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The mutual fund industry recently crossed the Rs. 40 lakh crore mark and continues to hold huge business potential. To help MFDs identify and tap this potential, Cafemutual held Cafemutual Ideas Fest 2023 (CIF 23).
Themed, ‘Accelerating your growth’, the event hosted noted trainer and speaker Dhananjay Banthia, who shared simple yet effective ways to fast forward business growth.
Here are the seven keys to unlock this growth.
#1 - Know the difference between a ‘favour’ and a ‘reference’
Asking clients to share leads technically amounts to asking for a favour. However, a reference is where a satisfied client voluntarily asks you to guide his friends/relatives in their financial journey. The value that you bring to investors’ lives makes a difference and attracts such references.
#2 - Ask clients to introduce you to their references
Take the next step by asking clients to introduce you to their references. This introduction could contain the number of years of association and how you have helped your client to plan a financial roadmap. A brief introduction like this gives additional comfort to prospects.
#3 - Focus on Karma marketing
When a satisfied client refers you to his friends/relatives, it is known as karam marketing. However, you should focus on karma marketing which is nothing but reaching out to other prospects voluntarily by doing education sessions, seminar marketing and so on.
#4 - Implement harkat mein barkat
Recognize your skill sets to match the identified target segment. This is harkat mein barkat and is achieved by creating a strong foundation of knowledge. For instance, to tap the NRI segment, you should be aware of their key expectations and relevant statutory requirements to guide them better.
#5 - Work on your domain expertise
Focus on your area of expertise. For example, while MFDs are experts at convincing and making investors understand mutual funds and their benefits, a few may not be comfortable addressing huge crowds/groups of investors during an educational session. At such times, they may look at giving a brief introduction and then have another fellow speaker who can do public speaking.
#6 - Leverage social media in the right way
Posting only about a particular product/SIPs does not leverage the true potentialMoreover, investors/prospects may perceive it as a selling tactic, which could dissuade them from wanting to know more. Look at diversifying your content by covering a wide range of financial topics and keep the tone neutral.
#7 - Create a strong impact through borrowed authority
Uploading pictures with authoritative figures or decision makers like fund managers and CEOs showcases borrowed authority. Borrowed authority creates a positive influence among investors/prospects as it highlights your reach to industry experts. Thus, make the most of events like Cafemutual Ideas Fest to meet and interact with such experts. This enhances your brand further.
