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Newspapers have business news sections. Many magazines target the business owner market. Today you can find several financial news channels on TV. Over the decades and continuing today, major metro markets are served by a business journal newspaper, often published weekly and available online. If you are a financial professional, can reading this publication support your prospecting efforts.
The answer is yes. Let us look at eleven reasons why:
1. Lists and the Book of Lists. Weekly editions of the business journal often include a featured list of the largest players in a specific industry group. It might be accounting firms one week, law firms the next and hospitality companies the week after. Each year, they often bring the lists together in a separate publication, The Book of Lists. If you are seeking high profile business owners, you can see which companies are privately owned and who runs the company from the executive suite. The list often includes contact information.
2. The next generation of leaders. You might know “Who’s Who” among the Old Guard, but who is in the next generation of leaders climbing the ladder and cultivated for top positions? Who are the young, dynamic leaders of successful startups in the local market? Business journals often profile younger leaders in sections with titles like 40 under 40.
3. People win awards. Many people seek out recognition. They like seeing their picture in the newspaper. They appreciate the recognition and acclaim of others. Sending someone the clipping of an article mentioning them or bringing it up in conversation is a form of compliment. Who is offended by a compliment? It can open doors.
4. Local events drawing business leaders. If you are wired into the Chamber of Commerce you might know about major social events, seminars and fundraisers in your city, but what about others in your metro area? Business journals often organize their own recognition and awards events, drawing local leaders.
5. Real estate development news. If you survey the skyline, you often see many new buildings under construction. Some publications track the volume of activity using a “crane count.” What are these projects? Which ones are residential? Which are commercial? This becomes great conversation material when socializing with local business leaders.
6. New business development. What companies have broken ground on new facilities in the suburbs? What major company has decided to relocate its headquarters to this city? What local manufacturer landed a big contract? This news lets you know where there will be an influx of management and other white-collar jobs. Where will they live? What services will they need?
7. Mergers. When one law firm merges with another, the news makes the newspapers. The same holds for large accounting firms. Are all their clients happy? How much difference is there between transitioning to a new parent company vs. leaving their old firm and becoming your client instead?
8. People in the news. This is also known as People on the Move. A local company announces they have fired a new leader from outside the area. This person will be relocating to your city from across the country. They will have many needs and know relatively few people. They might be an ideal prospect.
9. Real estate transfers. Business journals often report when major pieces of property change hands. This is usually in the form of lists. Someone might have recently had a “money in motion” event.
10. Court records. Who is involved in litigation? What judgements have been awarded? How does this affect competitors or suppliers? It helps you get a more complete picture of a company.
11. Layoffs announced. This can have a negative effect on employee morale. It can also mean people are taking early retirement. This can also be a potential hiring opportunity. Is your firm looking to hire or in the retirement plan rollover business?
The common thread running through all eleven ideas is news. New involves something you did not know before. News involves people. News can give you a reason to take your call when you contact them.