By Howard E. Sharfman
The sales cycle in our business is a roller coaster. There is the all-consuming hard work of planning and producing a great proposal. Then there is the exhilaration of presenting solutions to clients, closing the sale and helping clients and their families. But when it’s all over, what do you do next?
If you’re like me, you go on the ride again. Back at the office, or maybe when I wake up the next day, I think, “What do I do now?” That’s when I turn to my prospect list.
Fridays bring in future income
My prospect list is my inventory. We update the list every week, and on Friday, I study the list to decide who to contact. There are about 300 prospects on my list, and the question I ask is, “Who can we touch today?”
Sharfman discusses how a casual greeting turns into a business meeting.
Every Friday, I’ll call around 40 people on my prospect list. I tell them I’m thinking about them and have been working on something for them. If the need is still there, I tell them, we should probably solve it. I ask, “Do you want to get together next week or the week after?”
There is no expiration date on my prospects. One client has been on my list for eight years. Every week I see his name. I hadn’t forgotten him, yet I hadn’t contacted him in a while. Recently, however, I called him and reminded him of our past conversations. I asked him about the need he had when we had first talked, which was disability insurance, and if we should get together.
And this time, he agreed to meet with me. I believe he finally agreed because the time was now right for him, and I showed I’m persistent. When we met, we spoke about the many areas of risk and risk management. We decided to not only move forward with disability coverage, but life insurance and personal lines coverage (which includes auto, home and so forth) as well. Maybe if I was a better sales professional, this case would not have taken eight years, but I am glad I never gave up.
Long-term prospecting
You can’t — and shouldn’t — call every prospect every week. Instead, invest in long-term prospecting.
By that, I mean write white papers and articles. Send notes, birthday cards and gifts to some of your prospects. Stay in front of them so they turn to you when they perceive they need solutions. Clients buy insurance when they want to, not when I want them to. That’s why it’s important they remember me when they feel they have a need for insurance and feel it’s the right time to buy.
If you want to sell something today, go through your prospects. See what needs are still out there. See what’s urgent, and make that phone call. Don’t send an email; don’t send a text. Pick up the phone and make that call.
And go see someone today.
Howard E. Sharfman, of Chicago, Illinois, manages one of the largest wealth management firms in the United States. He’s is a Top of the Table qualifier who specializes in high-net-worth clients. He has been an MDRT member since 1994.
- Watch more from Sharfman in the video “How to boost a clients’ interest in minutes.”
- Read how Sharfman is “Increasing life insurance sales.”
How to make my first list of prospect