Lead Generation Missteps: Stopping Might Be the Best Strategy

The essence of strategy is choosing what NOT to do. – Michael Porter, Harvard Business School Professor

Who doesn’t want to fill their pipeline with great prospective clients? No advisor I ever met.

And the number of ways to fill that pipeline – your lead generation activities – are many!

All of them can work…in the right situation.

But what happens too often is that advisors grab onto an activity or strategy that they see or hear another advisor using well, without the proper due diligence to know if it is going to work for THEM!

Unfortunately, it can be a wasted effort!? Then the decline of interest, confidence, and results follows. What a shame and avoidable.

Unless your firm is JUST like someone else’s, grabbing hold of their strategy may not serve you well. All lead gen strategy needs to be aligned with who you want to attract, your service model, expertise, and interests.

Rethink Your Approach to Lead Generation Today

That’s why as I work with advisors, I often find myself giving them permission to STOP certain activities more than I encourage them to start something new.

Going broad with your lead gen efforts – a shotgun approach – can work if you have bandwidth, time, expertise, and money to back all the various strategies. Raise your hand if that is you. While I can’t see you, I ‘m sure very few hands are raised.

Refine Your Lead Generation Approach for Better Results

That’s why creating your personal strategy which includes filtering OUT activities that don’t fit, is so important.

Here’s my suggestion: If you have more than 4 specific types of activities you are currently using for lead gen - evaluate them!

1. Which is working best for lagging indicator leads coming in?
2. What is the cost of the various activities?
3. Which ones do you dread?
4. Which ones do you enjoy?

Then do MORE of those you enjoy, have time for, and are working for you!

Ready for another suggestion? The next time you hear a podcast, presentation, or read about fabulous results from other advisors… FILTER the information and ideas.

1. Would this be a strategy that would attract who YOU want? LinkedIn may not be the place for finding creative people for example.
2. What are the resources needed to execute that strategy in a productive way? Do you have those resources – time, money, expertise?
3. What is your commitment level?
4. If you take on this NEW strategy, what will you stop or divert from to give it to the resources needed?

Professor Michael Porter’s wisdom, “choosing what not to do.” Is a smart approach when developing your lead generation strategy.

STOPPING misfit lead generation activities allows you to GO forward faster to fill the top of your funnel.