Chapter 06 Mini Case Strong Point Financial Services PDF

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Mini case study 6

1. Which methods of prospecting discussed in the chapter has Rafael decided to use? Are they the most appropriate for this situation? a. Cold calls- can be very lucrative, can produce many referrals, good start for beginners b. Directories- up to date information, hitting target market, great lead generators c. Tradeshows- great prospect generators, networking, actual sales can be made d. Conference/ seminars- very productive, attention focused on salesperson, interested clients, teach a large group at one time Provided that Rafael is just getting started in the business, these prospecting methods seem appropriate. Despite Rafael’s passion for getting started, he should be careful not to try too many things at once. Rather, a more organized approach should be taken. Rafael should use the techniques he has stated already, assess the results and try new methods if needed. 2. As Rafael continues to develop his client base, what other sources of prospects do you recommend he try? Why do you think these methods may be successful for him? a. Seminar- win-win situation for both Rafael and his prospects, more educated clients will become more inclined to do business with Strongpoint, Rafael can stream the seminar online for wider audience. b. Craigslist- free, will not cost him a dime out of pocket to use this service, can customize audience to specific regions, directory for potential leads c. Newspaper- Gray market tend to read print news more than digital, still heavily rely on newspaper as source of information, Rafael can choose which newspaper his target market reads the most d. Civic and professional groups would be a good method for Rafael to use. He can join local groups in the community to get potential leads. Such organizations have other individuals as members that may be a valuable source of leads. As Rafael begins to win customers and provide investment services for clients, he will get referrals from satisfied clients. e. In addition, asking customers, or even prospects that do not use Rafael’s investment service, for the names of others who might benefit from what he has to offer will allow Rafael to use the endless chain of referrals method of prospecting. f. Finally, Rafael may want to use written correspondence. The written correspondence should be a personalized letter to the prospect introducing himself and his company, and a brochure outlining the type of services he provides 3. Assume you are Rafael's mentor, John Green. What recommendations would you make to help Rafael get the most out of his prospecting efforts? a. Prospecting is crucial, it’s the first image a representative shows to prospective clients b. Building a loyal client base- take efforts to stand out amongst competitors c. Leave a good first impression- prepare for initial meetings d. Make follow-up arrangements (thank you notes, emails, phone calls) i. One of the most effective ways to build a client base is through referrals

Mini case study 6

e. First impressions are the most important- be memorable- stand out from the restyou won’t get a second chance to make a first impression f. Develop Internal Database i. Set up a personal database that records name, interests, goals, attitude towards salespeople, impression of company, history with company, how they are rewarded or paid by the firm, interest to socializing with salespeople g. For Rafael to get the most out of his prospecting efforts, he should follow the advice provided in the “Set a Systematic Prospecting Plan” section of the chapter. i. setting daily, weekly, and/or monthly goals for the number of prospects identified that are specific, measurable, and attainable ii. studying and practicing the various methods of prospecting so that he knows which approach will work in different situations iii. keeping good records so Rafael knows the particulars of each contact he has made iv. being prompt to follow-up with prospects so that they still have the initial information he provided on their mind v. paying attention to the results of the prospecting efforts so that Rafael will know which methods are most affective for generating paying clients, and finally vi. making use of available technology in the most effective manner to support the prospecting efforts I’m sure if he uses this systematic prospection plan, he will be successful and he will see better, positive results....