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The Relationship Development Process THE LOYALTY CURVE Models for New Client Acquisition 1
The RelationshipDevelopment Process
THE LOYALTY CURVEModels for New Client Acquisition
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The RelationshipDevelopment Process
Acquiring New Relationships is a Disciplined Process
All Relationships go through periods of Satisfaction and Dis-Satisfaction.
Understanding the “satisfaction” curve is key to applying the “discipline” to both processes.
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The RelationshipDevelopment Process
Acquiring New Relationships is a Disciplined Process
A Level 3 or Level 4 relationship is begun when a Business Owner is near the bottom of the curve.These Business Owners “believe” in loyalty, relationship, and avoiding the “unknown”.
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The RelationshipDevelopment Process
Acquiring New Relationships is a Disciplined Process
Low Probability
Limited Probability
High Probability
Prospecting a Level 3/Level 4 Business Owner has different results at different points on the curve. . .don’t take it personally!
Keep in mind . . . Price Shoppers will change at any time. . .but you won’t get a significant portion of the relationship.
This is where you want to be!
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The RelationshipDevelopment Process
Prospecting Model #1: Consistent, Persistent Effort
Consistent, Persistent Effort1. Be the top-of-mind alternative.2. Be there at the bottom of the
curve.3. Marketing Touches combined
with Face-to-Face Meetings.
This is where you start!
This is where you’re headed!
X
X5
The RelationshipDevelopment Process
Prospecting Model #1: Consistent, Persistent Effort
This is where you start!
This is where you have to be. . And you were!You win. You were more consistent, more persistent than your competitors.X
X
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The RelationshipDevelopment Process
Prospecting Model #2: The Compelling Message
This is where you start!
This is whereyou’re headed!
X
X
The Compelling Message1. Be the RM that all other RMs
are compared to2. Move the Business Owner
into an intangible comparison of You and the other RM
3. Requires high level of Business Acumen and demonstrating Business Acumen again and again in Face-to-Face Meetings
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The RelationshipDevelopment Process
Prospecting Model #2: The Compelling Message
This is where you start!
This is whereyou’re headed!
X
X
Your execution at a Business and Financial Operations level differentiates you in a compelling manner.
But, it will take 3 to 5 Calls to move far enough down the curve!
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The RelationshipDevelopment Process
Acquiring New Relationships is a Disciplined Process
X
At all points on this curve and in both processes the persistence is always key. Here’s a typical situation.
A chance to compete for a piece of the relationship at this point often has predictable results.
What will a “relationship-focused” Business Owner do with your proposal?
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The RelationshipDevelopment Process
Acquiring New Relationships is a Disciplined Process
X
At all points on this curve and in both processes the persistence is always key. Here’s a typical situation.
What will a “relationship-focused” Business Owner do with your proposal?
Take it back to the incumbent Bank. Loyalty, personal relationship and avoiding the unknown are part of his relationship thinking.
Chances are you will lose this opportunity.
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The RelationshipDevelopment Process
Acquiring New Relationships is a Disciplined Process
X
At all points on this curve and in both processes the persistence is always key. Here’s a typical situation.
The incumbent does not have to match your solution. . . Just come close.
The incumbent usually has the upper hand.
But is it really a lose? Or just part of the process.
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The RelationshipDevelopment Process
Acquiring New Relationships is a Disciplined Process
XRemember, you have already done damage to the incumbent FI’s relationship with this Business Owner
He’s already asking himself. . .“Why did another RM have to come up with this idea. . .Why didn’t my current RM. . .?”
A comparison has been made, you win this round . . . but not the match!
You have more work to do. Do not give up.
At all points on this curve and in both processes the persistence is always key. Here’s a typical situation.
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The RelationshipDevelopment Process
Leave a 4th Voicemail. . . Be careful with your comments.
1. Let him know that you left several messages in the last few weeks2. Position your comments. . . “I know this is a busy time.”3. “I assume you ended up working with your current FI on this opportunity.
You stated from the beginning that you felt a degree of loyalty to your relationship with XXXX.”
4. “I’m sorry we weren’t able to help you with this opportunity. . .”5. “But the more I’ve learned about you and your business the more I’m
convinced that we would be a good resource for you in the future.”6. “With your permission, I’d like to continue calling on you. . . I’m convinced
we can do some work together in the future.”7. “Please let me know if that’s a possibility?”
Acquiring New Relationships is a Disciplined ProcessAt all points on this curve and in both processes the persistence is always key. Here’s a “tipping point” in this typical situation.
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