Where The Money Is

Play Now on Your Desktop

Download by Clicking this Link

Where The Money Is

Episode Summary

This episode is about the most misunderstood and most valuable aspect of marketing…follow-up.  If you do nothing else with the fantastic information you find on this website, you must implement the guidance contained in this episode of the Valtimax Podcast.

The follow-up system Dave Lorenzo details in this episode has put millions of dollars into the pockets of our clients over the years.  Listen up to this episode multiple times and take action immediately.


Click the link below for the transcript of this episode.

Valtimax Podcast Transcript: Where the Money Is

Where The Money Is

This is Dave Lorenzo and I’m back with you once again for another edition of the Valtimax Podcast. That’s right folks, each and every single week we come at you with some of the hardest hitting information on business strategy, practice management, productivity, improvement, and client and patient acquisition. Right here, you can find the fantastic information that we provide not only to our clients but also to the general public absolutely free of charge and all we ask is that you subscribe to us on iTunes.

That’s right, go to iTunes, download the podcast app, and search for Valtimax, V-A-L-T-I-M- A-X, and subscribe to our podcast and give us a review, especially if you like us. You can also find us at valtimax.com, where you’ll find this podcast uploaded each and every single Monday morning. Each and every single Wednesday you can find an article that is hard hitting and impactful on marketing business strategy, practice management, or productivity improvement.

Every Friday you can find a brand new video uploaded on business strategy, practice management, productivity improvement, client and patient acquisition. We’d love for you to get involved with us. You can find all of that educational material absolutely free at valtimax.com.

Today we are going to talk about the question that Willie Sutton answered back in the 1930s when he was robbing banks like a madman. That’s right – Willie Sutton the bank robber told us what we needed to know about making more money. When they asked him, “Willie, why do you rob banks?” he said, “I rob banks because that’s where the money is.”

Well, today I ask you, why do you follow-up like a madman and why should you follow-up like a madman? The answer is the same answer that Willie Sutton gave back in the 1930s. He said that’s where the money is. That’s why you should follow up like a crazy person because that’s where the money is.

All the money that you need to find is in your follow-up. Think about it, each and every time you meet someone there’s an opportunity for you to develop a relationship. That’s what marketing is all about. It’s about creating and developing relationships, deepening relationships so people will do business with you over and over again. You provide them with value. You help them and they come back time and time again.

The trouble is they may forget who you are. They like you. They trust you. You’ve done a great job for them. You’ve created a great experience. You’ve provided them with outstanding service but now they’ve forgotten about you. So what can you do to change that? You can start following up and we’re going to teach you how to do that today.

In 15 minutes or less you’re going to learn how to be a follow-up animal and by being a follow- up animal you’re going to get more business than you ever imagined. People think that marketing is all about television. They think it’s all about radio. They think it’s all about the internet. They think it’s all about spending big bucks to get big volumes of clients or patients or customers in the door. Marketing does take into account those specific tactics but follow-up is the basic tenant of relationship development.

Imagine if you went out on a date with someone. You met your significant other. You went out on a date with that person and you said to them, “I had a great time tonight. I loved meeting you. I loved being with you. I want to marry you. Will you marry me?” First date you said to them will you marry me? What would happen? Nothing! Well, actually something might happen, you might get slapped across the face, the person might think you are crazy, the person might run for the hills. I can almost guarantee you 99.9% of the sane world if asked that question after only one date would look at you and say; “You are absolutely nuts. Get away from me.” Or they would say “It’s too soon.” Or they would say; “Wow, I think you’re a little wacky.”

Yet, we take that same approach each and every single day with marketing. We meet someone at a networking event. We wonder why we don’t get business. We do a speaking engagement and we wonder why 15 people aren’t waiting outside with $10 bills on their hands to give it to us or $100.00 bills in their hand to give to us. We go to events. We promote our products. We promote our services at events. We wonder why people aren’t writing checks or handing us purchase orders. It’s absolutely insane. People don’t do business that way.

People do business with those they know, like, and trust. So, you go do a speaking event, you just introduced yourself to somebody and that’s great. They know you. Big deal. You advertised on TV. That’s great so they know you. Big deal. You advertise on the internet. That’s great. They go to your website. They read something that you’ve written. Fantastic. That doesn’t mean that they’re going to come running over and give you their money and you shouldn’t expect that as an unreasonable expectation.

The way to continue to develop the relationships is through follow-up. Follow-up, follow-up, follow-up, that’s what we’re talking about today.

