Helping a Financial Firm Re-Engage 14,000 Old Clients

0:00Unternehmer/Gast Yeah, so, um I I own a financial planning firm. >> Cool. >> It's under Northwestern Mutual. Um so, I'm managing partner, one of 78. So, this firm that I took over in Seattle is new, but we have 14,000, what we call CRC clients, our existing clients. Um and I had a realization today that I'm not maximizing that at all. >> Mhm. >> What would be your approach to re-engaging those clients? I mean, some of them have been there They're pretty stale. Some are might be really unhappy, right? Cuz they haven't had the follow-up for years.

0:32>> Sure. >> And they've they've been aged, but um obviously, we're going to continue to look for new clients in the channels that we currently use, but re-engaging those clients, I think it could maximize revenue pretty quickly. >> Yeah, so, you want to cross-sell other services to these existing customers? Is that what you're thinking about? >> Yeah. Yeah. >> Yeah. >> And most of them would be like life insurance clients. >> Yeah. So, um I don't think I don't think it's necessarily a terrible thing, cuz if they're buying insurance, then like I'm not expecting you to get a reach out from my insurance agent every year anyways. I mean, sure, they send me the obligatory thing, cuz they make money from me every year, but right? Um but I think if you just told the truth, that's usually my favorite marketing strategy. It's like, "Hey, we haven't been in touch in a long time, and that's on us. Um but we have a new change in management, and like we really want to talk to you more so that we can help you more. And so, here's this new thing that we think could help you."

1:31Alex Heads up. >> So, you would take an approach of like a dial to the client. Would there be any other approach, like >> Probably not. >> Probably not. >> There's really like being honest. Like that's probably what I would do. And I don't I'd want I would want the first reach out to be very rewarding. So, I would put a lot of effort into like, "What can I do that would make this first thing?" Because they're going to basically extrapolate whatever this first experience or reengagement is as what the rest of their engagements with their agent is going to be.

2:02Alex And so, I would want to have immediacy of reward for the pickup and whatever the next steps are. I'd rather they kind of like the time to value thing I was talking about yesterday. I'd try and like, is there anything that I can do that would make this like, "Oh, wow. I'm glad he called." Like if I can get them to say that or think that, then it's kind of like mission accomplished um from the reach out. Cuz then the second and third reach outs where you're going to make even more money, they'll actually pick up the call rather than like, "Hey, this is a courtesy call, you know, courtesy call.

2:29Alex This is, you know, is this Kyle? Hey, uh I know I know it's been a couple of years." Like, that's not it's like I have to have a good reason um to reach out. Yeah, I would focus all my effort on the reason. If you're a business owner and you're not growing as fast as you'd like, I'd like to give you a free gift. So, my team and I put together the $100 million scaling road map, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And so, we broke it into these 10 stages and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at and the most important part for you what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so, no matter what you're struggling with, someone else has already struggled with it and solved it. And so, I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you deconstruct the business and you're trying to scale, we'd love to help you out. On the thank you page, you can just book a call with my team and we will look at the business, see if we can help, and if we can, we'll invite you out to Vegas and we'll do this in person live.