Cutting the Cord with Prospects
When it comes to prospects I have heard different things from veterans in terms of the length of time you should spend trying to make them a client.
I have heard that you should pursue someone who is qualified many many times (numerous mailings, messages, contacts) until your practice is self sustaining. I have also heard that you should find people who want to do business now and if they are playing around, cut the cord. Thoughts ?
I think you hold onto prospects, adn work them, until they tell you explicitly that they do not want you to contact them. I have been strung along by some of my best clients for a few years before getting them as clients. If they keep giving you "excuses" (busy, going on b-trip, my kid's getting married next month, etc.), but don't tell yuo to "buzz off", they may actually be telling the truth. You just have to make sure they are actually qualified if you are going to service them as prospects for some length of time.
Of course, some FA's do have that "fish or cut bait" attitiude, so I guess it just depends. My theory is taht if they are qualified, and they will talk to you, eventually something may happen, but you just can't spend tons of time on those people. I have had some successes this way, so I am jaded.
The NO's don't hurt you, the YES's are what we live for, but the MAYBE's will kill your momentum and self-esteem, work with the willing and cut the rest loose.
After a reasonable period of time without closing them, and everyone needs to have their own definition of reasonable, take them out of the actively persued bucket, and put them into the drip list bucket. Send them an email, snail mail, whatever, once a month.
Anybody use an email distribution list for systematic prospect dripps?