Lincoln Fall Focus Event Business Development Best Practices. October 2013

Size: px

Start display at page:

Download "Lincoln Fall Focus Event Business Development Best Practices. October 2013"

Mabel Lindsey
8 years ago
Views:

1 Lincoln Fall Focus Event Business Development Best Practices October 2013

2 Agenda Define your business development process o o Define Classifications and Sources Define Stages o Define default next steps for each stage Create a pipeline and opportunity report Load your top 10 prospects & client opportunities into your pipeline report Set a goal for your pipeline Work on the exercise: o Individual working time o Group discussion and sharing of good ideas and best practices How to Build Upon the Exercise Q&A All Rights Reserved to ActiFi 2

3 Define Your Business Development Process Onboard Commitment Proposal Discovery Introduction Get contact info What activities need to happen, in what order, to move a person from just a name to a client? All Rights Reserved to ActiFi 3

Define Your Classifications Classifications are the kinds of relationships you have with people from the time you first hear about them until they become a client.

4 Define Your Classifications Classifications are the kinds of relationships you have with people from the time you first hear about them until they become a client. Examples include: Lead: Not acquainted, acquired contact info by referral or some other method Qualified Lead: Determined to be a good fit Prospect: Not yet a client, building a relationship Client: With an opportunity or life event on the horizon Center of Influence: Not necessarily a client, but a potential or existing referral source Affiliated Professional: Tax attorney, divorce attorney, insurance agent, etc. Write down your exact words and how you define them All Rights Reserved to ActiFi 4

6 Define Your Source Types and Names Source Types and Names help you identify where a prospect came from. Source Types are broader categories, while Source Names indicate which specific Source Type generated the prospect. Examples of Source Types Marketing Campaign Center of Influence Affiliated Professional Personal Networking Event Examples of Source Names Direct Mail, Newsletter COI Name Attorney name, CPA name Rotary, Kids soccer Social Security Education seminar Write down your exact words and how you define them for your Source Types. All Rights Reserved to ActiFi 6

8 Define the Stages in Your Pipeline Onboard Commitment Proposal Discovery Introduction Get contact info Stages define where you are in the sales process with each prospect Write down your exact words and how you define them All Rights Reserved to ActiFi 8

11 Determine Your Pipeline Report Format You need a tool that you can review regularly, that shows the next steps due in the next two weeks for each name in your pipeline. All Rights Reserved to ActiFi 11

Define the Processes for the Stages in Your Pipeline Onboard Commitment Proposal Discovery Introduction Get contact info Each Stage has a process outlining the steps involved, what materials are used

16 Define the Processes for the Stages in Your Pipeline Onboard Commitment Proposal Discovery Introduction Get contact info Each Stage has a process outlining the steps involved, what materials are used or introduced, what role is responsible, and the due date. Depending on the advisor and the prospect, the time and number of steps involved to move to the next Stage may vary. All Rights Reserved to ActiFi 16

17 Common Advisor Processes

18 Contact Mgmt Category & Source Contact Mgmt Lead/Opp. Source History Activities Sales Management Opportunities Dashboards & Reports Make it work on CRM CRM Capability Key Activity Track Leads, Prospects, & Centers of Influence Manage Unique Opportunities for Prospects & Clients Tracking upcoming & completed sales activity Financial forecasting (probability of closing, amount, close date) Create graphs and/or reporting on sales goals Running sales meetings based on facts X X X X X X X X X X X X X X

20 Questions?

ActiFi. Business Development Best Practices

ActiFi. Business Development Best Practices ActiFi Business Development Best Practices This material is designed for an investment professional audience, primarily Registered Investment Advisors (RIAs). TD Ameritrade Institutional, Division of TD