I see the wave of retiring baby boomers as a huge opportunity, but rather than looking at the 4 million retirees each year for the next 15 years, I am focusing on building relationships with entrepreneurs in that subset who are in transition. Specifically, these people are transitioning out of owning a business. They are the movers and shakers. They are self-made and will continue to grow in retirement.
When I was just starting as an analyst, my boss, Brian Bristol, Managing Director at Soundview, liked getting the sale, but more importantly, he liked establishing relationships with lawyers, accountants and other advisors. It was so important for us to nurture those relationships because rather than selling one-to-one; we were selling one-to-many.
My responsibility was to nurture the relationships with other analysts at Gartner Group, a technology-consulting firm, which I did by attending company meetings with their analysts. Because I knew finance and they knew technology, we teamed up to solve problems within their company. As a result, I created value for the company and the center of influence (Gartner).
By establishing a connection with the Gartner analysts, we were able to create a one-to-many relationship. One of the benefits of working with other business owners is that they work with other vendors and clients that own businesses as well, so they are a great referral source.
As a sales trainer for financial advisors, I want the advisors, and myself, to make having a niche as simple as possible. One of the benefits to this is that you bring in prospects quicker, which creates a simple way to grow. This makes it easier for you and your employees to expand your business as well as become experts in areas that other business owners need to know in order to create real value. So while it may seem self-satisfying to create relationships – whether one-to-one or one-to-many – that reality is that everyone wins.
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