Turning Clients Into Advocates

Turning Clients
Into Advocates
How to Get More and Better
Referrals from Your Best Clients

Stephen A. Saenz
Copernicus Partners

TCA Key Learning Objectives

At the end of this WORKSHOP, you will be able to…
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At the end of this WORKSHOP, you will be able to…
Differentiate marketing from sales
Differentiate marketing from sales
Identify the right clients for your business
Identify the right clients for your business
Articulate an effective value proposition
Articulate an effective value proposition
Make your business more “attractive” to HNW clients
Make your business more “attractive” to HNW clients

Turn more clients into advocates
Turn more clients into advocates
Get more and better referrals from existing clients
Get more and better referrals from existing clients
Command greater respect from centers of influence
Command greater respect from centers of influence
Get more and better referrals from centers of influence
Get more and better referrals from centers of influence

© 2005 Copernicus Partners, LLC | CopernicusPartners.com 2

TCA Marketing vs. Sales…
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TCA Identifying the Right Clients for YOUR Business

CLIENT PROFILE
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Needs

Assets

Revenue Potential

Demographics

Investor Style


TCA Articulating an Effective Value Proposition

A value proposition is a statement that tells people
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what they can expect to get (in exchange for what they
will pay) when they sign up to do business with you.

An effective value proposition is one that “speaks” to
the listener (reader) and says something highly
relevant to them.

Your value proposition should also let your listener or
reader know why they should do business with you
rather than one of your competitors.

A value proposition is NOT the same as an elevator
speech and is something that is best communicated in
writing or in a previously scheduled meeting.


TCA Hunter vs. Hunted Mentality
PROJECTION ATTRACTION
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(The Hunter Mentality) (The Hunted Mentality)

SALES MARKETING


TCA Every business attracts certain types of clients…
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TCA By the same token…
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TCA Marketing is the engine that drives your business…
Practice Management
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FINDING

ADMINISTRATION
Marketing Sales
and OPERATIONS

GRINDING
Portfolio
Financial Portfolio Portfolio Financial
Reviews
Planning Design Mgmt Research

MINDING
Client Relationship
Sales
Service Management

Team Devel opmen t


TCA Ladies & Gentlemen: Crank Up Your Engines!
FINDING
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Educational Referrals from Community
Seminars Clients/COI Service

An effective marketing engine keeps your sales pipeline filled…

GRINDING

Portfolio
Financial Portfolio Portfolio Financial
Reviews
Planning Design Mgmt Research

MINDING

Client Relationship
Loyalty Process
Sales
Service Management


TCA Why do most advisors get so few referrals?
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Raving Fans

Advocates

? Clients

Customers

Shoppers

LOYALTY LADDER
Prospects
*Used with permission. Adapted from Up the Loyalty Ladder, By Murray
and Neil Raphel Raphel Marketing, Atlantic City, NJ | www.raphel.com


TCA Exceeding Client Expectations
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TCA Satisfied clients are just that, CLIENTS!
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TCA The Key to Turning Clients Into Advocates
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TCA Lifetime Value of A Loyal Client
CLIENT A CLIENT B
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$500,000 $2,000,000
2% fee 1% fee
$40,000
8% growth 8% growth
$37,500 $289,731
$35,000
Annual Annual Fee Paid by from Client

Time Required to Service Relationship
$32,500
Revenue Received Client

$30,000
Revenue B
$27,500

$25,000

$22,500

$20,000
$144,866
$17,500
Revenue A
Time
$15,000

$12,500

$10,000
1 2 3 4 5 6 7 8 9 10


TCA Lesson of the Loyalty Ladder
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Raving Fans
ADVOCACY
PROCESS
Advocates

Clients

Customers
SALES
PROCESS
Shoppers

LOYALTY LADDER
Prospects
*Used with permission. Adapted from Up the Loyalty Ladder, By Murray
and Neil Raphel Raphel Marketing, Atlantic City, NJ | www.raphel.com


TCA Story Builder Process

ELEMENT TELLS PEOPLE…
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Mission Statement What you do (for them)

