For the last two days, I’ve consulted with a CRE group out of Miami.
Even though the firm has over $100+ million of AUM, they are unknown to the key market – investors.
Since the have exhausted their current list of investors, it is time to open up new channels.
When discussing the options to fit their model, resources, talent, and goals, his response is a welcome change.
No matter the campaign or outreach we discussed. He knew the constraint. He said, “The challenge with new leads is they do not know us. Therefore, it going to take time to convert them.”
And he’s right. A new prospective investor takes time to convert.
- They do not know you.
- They do not trust you.
- It’s an intangible transaction.
- It involves a large investment.
In contrast, some clients expect to close a new prospective investor in one week which leads to frustration. You cannot drive someone with interest in the 1st date to the Vegas chapel before the 1st date is commenced. Patience.
Is that possible to close a new prospect in a few days?
Yes, if you’re a celebrity/businessperson like Grant Cardone. The steps of know/like/trust are circumvented by Grant’s constant push of content, events, speeches and up to 4 emails in one day to his list.
He has your attention. You know him. Either you trust him or you don’t.
The sales process is very short for those like Grant but you don’t have to be an international celebrity to do the same.
Ask yourself, ”How easy is it for prospective investors to find out more about you?”
They don’t want information about the company or “mission” or read another stale bio.
You can get more attention and content without going all-in like an influencer or Grant. There are many levels of outreach to get known and maintain a prospective investor’s attention.
If you don’t have their attention, someone else does.
How can you shorten the sales cycle? That’s a question for another day.