner follow-up e-mail followed by the “just checking in” e-mail, which everybody hates, but you keep sending because hope is a disease.
The advisory practices that convert most consistently are the easiest ones to understand. They know for whom they’re built. They can name the problem they solve. They speak in a language their best clients recognize. They have proof, stories and examples that make prospects feel seen rather than sold to.
The reaction from prospects you’re aiming to get is simple: “Oh, you work with people like me.”
That’s the lightning strike. Without that moment, more leads just give you more chances to be unclear.
Time for a mid-year audit
So, start with a mid-year conversion audit.
Look at the opportunities you’ve already had this year. Which ones became clients? Which ones stalled? Which ones disappeared? Which ones were never the right fit?
Then, look for the pattern. Were the best conversations coming from a specific type of client, life stage, problem or transition? Did prospects repeat certain concerns? Did they respond more strongly to specific language, stories or examples? Were there moments when the conversation became easier because they clearly felt understood?
That’s where your growth strategy is probably hiding. The old question was, “How do I get in front of more people?” That question is still fine, but the better one to ask yourself first is, “How do I make it easier for the right people to choose me?”
Remember, the sale starts before the call. It starts when someone hears your name, stalks your LinkedIn profile, scans your website, asks their friend what you’re like and silently decides whether you sound like help or homework. By the time they speak with you, they’re evaluating whether your expertise feels relevant to their life.
So, if your conversations are stalling, don’t only ask how to create more opportunities. Ask whether you’re trying to prove competence when the prospect is looking for relevance.
Natalie Hales is a brand strategist for financial advisors with Natalie Hales Advisor Marketing in London, Ont. Submit your questions for future Globe Advisor columns about advisor branding, positioning and marketing to info@nataliehales.com.