A New Marketing Twist

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doberman's picture
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Joined: 2005-02-22

Opinions Wanted:
 
I was reading an article about a guy who started cold and got up to $50 million AUM in a couple years. He bought a list of HNW people, invited them to a nice restaurant, and simply told them how he did business. All told, he spent a total of $100,000 (meals, marketing, etc.), about $1,000 per client. Average client has $1 million. About 1,500 people came to his seminar.
 
Anyway, I misread the article the first time and thought he individually invited the prospects to private dinners, not seminars. I realized my mistake, but it got me to thinking (which is dangerous). I've never sent out individual dinner invitations, for the express purpose of explaining my business.
 
Has anyone else done this? It might help reduce the number of platelickers, since they couldn't hide behind a bunch of other people. It would be just me and the (1 or 2) prospect(s).
 
Just kicking it around. Would like your input.
 
Thanks!

Broker24's picture
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Joined: 2006-10-12

Dob,
 
I would love to read the article to see more details.  Any idea where it is?
 
Seems to me you have to be pretty smooth, very good at what you do, and have the right backing (firms, services, business model, etc.).  Otherwise, you are wasting a lot of time and money.  BUT, what better way to get in front of a lot of HNW individuals?
 
B24

Dark Knight's picture
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Joined: 2008-01-30

I'm sure he followed up with calls, what about the DNC?  Do you think he hand delivered invitaitons and/or followed up with a home visit for those on DNC?

doberman's picture
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Joined: 2005-02-22

Broker24 wrote:Dob,
 
I would love to read the article to see more details.  Any idea where it is?
 
Seems to me you have to be pretty smooth, very good at what you do, and have the right backing (firms, services, business model, etc.).  Otherwise, you are wasting a lot of time and money.  BUT, what better way to get in front of a lot of HNW individuals?
 
B24
 
The article is in the publication "Investment News", March 24-28 issue, page 40. The article is titled, "The Steakhouse Route To Career Success". If you don't take the publication, you might be able to pull-it up on www.investmentnews.com .
 
If you consider how much mass mailings are and the time/expense for putting on seminar meals, the costs may be equal or a little lower for this type approach. Still kicking it around...But if I do go through with it, I'll post the details and results.
 
But not too many details; afterall, y'all are my competitors.

Broker24's picture
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Joined: 2006-10-12

Thanks Dob.  Interesting article.
 
And by the way, the fact that you use the phrase "y'all" tells me that we aren't competing in the same circle!  I'm guessing we live about 2,000 miles apart from each other...

Dark Knight's picture
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Joined: 2008-01-30

I misunderstood you post and thought the gentleman had done the individual invites you are talking about.  Then I read the post. 
Interesting question you put forth. 
 
It may be worth a try.  You don't have a lot to lose to try a few of the individual invites. 
 
Good luck.  Let us know.   

doberman's picture
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Joined: 2005-02-22

Broker24 wrote:Thanks Dob.  Interesting article.
 
And by the way, the fact that you use the phrase "y'all" tells me that we aren't competing in the same circle!  I'm guessing we live about 2,000 miles apart from each other...
 
 
Well, if you know what "pot liquor" is and you know that a cold beer and fried pork rinds are heaven, we ain't that far apart....

snaggletooth's picture
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Joined: 2007-07-13

doberman wrote:
Opinions Wanted:
 
I was reading an article about a guy who started cold and got up to $50 million AUM in a couple years. He bought a list of HNW people, invited them to a nice restaurant, and simply told them how he did business. All told, he spent a total of $100,000 (meals, marketing, etc.), about $1,000 per client. Average client has $1 million. About 1,500 people came to his seminar.
 
Anyway, I misread the article the first time and thought he individually invited the prospects to private dinners, not seminars. I realized my mistake, but it got me to thinking (which is dangerous). I've never sent out individual dinner invitations, for the express purpose of explaining my business.
 
Has anyone else done this? It might help reduce the number of platelickers, since they couldn't hide behind a bunch of other people. It would be just me and the (1 or 2) prospect(s).
 
Just kicking it around. Would like your input.
 
Thanks!
 
It could definitely work.  I have an invitation that was sent to us that was obviously geared towards the HNW, and oddly enough, it was Ruth's Chris here.
 
It would seem to me you could get at least the first few dinners mostly paid for be wholesalers.  They don't have to talk, but they can come.  As you brought business in, I'm sure they would continue to support.
 
Sitting here thinking about it, if you knew they were HNW and were targeting specific people, why not deliver their invitation by courier?

anonymous's picture
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Joined: 2005-09-29

"Has anyone else done this? It might help reduce the number of platelickers, since they couldn't hide behind a bunch of other people. It would be just me and the (1 or 2) prospect(s).
 
