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According to most “marketing experts”, if you don’t have a marketing funnel that generates a high volume of leads at the top, then you won’t have enough new clients coming out the bottom.
That funnel image has been the primary mode of lead generation for years, and it’s the only way advisors have been taught to approach and invest in their lead generation efforts.
Funnel marketing worked reasonably well up until about two to three years ago, but it’s been failing as a successful model ever since.
Here's why:
1. Everyone is using it (principle #1, always do the opposite of the majority)
2. It requires you to generate a huge number of leads at the top of the funnel (most are unqualified), then you have to waste your time in dead-end meetings with unqualified prospects who “need to think about it”
3. You’re in a low-volume/high-margin business, not in a high-volume/low-margin business (see #2)
4. It forces you to “fish” in the wide-open seas of online media, hoping a “whale” will swim by and you’ll catch one (principle #2, hopeium is not a successful strategy)
5. It locks you into a middle-man lead generation provider who is serving other advisors at the same time as you, giving you similar leads (you relinquish control of your ability to generate your own leads, a dangerous and risky position to be in)
What’s the answer to all of this?
Fish out of your own pre-made “ponds” that already contain your high-networth/high-quality potential clients – by becoming a Trusted Authority.
1. Trusted Authorities know they should not be visible to everyone, only to their ideal clients
2. Trusted Authorities know their time is extremely valuable, even thirty-minutes with an unqualified lead is a massive waste of time (time is a non-renewable resource)
3. Trusted Authorities don’t follow the majority, they create their own inbound systematic, high-quality lead flows that only bring in their ideal client
4. Trusted Authorities consider a sales conversion rate of less then 50% a failure, they expect 100%, because they’re only talking with high-net worth prospects
5. Trusted Authorities swap the funnel model with their own “cylinder” lead generation model, bringing in only pre-targeted opportunities that fit their ideal profile
When you fish out of the ponds that contain only your ideal clients, you spend much less time, money, and energy weeding out the bulk of non-ideal prospects who end up being tire kickers.
The sooner you make the decision to become a Trusted Authority to your ideal client market, the faster you’ll be able to focus your time, energy, and money bringing in only your ideal clients, eliminating the waste of attracting everyone else.
Related: Let Go of the Sale To Bring on More Clients
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation.