Create a system for using the social media site to gain introductions to your target prospects.
Gaining introductions to potential clients is an absolute must to grow an advisory practice. Yet many advisers lack a system for doing so. Often, advisers fail to ask for referrals for fear of feeling intrusive, or of creating an awkward situation with their client. With LinkedIn, however, it doesn't have to be that way.
Today, the information we need is literally at our fingertips. To take advantage of this, advisers must develop a system of researching the people they would like to meet and then asking for an introduction. Here are some tips and strategies to get you started.
Identify target markets
The key to strategically growing your practice is having a clearly defined picture of your target markets. What industries do you serve? What titles or positions do your A+ clients hold? In what geographic region do your clients live or work? Any companies where you tend to nest? Once you are clear on these pieces, the strategies that follow can easily be put into practice.
Develop a solid profile
Most clients and prospects research you online before meeting you, so it is critical to have a solid presence that shows them you are approachable and knowledgeable.
Use your LinkedIn profile to position yourself as an expert. Talk specifically to your target markets and share with them how you can help solve their particular financial pain points. Leverage LinkedIn's long-form post feature by regularly sharing valuable and relevant information to stay top of mind with clients and prospects.
Broaden your search
If you have a strong, mutually beneficial adviser-client relationship, most clients are willing to introduce you to their circle of friends and professional connections. Use the advanced search feature on LinkedIn to locate second-degree connections fitting your target market (industry, title, company, geographic region, etc.).
Depending on the number of referrals your practice needs to grow, I recommend you (or your staff) make this a weekly or monthly task. Identify A+ prospects you would like to meet and jot down your common connections.
Next, call your connections and be very transparent about why you are calling. Let them know you were researching people on LinkedIn who you would like to meet and came across someone they knew. Ask them for more information about the prospect.
If your connections know the person well, and feel he or she is a good prospect for you, ask if they would be willing to provide an introduction or if they would have any objection to your mentioning that you know them when you give the prospect a call.
There will always be a handful of clients who may feel uncomfortable referring you. If that's the case, give them an out — but, don't let one “no” keep you from asking others. Always remember, you don't get what you don't ask for.
Join targeted groups
LinkedIn groups provide a great opportunity to connect and engage with professionals in your markets. Take time to perform a search for groups fitting your target markets (small business owners, physicians, etc.). If your practice is specific to a certain geographic region, search by state or region as well.
Once you find a group with members who fit your market, join the group. As a member, you will now be able to see a list of other members. Take time each week to dig deeper into the group. Which of the other members would you like to meet? Do you have shared connections who can introduce you? If so, reach out to them, as you did with the prospects you identified via the advanced search.
If you don't have a shared connection, send a personalized message introducing yourself and mentioning the group. State how you could be a resource to them (speaking specifically about how you help professionals in that market), and sharing any relevant information you may have (white papers, blogs, links to websites, etc.).
Leave it up to them to respond — don't chase. If they reply showing interest, continue the conversation and work to secure a face-to-face appointment with them. If not, continue your search.
This is a bit more of a “cold approach,” but is a solid one to use if there is someone you would really like to meet, but are lacking a common connection who can make the introduction.
Kristin Andree is president of Andree Media & Consulting.