Just kicking it around. Would like your input."
 
It would definitely work, but you can do the same thing for free and without the expensive dinner.   Why don't you just pick up the phone and say, "Hi.  This is Doberman.  I have a meeting in your building at 2:00.  I'd like to stop by and introduce myself and tell you a little bit about the work I do.  Do you have time at 1:30 or would sometime the following week be better?"
 
If for some reason, you feel the need for the crutch (the meal), breakfast, lunch, or coffee will work just as well.  In fact, it will work better for virtually any prospect who has family obligations.  

lambda's picture
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Joined: 2005-07-20

In my corporate experience, many deals are made over a nice elegant dinner (or a pint of Guiness - depends on the prospect).  Those who are important (or feel they are) want to be given the royal treatment.  If a HNW prospect wasn't interest, they wouldn't waste their time having dinner with you because they already know what's coming.  I think its a good idea.

doberman's picture
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Joined: 2005-02-22

anonymous wrote:
 
It would definitely work, but you can do the same thing for free and without the expensive dinner.   Why don't you just pick up the phone and say, "Hi.  This is Doberman.  I have a meeting in your building at 2:00.  I'd like to stop by and introduce myself and tell you a little bit about the work I do.  Do you have time at 1:30 or would sometime the following week be better?"
 
Are you kidding me? I invented that angle! Seriously though, been there, done that. It could just be me, but that angle doesn't seem to work like it used to. I think THEY are on to it, if ya catch my drift.
 
If for some reason, you feel the need for the crutch (the meal), breakfast, lunch, or coffee will work just as well.  In fact, it will work better for virtually any prospect who has family obligations. 
 
Done that, too. I've found that stereotypical sales pitches don't work on the Southern sophisticated investor. Again, it could be my delivery. We have a few classy restaurants in the area that might fit the bill: Bubba's Gut-Buster BBQ, Chu's Chinese Indian Thai Mexican Seafood Restaurant (all you can eat), and Subway (just built).  
 
Thanks for all the responses, so far! Still ponderin', though....
 

doberman's picture
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Joined: 2005-02-22

iceco1d wrote:LOL Dobe...you have any "Bad Bob's" down your way? 
No, but it sounds intriguing... What is it, strip joint?
 

Dark Knight's picture
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Joined: 2008-01-30

Hey guys, I gave this thing a shot in May.  I teamed up with an Estate attorney, we split the bill.  We each forked out about 1200 bucks.  Had 10 attendees.  We got three to interview with us and I signed over an 800k rollover.  Also working on the other two who where both qualified prospects.  (over 250k)  I'll definitely do it again soon.  It was a bit of work for my assistant but will be easier the next time around.   

bondo's picture
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Joined: 2007-04-15

I'm trying my first client/prospect dinner this month.  The focus is a small group (3-4 couples).  Getting people there has been a pain.  It seems the idea has saturated the market here.  Most people I speak to (both clients and prospects) tell me they get invites to these sorts of dinners on a daily basis.  Hell, I even noticed a standing invitation in my church bulletin today.

Morphius's picture
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Joined: 2007-07-21

bondo wrote:I'm trying my first client/prospect dinner this month.  The focus is a small group (3-4 couples).  Getting people there has been a pain.  It seems the idea has saturated the market here.  Most people I speak to (both clients and prospects) tell me they get invites to these sorts of dinners on a daily basis.  Hell, I even noticed a standing invitation in my church bulletin today.So let's recap for a moment.Clients are already sick of these offers and don't want to go.  They are a PITA for you to get anyone to attend and to enjoy themselves.And you think this is a good idea to try - why?  Because everyone else is doing it?

bondo's picture
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Joined: 2007-04-15

Morphius wrote: bondo wrote:I'm trying my first client/prospect dinner this month.  The focus is a small group (3-4 couples).  Getting people there has been a pain.  It seems the idea has saturated the market here.  Most people I speak to (both clients and prospects) tell me they get invites to these sorts of dinners on a daily basis.  Hell, I even noticed a standing invitation in my church bulletin today.So let's recap for a moment.Clients are already sick of these offers and don't want to go.  They are a PITA for you to get anyone to attend and to enjoy themselves.And you think this is a good idea to try - why?  Because everyone else is doing it?
 
Because in a weak and stupid moment I let a decent wholesaler convince me it is a good thing to do.  I'm leaning to cancel the thing as I have other ways to prospect, but I want to try one and see what happens. 
 
I agreed to it more as an experiment than anything else.  It's an example of the old "throw enough s#*t against the wall" philosophy of prospecting.

Broker24's picture
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Joined: 2006-10-12

I think a better strategy would be to invite a couple of good client couples, and ask them to bring friends.  Maybe that's what you're doing?

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