How to Improve Your CIO Relationships & Results
If ever there was a magic pill that seemed to promise an abundance of new clients, it's the ole Center of Influence one. Unfortunately, it usually overpromises and under-delivers.
There's a narrative floating around that all you need are a few COIs and your referrals will skyrocket, your revenue will increase and your business will become well-recognized. Perhaps you've got COIs, but the return on investment (ROI) just isn't there. You add more attorneys, bankers, coaches, CPAs and realtors to your COI network and yet, no real traction or growth is attributed to this expansion. It's possible you even find yourself giving, giving and more giving without much receiving.
COIs can be powerful forces within your business and they are well worth the time, energy and investment. Successful COI relationships that lead to business growth require focus, intention and strategy. Simply meeting more well-connected people isn't enough.
If you resonate with wanting to improve your COI relationships and results, here are 3 strategies to try out:
1. Define an ideal COI for your business and find the right people - take into account that a COI needs to be someone who not only has a network, but is willing to be an advocate for who you are and what you do. Who is your ideal COI? What do they do? What do they value? What is their process with clients? Are their clients ideal clients for you? Are their peers ideal clients for you? Would you advocate for their business, too? How old are they? What are their rates? …
Don't just look at external [perceived or actual] success to determine who is good COI.
The person with the biggest billboard or highest follower count may not be a good COI for your practice.
2. Define clear expectations when engaging with a COI - what are they willing to commit to? What are you willing to commit to? For how long?
One of the biggest missed opportunities with any COI is not clearly defining what you're doing, what the expectations are and how long you'll engage in a partnership. By no means am I suggesting you enter into a contractual agreement, but both parties should be clear on the expectations and communicate their willingness to advocate and support. By not having these crucial conversations we miss out on an increased potential for success.
3. Treat your COIs like A Level clients. Remember - at this point your COIs should fit the ideal COI profile and have come to an agreement with you on expectations. Your COIs should get all the same perks as your existing A level clients including things like quarterly compliant approved gifts, ongoing newsletters, special events, handwritten birthday cards and private, personal check-ins. Just to name a few.
Don't skimp on actively caring for your COIs. You want to stay top of mind to your COIs and give them a highly shareable experience!
If your COI doesn't know what it's like to be a valued client, how can you expect them to adequately advocate for what you do?
It's never too late to redefine relationships and partnerships that you already have. You don't have to start from scratch! Get back in the game and take control of your COI approach.
If you've caught a few improvements you can make to your COI strategy, take 10 minutes and define what they are and allocate time to addressing them. If applicable, loop in an assistant to allow them to help streamline your process!
Before you head out into your week, please note that these kind of strategies are also applicable to networking groups and events. If you're spending your time, money, energy and emotion on it - you've got to do your best to be sure it's worth it.
If it's not producing results, then either commit to changing it or stopping it.
If you know this is an area of opportunity for you and you still feel lost in the weeds on it, click here to schedule some strategy time on me.