Well, it’s that time of year again! A time when the fortunate few of us who got everything just right savor the previous year’s success, while likely more of us mull over our own “would’ve, could’ve, should’ve” opportunities missed and previous New Year’s resolutions gone unfulfilled.
With the arrival of the new year, though, we have another opportunity to get it right, and thus we make new promises to ourselves. Some promises are related to personal growth, others to business growth … and for us more severely flawed beings, both.
But this year will be different. This year, instead of just making another short list of outcome-based resolutions, a better approach is to make a secondary list — one that ensures we’re asking the right questions that will help us to finally fulfill those resolutions. For example, if your goal is to bring on 12 new retirement plan clients in 2013 (or a similar goal you failed to achieve in 2012), what might you do differently this year to achieve that objective? What action steps can you identify that will result in you toasting resolutions fulfilled when 2013 is over?
To arrive at the answer to a question like that, it’s often best to start by doing the math.
First, make a list of all the prospects you met with during 2012, from all sources (prospecting, referral, etc.). Then, based on that list, determine your effective close rate.
If you conclude that your effective close rate is 30%, then achieving the objective of 12 new client wins in 2013 will require you to meet with 40 new prospects over the course of the year.
Addressing how to accomplish this involves a brainstorming/list making process comprised of three steps: analyzing your prospecting strategy, analyzing your win rate, and identifying your roadblocks.
• Prospecting Strategy Analysis. Have you developed an effective and sustainable outbound prospecting strategy that puts you in front of enough new opportunities to help you meet your objective? If not, or if your current strategy isn’t producing, what steps might you take to improve your process? Is your database of employer decisionmaker contacts up to date? How might you better tap your referral or “center of influence” sources to deliver more prospects? Are there associations or business groups you could join? Should you supplement your efforts with a third-party lead generation firm, or consider hiring or developing a junior sales associate? What are the pros, cons, challenges and considerations of each of these options?
• Win Rate Analysis. If your prospecting evaluation determines that you’re meeting your prospecting goals but experiencing a low closing rate, how can you improve your odds? Are your products, value-added services and pricing all competitive? Are the analysis tools you use effective? Do your presentations and your presentation style pack a punch? Does your brand accurately reflect the value, specialization and capabilities your practice provides? Have you pressed your vendor partners, wholesalers or other support entities for resources, suggestions or new ideas? Do you need sales coaching or advice?
• Identifying Roadblocks. What prevented you from taking these steps and making improvements in 2012? Too many distractions, not enough time, or simple procrastination? Have you established a budget or dedicated the time necessary to implement identified improvements? Evaluate and uncover the roadblocks to your success. Then create an action list and timeline that will enable you to overcome these obstacles and follow through on your promises.
Most of us begin our New Year with a celebratory ritual, and self evaluation is often part of that ritual. The challenge is that it’s in our nature to gravitate back toward our comfort zones. Ultimately it’s easier to stick with the status quo.
And yet we tell ourselves that this year will be different … this year will be transformative! Really, I promise ….
Happy New Year!
Chandler is the Founder of Sell401k, Inc., a brand and business development firm serving advisors in the defined contribution market. You can reach Marcus at [email protected].