All right, everyone wants to get married without going on a date. We’re going to teach you how to begin that dating relationship with your clients. This is one of the easiest things to fix. One of the easiest ways that we develop new client relationships for ourselves, we look for the low hanging fruit in businesses and professional practices, law firms, in patient practice, in patient follow-up with doctors, in professional services firms like accountants, public relations firms, all those types of firms. We go in there and we fix the follow-up systems they have in place and business immediately improves.

There are two types of follow-up systems that are effective that you need to worry about and fix in your business today. The first type is called a ‘personalized follow-up system’ and the second is a ‘systemic follow-up program’. Okay? Systemic follow-up program, personalized follow-up program, they’re both systems and we’re going to teach you how to put them in place today.

Let’s talk first about personalized follow-up. Now, I want to let you know why personalized follow-up is important. We said first and foremost, people must know you, like you, and trust you before they do business with you. Well, frequency of interaction builds trust. I’m going to say that again. Frequency of interaction builds trust.

The people that you see all the time you inherently trust more than people that you see once a year. Think about it. If I came to see you each and every single day for six months and then I asked to borrow $10.00, would you hesitate to loan me the $10.00? No, because you know you’re going to see me each and every single day.

If I saw you once a year and I asked to borrow ten dollars, how would you feel about loaning me that money? Maybe you would loan me the money but you wouldn’t feel very good about the prospects of being paid back because you would think to yourself is this guy even going to remember to give me the ten bucks a year from now when I see him again?

Meanwhile, if I see you every single day, seeing your face is going to remind me that I owe you the $10.00. It’s trust. It’s frequency of interaction that builds it up and you need to have it. That’s why personalized follow-up and systemic follow-up are both important. Institutional follow-up is important.

Okay, talking about personalized follow-up. When is it used? You use personalized follow-up after a one-on-one meeting. You go to lunch with somebody, you use personalized follow-up, as we’re going to describe it after that lunch meeting.

You use it after an intimate experience. You’ve had a one day training session with ten people. You want to follow-up with them personally because immediately they have trust in you because you spent an entire day with them.

You use personalized follow-up after somebody makes an introduction. I introduce you to somebody else, you immediately want to follow-up with that person. You use personalized follow-up to rekindle a relationship.

Let me give you some examples of personalized follow-up. You personalize the follow-up by writing a handwritten note to someone. I just saw you, I just had lunch with you, I write a handwritten note to you saying how great it was to see you once again and I enjoyed spending the time with you. I write the handwritten note to you after the training session people in the training session, I write ten handwritten notes. It was great to interact with you. You added a lot of value to the group. I’m so glad I saw you. I look forward to seeing you again.

I give you an exam in the doctor’s office. You know, doctors may see 50 patients in a day. Imagine if you wrote a handwritten note to each of those 50 patients. I know what you’re thinking. It seems insurmountable. Well, we can talk about ways to reduce your patient load and increase the dollar amount that comes in the door from the reduced patient load. Think about it, if you wrote a handwritten note to each patient who walked in, think about what their opinion of you would be and how immediately the relationship would be taken to another level.

Another way to personally follow-up with people is to send them an email after you meet with them. Or you could send them a fruit basket. I mean doctors can’t do that to each and every single patient but personalized follow-up like that goes a long way to building a relationship.

Now, when it comes to personalized follow-up we have a very specific set of rules that come into play when you meet somebody or you have an intimate experience with someone or you’re in an environment where it’s you and a handful of other people and you want to follow-up. That rule is that you have to follow-up with that person at least seven times in order to deepen the relationship.

I’ll say it again. You need to follow-up with that person, communicate with them, touch them, at least seven times in order to deepen the relationship.

To increase the amount of touches you have, to increase the follow-up intensity in your marketing program, we’ve created systemic follow-up. That’s the second type of follow-up I mentioned to you. We’ve created systems for your organization because you can’t write handwritten notes to 50 patients a day. We’ve created some systems that allow you to follow-up en mass with people and still develop those deep relationships and still rekindle that trust that should be there.

Let’s talk about the rule of seven and the seven different touches after you meet someone in an individual setting. The rule of seven, you meet someone. You go to lunch with them. Okay? That’s touch number one. You’re at lunch with them, you have great conversation, you’re starting a relationship, brilliant.

You get back to your office, you immediately write a handwritten note, you include your business card in the handwritten note. “It was great meeting you, I look forward to seeing you again in the future, and sharing another great lunch. I’ll see if I can refer the business to you that we discussed and I look forward to working with you in the future.” Send the handwritten note with a business card. Brilliant.

