7 Growth Strategies
Ever wondered why so many financial services businesses struggle to produce superior results? I’ve worked with hundreds of professionals around the world, and here’s what I’ve noticed:
Those who consistently produce top results employ these
7 Strategies For Success:
A clear market focus. If you want to build your business and drive growth, you must have a marketing process.The first step is to identify the markets you want to focus on. Then you need to develop an action plan to promote your capabilities and product expertise.
The right education and training. Knowledge is power. The right education and training give you a competitive advantage. To drive growth you need more than technical skills; you must also have skills in sales, time management and effective communication.
A unique sales process to differentiate their business. A good process begins when you identify a prospect and goes all the way through to the delivery of services and stewardship reporting. And it covers every step in between.
A process to track and monitor their sales pipeline. One of the most important metrics is your ‘pipeline’ of prospects. The degree to which your pipeline is filled with quality prospects is a clear indicator of the success your business will enjoy in the coming months.
A strong brand. Don’t be satisfied with providing a home base for a group of producers who leverage back-office resources. If you want significantly higher growth, develop a real brand that is valued by customers and suppliers, and recognised in the community.
Successful cross-selling. Clients who already do business with you are qualified business leads, and a fruitful, but ‘not fully tapped’ source of opportunities. Cross-selling is an obvious but frequently underused method of making the most of this rich resource.
A culture of accountability. There are four keys to creating a culture of accountability: measure what you want to manage; manage what you measure; provide the help that’s needed; and make sure everyone’s going in the same direction.
Building a top performing financial services business might not seem too complicated. But it’s not always so easy to do.
The professionals who do reach the top have one of the best jobs in the world, enjoying unparalleled autonomy and excitement, and a great income.