Core Values What you stand for

Philosophy What you believe

Process How you do it

People Who you are

Points of Distinction What makes you different


TCA Client Advocacy Process: 30,000-foot view

Client Advocacy
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6. Follow up to ensure successful resolution

5. Refer clients to problem solvers as needed

4. Build a network of expert solution providers

3. Uncover more breakthrough insights

2. Get to know them (their families) better

1. Spend more quality time with your clients


TCA Client Advocacy Process: 15,000-foot View
Spend more quality Get to know them and Uncover more
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time with your clients their families better breakthrough insights
You add value just by When you spend more QT Breakthrough insights are
spending more quality time with your clients, you get to things you learn about your
with your clients. QT is know them better. You can clients that enable you to
time spent with your clients also strengthen your client add value. These could be
where the purpose of the relationships by taking an problems and challenges
meeting is something other interest in their families. they face now or in the
than discussing the clients’ You do this by asking the future. They could also be
financial affairs. right questions. aspirations and dreams.

Build network of Refer clients to problem Follow up to ensure
expert solution providers solvers as needed successful resolution
ESP include people who When your network of ESP Anytime you refer a client
can solve specific problems is broad and deep enough, to someone, you run the
or challenges for your you will be able to solve risk of them dropping the
clients. They also include any type of problem or help ball. You can avoid this
people who can help a clients achieve just about and demonstrate your role
client or one of their family any dream they might as a strong client advocate
members realize a dream have. Do that and you will by following up to ensure
or take up a new hobby. add extraordinary value. successful resolution.


TCA Tapping Into Your Clients’ Circles of Influence

INNER OUTER
Biz
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Broker
CIRCLE CIRCLE

Architect Builder

Accountant Attorney

KEY
AD / PR
Printer
CLIENT
Agency

Business Family
Partner Member

Golf Yacht
Pro Broker

Real
Estate


TCA Client Advocate Campaign (CAC)

THE SYSTEM… THE TOOLS…
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Identify Key Clients Key Client List
Invite Key Clients to lunch Invitation Script
Client Survey – Part 1
Position Advocacy
Campaign and Client
Changes & Transitions
Survey
Professional Advisors &
Mail Part 1 of survey
Service Providers
Conduct CAC Meeting
Family Information
Reposition advocacy
Client Survey – Part 2
campaign and survey
Client Satisfaction Survey
Review Part 1 of survey
CAC Meeting Confirmation Letter
Conduct Part 2 of survey
CAC Meeting Script
Send thank you note to client
Call ESP candidates to schedule
PAC Meetings


TCA Professional Advisor Campaign (PAC)

THE SYSTEM… THE TOOLS…
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Contact ESP candidates PAC Invitation Script
Introduce yourself and PAC Meeting Script
mention mutual client
Professional Advisor Interview
Position your Client
Advisors & Service Providers
Advocacy Campaign
Worksheet (take blank to PAC
Position ESP Network Meeting)
Have PAC Meeting
Conduct Professional
Advisor Interview
Offer copy of PSN sheet
Get copies of ESP’s
marketing brochure
Send thank you note
Report back to your client


TCA Summary of Key Points

Keep the marketing and sales functions separate.
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Keep the marketing and sales functions separate.
Identify the right clients and don’t settle for less.
Identify the right clients and don’t settle for less.
Develop and articulate an effective value proposition.
Develop and articulate an effective value proposition.
Harness the power of attraction marketing.
Harness the power of attraction marketing.
Make sure your business is attracting the right type of clients.
Make sure your business is attracting the right type of clients.
Crank up your marketing engine!
Crank up your marketing engine!
Aspire to exceed client expectations.
Aspire to exceed client expectations.
Become a stronger advocate for your clients.
Become a stronger advocate for your clients.
Develop and implement the Client Advocacy Process.
Develop and implement the Client Advocacy Process.
Tap into your Key Clients’ Circles of Influence.
Tap into your Key Clients’ Circles of Influence.


Turning Clients Into Advocates

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