by Tony Vidler
We know intuitively that when we socialise with key clients it builds trust and ultimately leads to more business.
More conversations create more opportunities, right?
I came across some interesting statistics on the effect of socialising with key clients and centres of influence recently that suggest the positive business impact is quite significant. There was no referencing unfortunately for how big the sample size was for the data, or anything which could lead us to say “aha…evidence!” – and I suspect it was a pretty limited data set which led to some of the conclusions. However, even if the sample size was just two advisers there is a clear pattern of one getting a lot more business, and there is a correlation between the different behaviours and the different performance.
It seems that advisers getting 5 or more referrals from a key account which result in genuine new business in a year are doing a LOT more work than those who get zero referrals. Go figure, huh?
Regardless of how accurate the data was in the item I read, the point is that it strikes me as a pretty good checklist for “how to strengthen and build a great relationship with Key Accounts” anyway.
More importantly though the difference in results – being a significantly higher number of referrals being generated, and a high proportion of those referrals converting into new/high value clients – suggests that any adviser wanting more business should be spending a LOT more time and focus on those Key Accounts of their own. How much more?
One can’t be sure, but whatever you’re doing now, just double it. That’s where I’d start….
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