The Struggle with Business Development
Almost every advisor I talk with struggles with business development. If you’re reading this blog and can identify with that initial statement, just know that you’re not alone.
During those conversations, I try to determine the root of their struggle. The majority of the time, the reply I get is “I can’t find enough qualified people to talk business with”…or some variation of that statement.
We’ve identified a common problem across the industry. The great thing is, there are proven methods for meeting the people that you want to do business with and quickly building trust in those relationships.
LinkedIn is Your Solution
LinkedIn is responsible for 80% of the business-to-business leads sourced via the Internet. So, if you’re targeting professionals for a wealth management relationship or plan sponsors for benefits work, LinkedIn provides the solution to the problem of not having enough meaningful and qualified conversations.
If you’re using LinkedIn but not getting results for your efforts, you need to focus on implementing the right strategies. Your next client is out there waiting for you to connect with them and develop trust in the relationship.
Finding Your Next Client with LinkedIn Sales Navigator
Have you used LinkedIn Sales Navigator? Sales Navigator is an upgraded Premium LinkedIn service. The platform serves two important purposes.
First, Sales Navigator allows you to query all of the data on LinkedIn. With a quick advanced search, you can easily find all of the profiles in an area that fit your Ideal Client Profile.
If you’re looking to meet business owners in Tulsa, OK, there are more than 29,000 professional profiles that fit that description. If you want to meet C-Suite Executives in Minneapolis, MN, there are more than 30,000 professional LinkedIn profiles that fit that description. If you want to find potential plan sponsors in Jacksonville, FL, there are slightly more than 50,000 people that may qualify…. and they’re all on LinkedIn.
The second purpose of Sales Navigator is very simple ways to start a conversation with the professionals that you are prospecting. No more endless unanswered phone calls or emails that rarely get opened and read.
The information that Sales Navigator provides about each listed professional delivers better understanding of your commonalities and their potential needs. Strategic messages will help the new connection identify with you, build a bit of rapport and schedule that initial call.
Daily LinkedIn Routine
In about 10 minutes a day, you can do all the work necessary to leverage Sales Navigator for business development. While you sip your morning coffee or tea, check emails from overnight and read through some of the day’s headlines, schedule an extra 10 minutes to get your prospecting done.
Each business morning….
- Query the professionals in your area that fit your Ideal Client Profile
- Open up 10 of those professional profiles
- Send an invitation to connect to each of these 10 people. If you strategically only target 2nd connections, you can write an invitation message that applies to each of the 10 professionals, making this a copy and paste task.
- Check your connections under My Network. For those people that have accepted your request from the previous business day, send them an introduction message. In your message, remember to express some empathy around the common problems that people in their position face. Provide them something of value that speaks to these ongoing issues.
- Send a follow-up asking for a quick introduction call. I like conducting these calls via Zoom video. This adds a personal touch by interacting visually, not just verbally.
In time, you’ll be scheduling calls multiple days a week. Don’t forget, if you try to sell right away, potential clients will find it off-putting, and you’ll find little to no success. Focus on their needs and understand that building trust takes time.
If you take a relationship-based approach to these new connections and focus on building rapport and trust, you’ll soon be in a position to talk business and dive into their personal wealth management needs.
Want to Work with the Professionals
We refer our clients to Social Advisors. Not only does the team at Social Advisors know how to leverage Sales Navigator for growth, they also have experienced people on staff to handle it for you.