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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…
Copernicus Partners
                      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…
Copernicus Partners




                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com   3
TCA                   Identifying the Right Clients for YOUR Business

                       CLIENT PROFILE
Copernicus Partners

                              Needs

                              Assets

                              Revenue Potential

                              Demographics

                              Investor Style



                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com   4
TCA                   Articulating an Effective Value Proposition

                              A value proposition is a statement that tells people
Copernicus Partners
                              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.


                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com          5
TCA                   Hunter vs. Hunted Mentality
                                  PROJECTION                                        ATTRACTION
Copernicus Partners
                             (The Hunter Mentality)                              (The Hunted Mentality)




                                       SALES                                         MARKETING

                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                            6
TCA                   Every business attracts certain types of clients…
Copernicus Partners




                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com   7
TCA                   By the same token…
Copernicus Partners




                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com   8
TCA                   Marketing is the engine that drives your business…
                                                    Practice Management
Copernicus Partners
                            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

                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                              9
TCA                   Ladies & Gentlemen: Crank Up Your Engines!
                             FINDING
Copernicus Partners
                                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

                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                              10
TCA                   Why do most advisors get so few referrals?
Copernicus Partners
                                                                                           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



                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                                11
TCA                   Exceeding Client Expectations
Copernicus Partners




                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com   12
TCA                   Satisfied clients are just that, CLIENTS!
Copernicus Partners




                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com   13
TCA                   The Key to Turning Clients Into Advocates
Copernicus Partners




                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com   14
TCA                                     Lifetime Value of A Loyal Client
                                                                              CLIENT A         CLIENT B
Copernicus Partners
                                                                              $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

                                  © 2005 Copernicus Partners, LLC | CopernicusPartners.com                                         15
TCA                   Lesson of the Loyalty Ladder
Copernicus Partners
                                                                                           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



                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                                16
TCA                   Story Builder Process

                       ELEMENT                                            TELLS PEOPLE…
Copernicus Partners
                       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




                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                       17
TCA                   Client Advocacy Process: 30,000-foot view

                                                                         Client Advocacy
Copernicus Partners

                                                         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



                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                          18
TCA                   Client Advocacy Process: 15,000-foot View
                          Spend more quality                 Get to know them and              Uncover more
Copernicus Partners
                         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.

                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                                      19
TCA                   Tapping Into Your Clients’ Circles of Influence

                           INNER                                                                            OUTER
                                                                       Biz
Copernicus Partners
                                                                      Broker
                          CIRCLE                                                                            CIRCLE


                                           Architect                                        Builder


                                                       Accountant                Attorney


                                                                     KEY
                                     AD / PR
                                                                                                  Printer
                                                                    CLIENT
                                     Agency


                                                       Business                  Family
                                                        Partner                  Member

                                               Golf                                         Yacht
                                               Pro                                          Broker


                                                                       Real
                                                                      Estate


                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                                       20
TCA                   Client Advocate Campaign (CAC)

                       THE SYSTEM…                                          THE TOOLS…
Copernicus Partners
                              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


                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                                     21
TCA                   Professional Advisor Campaign (PAC)

                       THE SYSTEM…                                          THE TOOLS…
Copernicus Partners
                              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


                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com                                    22
TCA                   Summary of Key Points

                             Keep the marketing and sales functions separate.
Copernicus Partners
                             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.

                      © 2005 Copernicus Partners, LLC | CopernicusPartners.com             23

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Turning Clients Into Advocates

  • 1. Turning Clients Into Advocates How to Get More and Better Referrals from Your Best Clients Stephen A. Saenz Copernicus Partners
  • 2. TCA Key Learning Objectives At the end of this WORKSHOP, you will be able to… Copernicus Partners 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
  • 3. TCA Marketing vs. Sales… Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 3
  • 4. TCA Identifying the Right Clients for YOUR Business CLIENT PROFILE Copernicus Partners Needs Assets Revenue Potential Demographics Investor Style © 2005 Copernicus Partners, LLC | CopernicusPartners.com 4
  • 5. TCA Articulating an Effective Value Proposition A value proposition is a statement that tells people Copernicus Partners 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. © 2005 Copernicus Partners, LLC | CopernicusPartners.com 5
  • 6. TCA Hunter vs. Hunted Mentality PROJECTION ATTRACTION Copernicus Partners (The Hunter Mentality) (The Hunted Mentality) SALES MARKETING © 2005 Copernicus Partners, LLC | CopernicusPartners.com 6
  • 7. TCA Every business attracts certain types of clients… Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 7
  • 8. TCA By the same token… Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 8
  • 9. TCA Marketing is the engine that drives your business… Practice Management Copernicus Partners 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 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 9
  • 10. TCA Ladies & Gentlemen: Crank Up Your Engines! FINDING Copernicus Partners 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 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 10
  • 11. TCA Why do most advisors get so few referrals? Copernicus Partners 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 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 11
  • 12. TCA Exceeding Client Expectations Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 12
  • 13. TCA Satisfied clients are just that, CLIENTS! Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 13
  • 14. TCA The Key to Turning Clients Into Advocates Copernicus Partners © 2005 Copernicus Partners, LLC | CopernicusPartners.com 14
  • 15. TCA Lifetime Value of A Loyal Client CLIENT A CLIENT B Copernicus Partners $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 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 15
  • 16. TCA Lesson of the Loyalty Ladder Copernicus Partners 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 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 16
  • 17. TCA Story Builder Process ELEMENT TELLS PEOPLE… Copernicus Partners 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 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 17
  • 18. TCA Client Advocacy Process: 30,000-foot view Client Advocacy Copernicus Partners 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 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 18
  • 19. TCA Client Advocacy Process: 15,000-foot View Spend more quality Get to know them and Uncover more Copernicus Partners 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. © 2005 Copernicus Partners, LLC | CopernicusPartners.com 19
  • 20. TCA Tapping Into Your Clients’ Circles of Influence INNER OUTER Biz Copernicus Partners Broker CIRCLE CIRCLE Architect Builder Accountant Attorney KEY AD / PR Printer CLIENT Agency Business Family Partner Member Golf Yacht Pro Broker Real Estate © 2005 Copernicus Partners, LLC | CopernicusPartners.com 20
  • 21. TCA Client Advocate Campaign (CAC) THE SYSTEM… THE TOOLS… Copernicus Partners 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 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 21
  • 22. TCA Professional Advisor Campaign (PAC) THE SYSTEM… THE TOOLS… Copernicus Partners 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 © 2005 Copernicus Partners, LLC | CopernicusPartners.com 22
  • 23. TCA Summary of Key Points Keep the marketing and sales functions separate. Copernicus Partners 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. © 2005 Copernicus Partners, LLC | CopernicusPartners.com 23
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