At Sequoia, one of the questions we get most frequently from our clients is:
How can I get better at identifying potential Above the Line advisors that will make a big impact for my business, and how do I convert them?
To help you identify and convert new ATL advisors, we came up with this easy-to-remember 5 step process:
1. Define your “ideal advisor” profile. Before you can identify new ATL advisors, you need to determine what your typical ATL advisor looks like. Look at your current segmentation of ATL advisors vs. BTL advisors and look for any common features among the first group. These could be quantitative, such as the yearly sales of their business, or qualitatively such as their industry or location. You should start to see common threads among your ATLs.
2. Look for similar advisors. The next step is to use your current “BTL” client or focus lists to identify 30-50 potential advisors that meet the ATL criteria you outlined above.
3. Establish a goal. Try to determine what percent of these advisors you can convert.
4. Establish the marketing sequence. As you know, you’ll probably have to make contact with these advisors more than once. First, determine how long you think it will take you to convert them. This number could range from one month to a year, and will fluctuate based on the ideal profile metrics in #1 above. Then, come up with a marketing sequence involving emails, phone calls, and in-person meetings spanning the length of that conversion period, to make sure you’re consistently checking-in until each deal is closed.
5. Determine a measure of success. It may take longer than you like to convert an advisor, and you want to avoid becoming discouraged in the
process. One way to stay focused is to come up with milestones that can measure your progress. If you’re hitting your daily, weekly, and monthly milestones, you’ll know you’re on track.