Small Town Prospecting

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Nov 15, 2006 4:42 pm

If you are in your first 3-5 years of production in a town of less than 150,000 people, how are you growing your practice? 


Although I have a few years of successful sales experience behind me, I am new to this industry and the concept of having to generate all market research on my own. 


Thank you.


Nov 16, 2006 7:59 pm

Go to www.fdic.gov and find out the total amount of bank deposits for your city, then decide if it's worth prospecting. I suspect you'll be surprised. In my town of about 100,000, there's over $1 billion on deposit with the local banks.

Nov 17, 2006 9:34 am

Create a marketing list of warm contacts.  Start calling with a very soft approach and ask them if there is anything you can be doing for them.  Open up a conversation and go from there.  Your reputation is everything in the town.  Don't ruin it by being a pushy salesman. 

Nov 17, 2006 2:16 pm
LEAP:

If you are in your first 3-5 years of production in a town of less than 150,000 people, how are you growing your practice? 


Although I have a few years of successful sales experience behind me, I am new to this industry and the concept of having to generate all market research on my own. 


Thank you.




Call the local service clubs, Rotary, Lions, etc, and local churches to offer to do a speaking engagement. Most of these organizations are wanting for speakers. No product push. general info only. This is branding(building a reputation) so don't look for an immediate payoff. 


Call the program directors to get put on the schedule. Worst case you'll be well fed.

Nov 19, 2006 7:28 pm

I've been able to make a terrific living in a community of 100,000.  Get involved in the community, conduct seminars, learn as much as you can personally, network with other professionals: estate planning attorneys, CPAs.  In a smaller community, your clients will spread the word about you, if you do a good job for them. 

Nov 20, 2006 1:54 pm

Thanks for all the suggestions!!


I just picked up a great book - Super Networking for Sales Pros, Salmon, and it really is helpful if you need better focus on prospecting thru referrals.


I attend some social functions that give me the impression that the local CPA network seems to be sewn up by the big trust firms - any suggestions for how a rookie FA can ask politely for guidance from professional accountants when I won't be able to refer business to them until my client book is less virtual??

Nov 22, 2006 1:29 am
LEAP:

I attend some social functions that give me the impression that the local CPA network seems to be sewn up by the big trust firms - any suggestions for how a rookie FA can ask politely for guidance from professional accountants when I won't be able to refer business to them until my client book is less virtual??


You won't get referrals from CPAs until they have some confidence in you -- concentrate on getting to know some of the younger CPAs in town, particularly through shared interests: service club, charity, etc.  Work on creating your own knowledge base.  Then start sending relevant articles or information once a month or so, to those CPAs with a personal note -- came across this & thought you'd find it interesting, etc.  Work hard to come up with some non-"off-the-rack" information that will help them in their job.  Just keep dripping on them, eventually a question will come up & they'll call you, or they will just send a small fish your way to see how you work with referrals. 


In a small town, work hard and diligently, and word will spread -- you must be patient. 



Nov 22, 2006 6:51 pm
LEAP:

If you are in your first 3-5 years of production in a town of less than 150,000 people, how are you growing your practice? 


Although I have a few years of successful sales experience behind me, I am new to this industry and the concept of having to generate all market research on my own. 


Thank you.





Develop a target list of those all of the criteria listed below:


1)  aged 60-80


2)  with 50k+ in annual income


3)  with 250k+ liquid net worth


4)  that are homeowners




Drip on them, call them, whatever...get in front of people and make sales.