COACH'S CORNER
Leverage Holiday Business Opportunities
By Michelle R. Donovan
Some of you might have read this article title and thought, “I don’t like to mix business and pleasure—especially at the holidays!” You draw an imaginary line in front of your belief that mixing business and pleasure is a bad thing. I’m here to tell you it’s not. Your deep-rooted belief is likely keeping you from enormous opportunities not only for yourself but for many of the people you care about as well.
During the holiday trifecta season (November, December, and January), you will be spending time with your closest relationships. Your clients, COIs, and others you know will be doing the same thing. Those with whom you have your closest relationships probably think you’re fantastic and have high regard for you. They trust you with their children or family pet. They hold you close to their heart in times of need. And you feel the same toward them and would be willing to help them if needed.
In the spirit of giving, I want to give you a new perspective on how this time of year can be leveraged in a positive way for your business without any feelings of being pushy, salesy, or smarmy. I’d like to focus on several key referral actions you can implement immediately—some of which you can perhaps continue throughout the year.
Share Your Good News
I wish I had a dollar for every time an advisor said to me, “Yes, they love me and think I’m great but they still don’t refer me.” This can apply to clients, friends, family, COIs, etc. The one thing that will consistently close the gap and enable more people to refer you is education. Teaching people what they need to know to refer is the missing link. So how can you teach this to people during the holidays?
Imagine someone asking you while sipping wine at Thanksgiving, “So, how’s the business going?” Instead of saying, “It’s great” or “No complaints,” try giving a more robust response that actually teaches them something. Say, “I’m proud of my team. We just brought on a new client, a young Gen X couple who was starting to feel the pressure of putting two kids in college and wondering about their own retirement options. We’re looking forward to helping them get their ducks in a row and organize their finances.”
Responding in this way is conversational, not salesy. You’re sharing the good news of how you’re helping people. In the meantime, you’re also helping those listening to learn more about the kind of people who need your help.
Help Your COIs
There’s no better time than now to sit down with your COIs for a meal. Think about it. If they’re going to be spending time with people they love for the holidays, it’s perfect timing for you to position yourself top of mind. During your meal, give them two or three things to listen for on your behalf while they mingle through the holidays. Keep it simple and focused, such as listening for people to say, “Next year has to be better. The market is killing me.” Or “I’m looking into buying a beach house but I’m not sure I can afford it.” At the same time, ask your COI to give you the same kind of guidance. Take away a few lines you can listen for while you spend time with your family and friends. Then, actively listen for opportunities to promote and refer your COIs. Maybe even be proactive and ask your family members questions on behalf of your COI, such as, “Do you have your affairs in order in case anything was to happen on your trip to Italy next month?” You might even consider inviting your COIs to join you at some holiday parties as well. ‘Tis the season of giving, after all!
Strengthen Your Relationships
The most powerful words in networking (How can I help you?) can easily come into play as you prepare for the holiday trifecta season. People love to help others and love to be helped too. Some do have a hard time receiving help but let’s save that for another article. For example, if you’re at a holiday party chatting it up with a business colleague, ask him, “How can I help you?” Prepare for him to give you that deer in the headlights stare because most people never hear that question when networking. Listen for ways to help him. Maybe he complains about needing to find time to get a new furnace in his store and you just happen to have a cousin who can help. Or maybe he’s stressed about how the family is going to handle the first holiday season without Dad. Your ability to connect them to a grief counselor might be exactly what they need.
The end of the year is the perfect time to strengthen business relationships. Typically, people are ready to unwind a bit and will be open to catching up. Strengthening relationships during the holidays benefits everyone and offering help sets you apart from the many people they already know. The caveat here is that in many cases, your generosity is rewarded when the other person flips that question back to you. It’s in your best interest to be prepared with a response, such as, “Thanks so much for asking. I’m looking to meet business owners who are getting ready to sell their business.”
All three of these referral actions are things you should be planning to do now during this special time of year. But don’t stop there. Make this part of your monthly activity. As you well know, people tend to refer you more when they know how to do it, feel you bring value to their lives, genuinely want to help you in return, and keep you top of mind. If you’re willing to let go of your belief that mixing business with the holidays is a bad thing, you just might surprise yourself with some incredible opportunities.
Michelle R. Donovan is a referral/business coach for financial advisors and firms looking to significantly improve their referrals and enhance productivity. She is the bestselling author of The 29% Solution. You can reach her at Michelle@ProductivityUncorked.com.
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