Dante’s Infollowup

The title of this article may sound the alarm of familiarity as it is a spin on the famous allegory of Dante’s Inferno. We saw the analogy befitting for this piece considering the follow up process to prospects and clients can feel like stages that are ongoing and dreadful battles.

Although following up with hard-to-reach clients and prospects can feel like a hellish endeavor, it is a necessary evil. In sales we say, “phones weigh 9 tons when it’s time to call strangers,” and I say the same for warm leads and in some cases clients. This can be true particularly during challenging times or market volatility. For our thoughts on lead generation, read our latest piece entitled, “Build A Virtual Bridge to Clients.”

It’s easy to convince ourselves that, “it’s not the right timing to call, or no one will speak to us during these times.” This type of avoidance by assumption mindset leads to inactivity and an ostrich effect—-burying your head in the sand hoping threats disappear or go away. Some investment professionals tend to do the same during challenging times, assuming the timing will be best to follow up with prospects and clients when everything “settles.” This results in losing both existing and potential clients to the fiery gaze of competitors who mastered the ability to pick up the 9 ton phone and call.

For those familiar with Dante’s Inferno, hell has 9 different circles or stages. Metaphorically speaking, the same goes for following up with prospects and clients. Experts say it takes roughly 7 to 9 touch points / stages to fully convince a prospect or client to engage. Whether it be buying into your new portfolio strategy or finally filling out that beautiful ACAT form to move their accounts to you. Either way, there is a lot of work behind getting them to that point. There is no one-size-fits-all approach to follow-up, rather it is important that you have a process in place. Ignoring this critical part of the sales cycle can leave you in “Dante’s Infollowup” for eternity.

Our 7 Suggested Follow-up Techniques: 

  1. Read our latest piece on “Build a Virtual Bridge to Clients”.
  2. Develop an automated email-follow-up sequence using a CRM of your choice. (Feel free to contact us for guidance on how to implement)
  3. Measure what matters by capturing the right metrics—A/B test email open rates, click-throughs and the prospects and clients who engaged.
  4. Develop a counter-strategy for clients and prospects that aren’t opening your emails. Picking up the 9 ton phone or using social media may be more effective in reaching this non-email engaged cohort. (Contact us to participate in our social media program for Financial Advisors)
  5. Call the clients and prospects that are engaging with your email sequences and spark a conversation on the specific content they opened most.
  6. Face the reality of the clients or prospects that may have “broken up” with you due to a lack of communication or not having 7 or more touch points.
  7. Repeat all of the above as need be but with consistency in areas that are not yielding the results you would like.

In conclusion, there is no one-size-fits-all to the above 7 suggestions. Whatever you do, please don’t remain in “Dante’s Infollowup” it’s a hellish place that leads to client attrition and AUM decline.

Returns as of April 24, 2020.
Inception Date: April 4, 2017.

Index performance is for informational purposes only and does not represent any ETF. Indexes are unmanaged and one cannot invest directly in an index. Past performance is NOT indicative of future results, which can vary.  

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