It’s All About The Robot

It’s All About The Robot

Our topic of this blog is “Robots”. Not the robots that fly spaceships or the ones you see on TV, but the ones you usually stop at when you are driving, depending on their colour at the time.
Last week, we spoke about a Project 100 or 250 regarding the clients you deal with and potential clients you can see. We used a hairdressing business as an example and we looked at the people you can talk to beyond the client, such as the suppliers, staff and other entrepreneurs.

When we talk about robots in the context of planning, we are referring to your client base: Just as green means go, yellow means slow, and red means stop, we can use the same system for our Project 100 or 250:
As you go through your client base, you will realise that some clients can be classified as Green Clients, these are clients that are engaging with you and working well with you.
Your Orange Clients are clients that have potential but may be not be ready to commit, or they may be people who will do business with you in the future but not right now.
Lastly you have your Red Clients. These are clients you may not want to deal with directly. However, that does not necessarily mean you have to walk away from them. Your Red Clients are great resources for other Financial Advisors.

For example, you could go into a Joint Venture with another Financial Advisor, you could give them the names you have and ask them to share in the business they do with that client, as well as the leads generated from that client. Remember there are opportunities everywhere, you do not have to simply walk away from your Red Clients.

Let us revisit your Orange Clients:
The next step would be to classify them into:
• Green- Oranges,
• Orange -Oranges
• Red- Oranges.

Your Green- Oranges are clients you know have a huge amount of potential, but you will have to push them across the line. Your Orange- Oranges are people that you may want to park for the moment and your Red Oranges are people you may want to push into your Red Group and pass them along to a fellow Financial Advisor. It is important to understand that every single person has the potential to grow your business, you just have to find the OPPORTUNITY for them to grow your business!

When you are “Roboting” your client base, you can filter that down to see what other clients you can talk to and how you can talk to them. You can even get someone else to talk to them for you, sometimes it is advantageous for you to get other people involved who can help you get potential clients to cross the line and help you earn money off those clients.
To recap: Reds are people we do not want to deal with, BUT there may be an opportunity to pass them on to other financial advisors.

Orange are people we want to get across the line, we also want to categorise them further (Red Oranges, Orange Oranges, Green Oranges) to determine who to do business with.
Green are clients that you know you are good with. The communication with your green clients is particularly important. Ideally you want to communicate with your green clients between three to six times a year. This can be a check in, a general “Hi, how is it going? Can I come do a review with you? Is everything good? etc” You want to make sure that you take care of your green clients, these clients should become like family.

From a strategic perspective regarding your planning, you must make sure you get it right from the very beginning. Make sure that you have segmented your client base and develop segments within the segments. Sift through your clients, understand who you are talking to with your client base, understand who the business owners are and understand the people who can provide opportunities for your business.

Then formulate and follow a working plan and strategy!

Luke Matthews | Hampshire Advisors

Luke Matthews

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