THE ANSWER WAS a loud thud. I’d asked an advisor about his marketing efforts and the reply was an enormous Rolodex that landed on the desk. It was impressive. Some of the cards were highlighted different colors to denote their importance. Other cards were folded in the corner signifying influence of the highest magnitude.
The cards represented multiple marketing touches throughout the year, including regular emails on recent topics in the 401k industry. Much of the Rolodex didn’t receive anything, not even a holiday card.
Thankfully, this wasn’t a recent event but, as a Registered Corporate Coach in charge of our Retirement Advisor Institute, one of my ongoing discussions with advisors is about maximizing their plan “wins” and retention through improved marketing strategies.
No doubt, the once powerful Rolodex being replaced by sophisticated contact management systems, and social media platforms have drastically improved communication and marketing efforts.
However, despite these new mediums, most advisors still focus marketing on their A and B contacts, while largely ignoring the C and D contacts, which I refer to as the “weak links.”
And yet, these weak links can sometimes be the difference between winning and losing a new plan, or between keeping an existing plan instead of an increased risk of its leaving.
In my conversations with plan advisors, most agree that LinkedIn is a great medium for ongoing marketing but, on average, they only have two or three individuals per company with which they’ve connected.
While it’s an appropriate number for a prospect, is it adequate for a company whose plan you manage?
This is where the power of weak links can shine.
Obviously, the CEO and/or owner (and a few others) are the A and B contacts that are already connections, but what about the committees that decided to hire you? Is every single one a connection? How about the people in HR that are tasked with the day to day operation of the plan and payroll? Are there individuals providing professional services to the company? How about vendors, suppliers and business to business relationships they have?
And last but certainly not least, who are all the “No. 2s?” These are all the employees who stand to succeed the CEO, CFO, head of HR, etc.—are they all connections?
Most advisors define these groups as C or D contacts, if at all. You add up all these weak links and one employer could easily lead to 10, 15 or even 20 connections from one company whose plan you manage.
Having them join your network is a simple request which most will accept. They have now given you permission to engage with them in future marketing efforts.
The importance of having them connect with your LinkedIn network can’t be overemphasized, and it involves a concept known as “permission marketing.” The typical email blast is the most common marketing activity that’s sent to an advisor’s target list. Did the recipient ask to be on the list to receive your email in their inbox, one that’s filled with all sorts of junk on a regular basis? Considering the speed with which most hit the delete button, the answer is obvious.
Think of how that might compare with asking an individual to join your network and having them take the time and forethought to accept. This is an individual you see as important giving the green light to contact (and market to) in some form or fashion. No doubt we want to ensure the maximum number accept your connection request, and this can only happen if it’s accompanied by a small amount of personalization.
By that, we mean one of the easiest (and most problematic) functions about LinkedIn is how simple it is to find and target one of the many weak links. It usually requires a simple tap of the “connect” button. Off it goes, a generic request to join your network sent to someone who may only vaguely know who you are, if at all.
Resist that temptation, and instead consider sending a personal note to accompany the connection request. Something as simple as “I manage your company’s 401k plan and want to make sure we are connected” or “We share a common client and I want to provide you with a way to contact me with questions or concerns” will go a long way towards recognizing who you are, which in turn will maximize acceptance of your requests.
Now, consider a few scenarios that could play out with these “No. 2s” when the connection is made.
First, what if they do eventually move into the senior position? You’ll be notified of their promotion via LinkedIn likely sooner than you would have otherwise, and you’ll now be in a position to proactively reach out to them.
Also, since you’re already regularly marketing to them, they’re familiar with you and your business, which can only improve long-term retention of the plan.
What if they never get that final promotion and leave to a new company, possibly in a more senior role? Great. Once again you will be notified of the job change and you now have a new prospect already familiar with your work. Chances are if they are looking to make changes, you will get a chance at the new plan.
Other weak links will likely bring similar positive scenarios to your business.
Can adding a few connections make much of an impact? Maybe/maybe not. But with a relatively small effort, you can multiply your connections by the hundreds. Invariably, people’s circumstances change, which in some cases will bear fruit.
Best of all, no more highlighted, dog-eared cards. Oh, once mighty Rolodex, may you rest in peace.
Randy Fuss is a practice management consultant at CUNA Mutual Retirement Solutions.
Randy Fuss is a practice management consultant at CUNA Mutual Retirement Solutions.