Does Ameriprise’s buying lunch business model work?
My friend Srirup invited me to a “free lunch” (the cynic in me knows nothing is free). Ultimately the cost of this lunch was my time for 20 minutes to listen to a sales pitch, and me taking (or not) a follow up call. Im not going to do business with Ameriprise because of the lunch.
This reminded me of an article Ramit at iwillteachyoutoberich.com wrote a few months ago. He does a better job of tearing apart their business model, so if you are interested in that - take a look.
In my old job, we used to take potential clients out to lunch. Buying lunch was an excuse to get their undivided attention for an hour. In that time we could establish what their needs were and if we could move forward with a potential relationship. We didn’t win them all. However, it did enable us to know most people in our small industry.
This Ameriprise thing is structured in such a way that it’s more of a fishing expedition. Throw some bait in the water and see if anyone bites.
It is a waste of time and money for them. Sure. I feel like Joe is a nice guy and I’m happy he bought me lunch. Im not going to go any further than that!
What is your reaction to this kind of marketing?
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Im Colin Nederkoorn. I left my cushy job in sales to become a web entrepreneur. 







Nov 7th, 2007 at 6:22 pm
Rosemary
I would just like to state that although their marketing is a bit unconventional than most I am more than happy to admit that it worked for me. Several years ago after my husband passed away I entertained the idea of going to one of these lunches because quite honestly I knew nothing about my finances. After the lunch I decided to sit down with the gentlemem and from there have been a loyal client. My family is now going to be protected in the event of my death and I am going to live the retirement I want. Neither of these would be possible without my advisor so my suggestion to you is to give “Joe” a chance and at least see if he can prove his value. Thank you!!