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national, Le Tip, Leads Club) and groups run by your local Chambers of Commerce
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You can often find existing tips groups listed in your local newspaper business calendars Such groups can give you a structure to improve your prospecting and referrals many times over
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13 14 15 16 Big Hat, No Cattle NEAD-PAY Too Busy to Grow Use the David Letterman Dismissal for Unqualified Clients and Prospects
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exans call people who live the life of the rich and famous, without real wealth, big hat, no cattle Take notice of the people with whom you are networking Do they have the resources to pay your fees and grow with you or are they big hat, no cattle In The Millionaire Next Door, authors Thomas J Stanley and William D Danko assert that the typical millionaire has a boring business and can be met in a trade association Most millionaires do not flash their wealth Rather, the authors found, People who look like they are living the good life may not have much wealth
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The book points out that very often those who supply the wealthy become wealthy themselves The authors state, There are significant opportunities for those who target the affluent, the children of the affluent, and the widows and widowers of the affluent They estimate hundreds of billions of tax dollars will be paid to the federal government during the next 10 years Professionals advising families and serving estates will earn huge fees to help conserve as much wealth as possible The science of qualifying starts with the segment of the market you select for networking and communicating Segmenting your market into least likely, possible, and most likely categories will assist you in deciding where to invest your networking time Prospecting a target-rich segment of the market just makes good sense
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Stanley and Danko s research is comforting news for professionals who are networking in trade associations They sent out 3,000 questionnaires to affluent Americans and conducted about 100 in-person interviews Their findings build on some of Stanley s earlier research, published in his book Marketing to the Affluent About two thirds of working millionaires are self-employed and own mundane businesses like scrap metal, welding, highway construction, and dry cleaning The wealthy list their CPAs and attorneys as their trusted business advisors The millionaires list tax shelters, disciplined investing, and extreme thriftiness as keys to their amassing real wealth
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How can you profit from the advice in this book First, make one of your priorities to aggressively network with your affluent clients and acquaintances If necessary, give up time you are spending with less-promising clients Second, pay attention to the next generation of owners of your clients businesses When the business ownership and management changes, you don t want them changing professionals Third, become involved in an industry trade association Most affluent business owners value their trade associations above all other organizations Fourth, become an advocate of the wealthy Write your senators and legislators on matters that can help your clients (Send a copy of letters to your affluent prospects and clients with a note saying, This is an issue that probably affects you )
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NEAD-PAY is an acronym (slightly misspelled) for a pattern of asking qualifying questions When you religiously follow this pattern, you will have a good idea about the prospect s qualification to do business with you N stands for Now Ask the prospect Who are you using now for your advice The answer to this question tells you the names of your competition and perhaps the names of other advisors When you know the names of the entrenched competitor, you may have some idea about their reputation, clients, and personnel Another question to ask might be, What are you doing now about your legal protection (or your tax situation) E stands for Enjoy Ask the prospect, What do you enjoy or like about your present accountant or lawyer Or ask it another way: Do you feel good when you are working with your professional or What do you like most about X When you ask questions about what is good about your competitor, you relax the prospect You also may receive some insight into the next question A stands for Alter Ask the prospect, What would you alter about the service you receive Or you could ask, If you had the perfect relationship with your professional, what would you alter to make you perfectly happy Prospects motivation to change to you is created by your making them dissatisfied with the status quo D stands for Decision Ask questions about the decision process, the decision makers, and the decision criteria Questions like, Who, besides you, is involved in the decision to hire a law firm Or, The last time you changed accountants, how did you go about the process
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