Do you wish there were some way to generate twice as much revenue in your business without doing twice as much work?
Derek Coburn felt the same way with his wealth management firm. He realized that in order to significantly increase his revenue, he was going to have to either work a lot more hours, or find a different way of working.
Luckily for Derek, he was able to specialize and differentiate himself from other financial advisers, which significantly increased his client retention, as well as the amount his clients valued him. In Derek’s case, this value came from what he calls “The Ultimate Tie Breaker” – he was able to differentiate himself by sending clients referrals. There’s nothing a business owner loves more than more business, right? Derek was so good at making those connections that he made a whole second business of it (cadre).
Luckily for you, Derek has shared his story with us. He includes details on cadre, which he co-founded with his wife Melanie. They call cadre an “un-networking” group, and have had great success by helping their group members help each other.
When you listen to this interview, you’ll hear Derek and I talk about:
- (03:25) Introductions
- (06:00) How he built his financial firm
- (08:30) An explanation of his first networking group
- (10:30) How to add extra value to his clients by referring them clients
- (13:30) How he expanded the conversation with his clients, to talk about more than financial planning
- (16:00) How he used surveys to reach out and ask how to provide extra value
- (17:15) How he created the time to launch his second business, cadre
- (23:30) Going from idea to reality with cadre
- (26:40) How he used a webinar to launch the concept
- (31:00) How he got existing members to refer more
- (36:00) How his business model has evolved to justify $3000 upfront to join
- (41:00) How he ran a launch meeting
- (46:00) His plans for the future of cadre
- (48:30) An introduction to his book
- (50:00) The Boise launch plan
- (1:03:00) An overview of how to be more useful to your clients
More About This Episode
The Bright Ideas podcast is the podcast for business owners and marketers who want to discover how to use online marketing and sales automation tactics to massively grow their business.
It’s designed to help marketing agencies and small business owners discover which online marketing strategies are working most effectively today – all from the mouths of expert entrepreneurs who are already making it big.
About Derek Coburn
Derek is the Co-founder and CEO of cadre, an un-networking community for successful professionals in Washington, DC, a partner with Washington Financial Group (a wealth management firm) and author of the soon-to-be-released book, Networking Is NOT Working.
Derek is married to Melanie (the other co-founder of cadre) and has two boys and a pitbull mix.