HOW TO DOUBLE YOUR REVENUE

"How can I double my revenue?"

This question arises even from advisors with revenue in the millions. The great news is that the market is so large that everyone agrees more sales are possible. Since you're probably working more hours than you'd like, the solution is not to work longer. Let's assume you are using time effectively, focusing on the important rather than the urgent.

There are three strategies

1. Catch more fish
2. Catch bigger fish
3. Keep more of the fish

1. Catch More FishThis approach is about volume and efficiency. You can get volume by selling commodity-like products such as term insurance. You need to

• streamline the process
• automate the process

You're not creating much loyalty with volume. You may be increasing fixed costs for staff or equipment. If you have an assistant for the routine cases, you can concentrate on the bigger ones.
Give your clients an opportunity to increase the size of the sale. You see this in stores with extended warranties and accessory bundles. Can you create a deluxe or packaged option?
2. Catch Bigger FishYou can use a fishfinder to identify where the bigger fish hide. You can

• go deeper: find opportunities among your own clients by mining your current database
• go wider: search for fish in other places by using techniques such as client seminars or joining clubs or associations

3. Keep More Of The FishYou probably can't negotiate a larger slice of the compensation. You're much better off focusing on the other two.
FollowupStaying in touch with your customers helps create repeat business and referrals. You'll save time by using emails, newletters or blogging.

The Unremarkable Client Seminar

How do you get new clients? Seminars work very well. When done very well.

Here's a review of an invitation in today's mail. Identifying information has been removed. Click on it for a larger image.

"A" For Effort
The intent to market deserves congratulations. The event is being held at a nice location, The Old Mill. There's champagne and hors d'oeuvres. There's a "top senior financial consultant" (whatever that means) who'll give a "dynamic presentation" on

• advanced tax planning
• augmented tax deductions
• investment strategies

What's being done is good enough, but unremarkable. Wouldn't you expect a keynote speaker to have meaningful professional credentials?

"B" for Confusing Title
The title is "The Wealthy Neighbour (tm)". Why? I know my neighours are wealthy. So what?

Last week, the Toronto Star reported that this is "one of Toronto's toniest and best-educated enclaves" and that "family income tops $170,000".

Maybe there will be stories as with The Wealthy Barber or Rich Dad, Poor Dad? Your neighbour is wealthy because they use our services. You don't. So you're not.

"C" for Timing

Will parents attend a seminar the evening before March Break? Maybe they aren't the target. Maybe it was difficult to book the speaker or venue.

"F" for the Invitations

The invitation looks like a junk mail flyer. Sure, it's printed on nice glossy paper, but many advertisers use that in this neighbourhood. There's no envelope. Wouldn't you expect an invitation to a champagne event to have an envelope or be printed on thick card stock that looks like an invitation? Especially in such a tony 'hood?

Here's the real shock. The event is in less than 24 hours. I'm serious. There is no advance notice. Maybe the mail delivery was slow. Maybe the printers were slow. Whatever the cause, would you feel like attending an event like this?

Why Detail Matters

Nothin' Matters and What if It Did?
--- John "Cougar" Mellencamp (1981)

I want our business to be held in high regard. We sell the invisible: services. Prospects are not able to judge the quality of our services. So they judge what they can see --- the invitation and the attention to detail.

Maybe the event will be a tremendous success. Maybe I'm being too picky.

Would you trust your money to the organizer?