Overview
The level of connections a client or provider has with your firm's existing clients or potential new business contacts is called influence. Tracking influence is essential to growing your firm's book of business and maintaining the relationships that drive it. This article outlines what influencers are and how they are segmented within Practifi.
What Is an Influencer?
Your firm likely has connections with clients and providers that bring in new business or impact other relationships with existing clients. These connections are considered influencers because of their authority, expertise, position, or relationships with others. They are connections your firm monitors because of their potential impact and importance. Influence is a different way of looking at your referrers and sources to better understand the relationship between parties and their involvement in your business. You'll encounter influence through client influencers, providers, and centers of influence (COIs).
Client influencers are clients who have connections that can bring in new business to your firm or to your current book of business. They are an extension of your referrer list, and indicating their influence on their Household, Organization, or Individual record allows your firm to better understand the impact they may have on your business. For example, let's say a client has referred several of their close friends and brought significant AUM into your firm. On their record, your firm may identify them as an Important Influencer by adding an influencer segment, allowing you to keep a close eye on their impact on your firm to ensure the maintenance and growth of your relationship.
Your firm may also work with providers that have influence. Providers are other businesses your firm has relationships with that can also be sources of referrals. For example, your organization may work with a law firm that refers its clients to your firm. The provider isn't a client of your firm, but tracking their information and influence in Practifi gives your firm visibility into the full impact of the relationship and the volume of business generated through their referrals.
Another way to refer to influencers is as centers of influence (COIs). These can be either clients or providers that work with your firm, or your organization might have a more specific definition for a COI. However you define them, COIs work with or around the types of clients you want to serve. Referring to these entities as COIs captures their impact on your firm as they can potentially connect, introduce, or refer you to new prospects or business streams. The two-way relationship your firm has with a COI can be beneficial for growing new relationships with other businesses or clients. Your firm might keep a close eye on these connections during the holiday season to thank them for the business they have helped generate, or reach out to them for introductions when your firm is pursuing new business. Whether you refer to them as client influencers, providers, or COIs, you can indicate their level of influence in Practifi by applying influencer segments.
Influencer Segments
It's up to the user to decide which segment makes the most sense based on the client or provider's situation with your firm. Depending on how your firm operates, these levels can be defined by total AUM, market influence, or your firm's potential to partner with another company. Influencer segments in Practifi come in three different levels: critical, important, and standard.
Influencers can be managed and monitored within your Practifi instance to keep a close eye on clients and providers who are likely to bring new business to your firm. You can also draw analytics from your influencer list to easily see the relationships between key parties and identify where to focus your outreach efforts.
Critical Influencers
Critical influencers are typically those who are most influential and can bring multiple opportunities to your firm. These are the households, individuals, or organizations that are highly connected and likely to bring your firm the most new business, whether through referrals or important connections. They can also be providers that consistently and often refer high-value business to your firm. Critical influencers are the connections you keep the closest eye on and have the most contact with because of their potential and importance to your firm.
Important Influencers
Important influencers have several connections but are less influential than critical influencers. They are still likely to bring new business to your firm and have important connections, but less so than critical influencers. This means their connections could be fewer than those of critical influencers, less likely to bring in revenue for your firm, or less likely to sign on to do business. Key influencers still need close attention and are important for cultivating new business opportunities.
Standard Influencers
Standard influencers are clients or providers with some connections to opportunities for your firm, but have room for further growth in influence. They have fewer connections than important influencers and are less likely to generate opportunities for your firm. Keeping track of these standard influencers can help your firm grow as their influence grows.
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