As an Advisor, you can create an incentive program that encourages women to become smarter, inspires them to become more connected with you, and excites them enough to share their experiences with other women. 90% of women know they need to be more engaged and 62% want more education, so let’s give it to them. Don’t wait for them to ask.
An incentive program is like creating a club like atmosphere where women must qualify to be included in the group. To qualify they must accomplish certain educational tasks that in then end make them smarter and more confident in their ability to make decisions.
Paula Chesser, an Advisor in Ohio, used my Savvy Women Seminar to create her Savvy Women’s Club which has become the focus of all her marketing activities. Each year, Paula hosts award ceremonies to honor those women who have committed to their future by becoming a Diamond Member. Her annual events are growing quickly. You can bet that these clients are totally committed to Paula as her Advisor because she gave them more than just good investment advice, she gave them the education they were craving.
You can build a similar program with your practice just following these three steps and start building your Savvy Women Club:
1. Define the Criteria: Create your own criteria that would allow women to become more educated and qualify for your membership program. Examples of criteria that you can incorporate depending on your practice:
- They have explained their statements to you and proven they understand what they are reading.They have attended 3 educational workshops.
- They can tell you the purpose for each of the investments in their portfolio ie; bonds for preservation or income, equities for growth.
- They have completely organized their financial affairs using your organizational binder, you provide the tabs and they add the documents.
- They have a will, trust, or other important estate planning documents.
- They have tracked their spending and expenses for 3 months in a row.
2. Create a Name: Your club or membership program needs a unique name that is attractive to women and fits your practice. Advisors that use my Savvy Women Seminar to brand themselves as an advisor have used that same brand to create their “Savvy Women Club” membership program. Others have created a “Diamond” client membership that signifies their commitment to becoming more knowledgeable while working with you. Find a club name or qualifier that is catchy and attractive to women.
3. Determine the Benefits: While the benefits are obvious, more knowledge, confidence with money, you need to create additional benefits which creates the “Incentive” to continue the process. Benefits might include:
- An annual event for members only really high end that acknowledges the existing and new “Diamond” members.
- A pin or gift that signifies their accomplishment and something they may share with other women. Don’t make it all professional and boring, make it something fun that women will want to share for example a large glass diamond paperweight that is inscribed “I’m a Diamond” or “I’m a Savvy Woman”.
- Provide unique tools that are designed for the female client that she can use to continue her progress ie; a red patent leather binder for organization, a pink journal which she uses to keep track of her expenses, money concerns or portfolio performance and goals.
- An Opportunity to work with a money coach who can help them with the areas you don’t ie budgeting, tracking expenses and income. (This money coach can become your strategic partner)
If you create a membership program and set criteria that women must master, it may be helpful if you host very low key, roll up your sleeves style workshops on a monthly basis focused on the criteria. For example each quarter you may host a workshop on:
- Mastering your statements.
- The purpose of your investments.
- Getting Organized
You can market these events and any woman can attend, but at each event you will announce that these events are part of your elite membership program and encourage every woman to become more engaged.
Women want the knowledge, they want the education but won’t ask. By creating your own incentive program you will attract more women, inspire greater loyalty and generate more referrals and introductions.