In financial and professional services, your client and professional advocates (centers of influence) are incredibly important to the success of your business. The best have experienced the value you can offer or have intimate knowledge of the impact you’re having on others.  While everyone would agree COIs can be as important as a client itself, most go about attracting additional sources all wrong.
 
Much of what we see among financial professionals is that they do their prospecting on a limited time budget. That’s reality. But what this is driving is a transactional approach to attracting coveted referral     and introduction sources. In short, we see too much of a “take” mindset vs. a “give” mindset.
 
Renowned sales coach and author John Orvos, speaks to this concept. John is fond of saying “a giving    hand is always full”. As a peer I’ve found this advice to be invaluable. As a friend, I’ve found it to be the   best “retention tool” going. So when thinking about gaining more COIs in business, it’s about balancing   two buckets – a give bucket and a take bucket.  Managing your give bucket is about what you can offer   COIs in terms of insights and eventually valuable introductions. Your take bucket holds what you can realistically ask of COIs, namely referrals and support for your business once earned.
 
It’s also important to note that there are two dimensions of time between you and your COI – time together and time apart. Face it, you are apart more than together so it’s important to drip on your       COIs    to let them know what you’re up to and to provide valuable insights for their business.
 
Let’s take a look at a few COI types:
 
Attorneys:

• Attorneys make money on transactions and the billable hours that result from them.
• Be attuned to transactions associated with the risks and business issues your firm can address.
• Attorneys need help prospecting – they don’t like to take time away from billable hours. Help       them be successful.

 
Financial Planners:

• Financial planners (and most COIs) value your ability to provide expertise to their clients.
• They’re in the planning business – focused on future events. You’re in the same business!

 
Real Estate Professionals:

• Realtors value those moving into certain neighborhoods, neighborhoods where your ideal prospects reside.
• Be a net giver, tap into that information and know the inventory.

 
So here are 6 proven tips to attract and retain the best centers of influence for your practice.

1. Ensure that the COI has a business model you can identify with. If you cant get excited about their business, you will have very little to give in terms of insights, support, and ultimately referrals.  Attorneys and CPAs make their living on billable hours – help them see the value in prospecting.   Give them actionable ideas on how to do more in less time. 
   
2. Find a link between your value prop and theirs.  Every one of your COIs, whether they be real estate professionals, financial planners or lawyers all have a value prop for their practice. While   some are better than others, find the connection between how you both go to market. Some of the best CPA firms we’ve seen have done a great job of creating industry and market specialization and promote that heavily. There’s bound to be a connection there for you. 
3. Be their number one referrer. Make sure that you have a referral mindset - A “giving hand is   always full”. Be on the lookout for their ideal client type.
4. Support the networking events or social gatherings of your COI. The Woody Allen rule works     in this case – there is high value in showing up. Put each one of your COIs on the mailing list for   your events and functions. 
5. Share helpful insights that they can use to grow their business. Always update them on new developments in their industry that affect them, as well as what’s happening in yours. For example, help your real estate partners know the inventory in your market and share what your affluent clients are looking for as they look to live their life in your community, not just find a home.
6. Keep a client type focus. Certain client types- such as serial entrepreneurs or retiring land owners– have unique problems, concerns and aspirations. Identify the client types you both serve, the problems you both address and the impact you’re having on solving those problems. Work that understanding into your messaging and support for one another. 

For more information, visit https://www.billwaltonsalestraining.com
 

Rumor has it that leadership development is cool again. As an executive coach, I’m happy about that. Spending on Leadership education and development is up over 60% since 2013 and seems to be increasing. But not in the areas that you might think.  In the area of sales leadership, frankly we could use  a little rain.
 
As a former sales leader, I really felt that my role served as the pivot point in the organization. Who better to translate strategy into execution for the field and to process and package customer feedback for marketing and senior decision makers. 
 
But today if you ask a rep when was that last time they worked with their manager in their territory, you’d be hard pressed to hear anything recent.  In working with salespeople daily, we’ve observed that the sales manager is rarely working with the rep in the field. Rather they’re in countless meetings, rolling up data in Salesforce.com for other senior leaders, or negotiating for resources and competitive pricing. They may attend a key customer meeting or organize an offsite in a neutral location, but outside of email and text, the new way of connecting is disconnected.  My fear - the traditional “work-with” may be a thing of the past.
 
Now I’m sure there are readers out there that would bristle at the suggestion that they don't “do” sales management.  If you are doing it and doing it well - I’m really happy for you and your team. If you're not,    I have a few ideas.  Lets go to the Doppler:
 

• First, validate or install a buyer-based sales process. Each step should be behaviorally meaningful and lead to a logical and mutually beneficial next step. Make sure it aligns with how your customers buy and engage over time.
• Second, ensure that your people have a firm grasp of your company’s value proposition. I’m not talking back of the brochure sales copy – I’m talking language that states that your firm knows the needs of the market, has a process to address them, and that you’re having an impact.
• Third, train against the competencies that underpin each step of the sales process. From prospecting to close, articulate what good looks like and model the process. Expect flawless execution. Your people need a clearly defined set of goals against which to measure the progress they’re making.
• Fourth, work with your people - regularly. Coach them on the steps of the sales process that are relevant for your visit.  Keep in mind that your best reps want more time with you, not less. They want to know how their contributions contribute to a higher mind. So connect them to the strategy. According to the Corporate Executive Board, sales coaching can yield as much as a 20% increase in revenue.
• Fifth, write follow-up reports. Let your reps know what you saw, what worked well and areas where additional attention can pay dividends.  This will make performance reviews easier and less stressful.
• Lastly, manage your time. Do what’s closest to the money first. If your calendar looks like a meeting placemat, beg off of some of them and get out into the field.  Bring your insights back to leadership.  Ask yourself if you’re being reliable or merely responsive. There is a difference. And, you can always ask your team for feedback!