1. Increase existing wallet share from your existing clients.
The main tactics to accomplish this strategy are:
- Segment out the client base and prioritize the client list based on opportunity to increase existing wallet share and assign a point person to each
- Schedule within a contact management system to call all key clients and invite them to visit the stores within the next 60 days
- The primary goal of the invitations are to:
1) gain a deeper understanding of the customer and their likes/dislikes,
2) introduce new product lines to them
3) set up E commerce opportunities through re-branding
4) obtain referrals to new business from their family, friends & business associates/contacts
2. Gain introductions to Highly Valued New Client (HVNC) opportunities through key clients.
Ask for introductions from centers of influence through advocacy and scripting:
- Review the key client list for referrals – create two lists (clients who have given referrals and those who have not)
- Senior staff will ask for introductions from the key relationships once they have received re-branding materials and once the relationship management model is in place
- Senior staff will use different scripts and surveys in asking for introductions depending upon the client (i.e. new relationships, prospects, influential community leaders, existing clients who have given referrals and those who have not)
- Senior staff will follow up by setting up a meeting in the appropriate store location with the client and the potential client (this could be lunch, dinner, private showings, new product line releases etc.)
- Senior staff will be responsible for reporting on the number of introductions asked for, number given, what clients ask for and the results
3. HVNC seminars & gatherings.
Hold 6 highly valued new client special release seminars – at retail store locations or at a local restaurant in a private setting
- Senior staff is responsible for making all arrangements with regards to the new product introduction seminar (including; date, location, funding with product representatives, scheduling with restaurants, follow-up letters and post seminar appointments)
- The seminar will be limited to 9 households – each senior staff member is responsible for getting 3 qualified households to the seminar every month – using niche marketing based on analysis of the key client list – a list of target prospects and contact information will be generated for review by month end
- The products will vary depending upon the make up of the prospective clients in attendance
- The goal of the seminar is to build rapport with new prospective clients and to educate all attendees about the new product releases, as well as, to take deposits to reserve and secure the purchase of these products
- Additionally, one on one meetings can be offered and set up with the prospective clients after the seminar
Capitalize on the Opportunities
1. The goal is to offer the “best” client service in the region.
Need to turn clients into advocates and “raving fans” of the company?
- This will be accomplished through a proactive relationship management model and “best” client service strategy
- Using a contact management system will allow senior staff to actively stay in contact with all of the key client relationships on a regular basis
2. Wealth management areas for needs assessment and prioritization.
- Create and grow wealth
- Protect and preserve wealth
- Distribute wealth during life in a tax efficient manner
- Distribute wealth at death in a tax efficient manner
3. Key wealth management issues.
- Investment guidance list and alternatives
- Liability management
- Retirement planning
- Stock options
- Corporate services & business succession planning
- Estate planning
- Charitable considerations