Also that same day you write an email to them saying something similar and you include your vcard or your electronic contact information. You do both of these things on the day that you have lunch with them when you get right back to your office. The reason that you do that, the email is instantaneous. The handwritten note gets there two or three days letter. They both have an impact, two different types of touches.

Then the next thing you do is you wait about a week and a half to two weeks, trace it out on your calendar, and you call that person with a question. That’s right. You call that person with a question and usually that question contains something along the lines of an introduction.

For example, a doctor, let’s say an orthopedic surgeon goes to lunch with an internist and the orthopedic surgeon is hoping to get more referrals from the internist. The orthopedic surgeon calls the internist and what he says to the internist is he says, “Hey, it was great to meet you. I’d love to introduce you to an urologist with whom I work who’s absolutely outstanding. Can I make that introduction to you? Would a urologist be valuable to you?”

If the internist says, “Yes, I’d love to meet your urologist,” that’s great. That’s the third touch. He’s asked him a question. The fourth touch comes in the follow-up from that when he actually makes the introduction to the urologist.

Let’s use the analogy of a lawyer. A lawyer goes to lunch with another lawyer. Criminal lawyer goes to lunch with an immigration lawyer. Criminal lawyer calls the immigration lawyer and says, “Hey, would it be valuable for you to meet a trust and estate attorney because I know a great one who works with a lot of the other immigration attorneys in town. He might be able to refer you business and vice versa.”

Immigration attorney says, “Yes.” That’s one follow-up. Follow-up number two is when the actual introduction is made, either electronically or in person.

The next step in the follow-up system is to enroll them in your newsletter. You enroll them in your weekly electronic newsletter. Enroll them in your monthly print newsletter. Make sure they get that information from you on a regular and consistent basis. Remember, frequency of interaction is absolutely critical. It builds trust.

Finally, you enroll them in your monthly card program. Now, I don’t know if we’ve talked about this yet. If you haven’t listened to the other Valtimax podcasts I have to tell you, this is a critical one. Each and every single month you may need to invent a holiday but if you do you will be absolutely remembered by people as somebody who follows up all the time. You send out a monthly greeting card wishing them a “Happy Holiday.”

January, “The holidays are getting the New Year off to a fast start. I hope you get the New Year off to a fast start. Happy New Year. Your friend, Dr. Dave.” Then you put your tag line in there, “I hope you…”in my case I would say, “I hope you make a great living and live a great life.”

Month number two, “Happy groundhog day. I hope you don’t see your shadow and I hope the next six weeks are really smooth for you. I appreciate you. Sincerely, Dr. Dave. Hope you make a great living and live a great life.”

March, “Beware of the ides of March. I hope you have the best March you’ve ever had. Have a wonderful St. Patrick’s Day. All the best, Dr. Dave.”

April, “Spring has sprung. I hope you have a wonderful spring season. Make a great living; live a great life. Dr. Dave.”

You get the idea. Each and every single month you’re sending a card. The card should have a great photo on the front of it and it should have your tagline or your slogan inside of it. You’re greeting and re-greeting people each and every single month with your follow-up system.

Here’s the key folks, you have to stay in front of people each and every single month. You have to follow up immediately after you meet them. You have to touch them seven times right away after you meet them in order for you to create an indelible impression and stay in their mind.

Then you have to, consistently, get in front of them multiple times each and every single month. Your goal in your follow-up system is to get people thinking about you once each and every

day. Think about that for a moment. You want people thinking about you once each and every single day. If you strive for that you will absolutely hit the mark of getting people to know you, like you, and trust you and they will refer more business to you.

Each and every single time you send out a piece of follow-up you should have a call to action. The call to action should say, “Remember me when you have a need for an internist.” “Remember me when you have any legal need at all.” “Remember me when you have a legal question.” “Remember me when you need to make all your numbers add up, I’m the finest accountant in town.” Something along those lines.

Each follow-up piece has to have a call to action. You have to get these people thinking about you each and every single day. I don’t care how you do it, follow-up seven times after your initial meeting and then follow-up each and every single month consistently and you’ll be glad you did because the business will beat a path to your door.

That will do it for this week’s episode of the Valtimax podcast. My name is Dave Lorenzo and I’d like your feedback and comments on this week’s episode. You can call me at 888-692-5531 or email me.

Here’s hoping you make a great living and live a great life®.

Click below to Subscribe with iTunes:
Subscribe with iTunes

Update Schedule

The Valtimax Radio Page is updated every Monday. Check back each week for more updates.