April 12, 2018
As a financial advisor, planner, or an attorney it’s highly important to ensure you have a compelling message with your marketing strategy. This is mainly because people are drawn to companies that are authentic and inspiring. The real question here lies in how do we go about creating our compelling marketing message? I always suggest to focus on the purpose of it all. If you ask a financial advisor what is the purpose of their marketing, most of them would say: “To bring in referrals,” “Build my prospect list,” “Grow business.” However, what they don’t realize is that they’re sharing their goals. The purpose of your marketing and your goals are two separate things. Goals are tangible, measurable, and dated. Purpose is infinite. It is the reason you do what you do. To successfully build your compelling message, one must create an effective purpose. And it is okay to revisit your purpose time to time. But once it is set, the goals are based off your purpose. I’d love to provide some tips on creating your purpose that go beyond the bottom line:
- Stay authentic. Do you simply love helping people? Are you passionate about helping people reach their financial goals? Or do you love helping people get out of their financial struggles? Let that be heard in your purpose.
- Specialize. What type of financial advisor/planner are you? Do you focus on a specific target market? Having a niche will actually provide a better and more focused type of service.
- Have a story. Why did you start doing what you do? This doesn’t necessarily have to be written out in your purpose, but it’s a good idea to develop your story so you can share it with your prospects and clients. It provides the background to your purpose.
What’s the purpose of your marketing? Let us know in the comments below!
March 8, 2018
Whenever you think of building relationships so that people can trust you, and so that your relationships grow, do you think of business? If you don’t, you should. Relationships are something we do want to grow in our businesses. Especially if you’re a financial advisor and you want your clients to trust you. Why are they important? Think of all the referrals you’ve received last year from your best clients. Some of those were probably your biggest sales. Now, try to quantify that number. Once you realize the importance of how you make your clients “feel” as you build those relationships, that in return could be helping your business grow.
We’ve discussed the benefits of building business relationships, now let’s focus on how we should go about doing so. When you first attract a possible client, here are a few things that will go through their head: Can I trust this advisor? Will they understand my unique situation? And, will this advisor’s advice be unbiased? The goal for you is to triumph all of these questions. Do so by being transparent in your process, empathize with their situation, and trust them back.
Following these guidelines will not only increase trust with your potential clients, but also develop those business relationships. In return, both the client and you, as a business professional, are better off.
February 8, 2018
Cold calling has been around for longer than we can imagine. Yet, it’s still very alive today even with having a 2% success rate, which is mostly for the highly skilled sales professionals. Why doesn’t cold calling work nowadays? Firstly, it’s simply annoying for the consumers to receive, especially since they are busier now more than ever before. With ever increasing technology, consumers can easily research anything online. Therefore, they’re most likely not to engage or listen during the phone call. For that reason, we must redefine modern cold calling. Have you ever been persuaded to choose something simply because someone you know told you to? Let’s be honest, we all have! So why don’t we do the same when we’re reaching out to potential clients? Think of how different your cold calling conversation would go if you said: “Hi, my name is Jodie Binning, I’m the owner of Three Point Marketing. One of my clients mentioned that you need a little bit of help in growing your marketing and developing your website.” By hearing “one of my clients mentioned,” the consumer instantly develops trust. Instead of randomly cold calling, find connections and turn them into “warm calls.” I’ll leave you with a couple of tips to ensure your call is successful:
- Create a list of all connections. And use them. Doesn’t matter how big or small you feel each connection is.
- Practice. Practice. Practice. Do you think actors ever film a scene without practicing their script? Absolutely not. Write out what you would like to say in your call and the call is half done for you.
- Listen. One of the main issues in the modern age is that we talk before we listen. When you actively listen, the customer feels that you care. You also want to ensure that you’re asking strategic follow up questions.
- Ask for a meeting at the right time. After you’ve used your practiced conversation, listened to the customer’s needs, and know that you can help them: ask for the meeting.
And just like that, you’ll turn your modern cold call into a connection!
January 25, 2018
Marketing Ruts… If you haven’t experienced one throughout your business’s life cycle, then please share your secrets with the rest of us. Rather you’d like to admit it or not, marketing ruts happen and they can be frustrating, discouraging, and honestly irritating. Why isn’t this working? Why am I not getting any responses? However, it’s a new month, new quarter and you’re ready to try something different but you don’t know how. You’ll always have the option to look back and review what worked and what didn’t in your previous marketing strategies. But, how can you dig deeper? Let’s look at some advice on helping your process of getting out of a Marketing Rut:
- Brainstorm the worst ideas possible. In a way, this sounds like it would be fun to do, am I right? When your marketing isn’t going the way you were expecting, it’s time to brainstorm your worst ideas possible with your team. Google search some marketing disasters and look at things that companies have done that they completely regret. Doing this will allow for us to notice what success looks like and makes us think, “what’s truly important in marketing?”
- Research outside of your industry. What are some companies that aren’t in your industry that are executing extremely well on describing their product?
- Research inside of your industry. Look at some of the most successful firms in your industry even if they are 20 times bigger than you. This will allow for you to notice things you don’t incorporate into your marketing strategy. Additionally, it will allow for you to see how they are describing their value proposition and other points, which in return will give you ideas on how you can successfully communicate information to your audience.
Getting out of a Marketing Rut can be what you make of it, so make it fun! Let us know what types of things you noticed in your research in the comments below.
January 11, 2018
Word of Mouth Marketing (WOMM) – you participate in it daily. “So have you heard about that new iPhone X? It recognizes your face!” Rather you are recommending your favorite leadership book or your friend convinced you to switch gyms because the one your friend attends is “better,” WOMM affects us on a daily basis. WOMM has been around way before social media existed. It’s one of the first forms of marketing and is one of the most valuable. A study conducted by The OECHSLI Institute on the power of WOM influence for financial advisors states that 92% of clients found their financial advisors through word of mouth influence. 60% of clients say that the main reason they chose their financial advisor was due to word of mouth influence. So, the question here is how do we go about increasing WOMM in the 21st century? Here are some methods that you can implement into your marketing strategy:
- Ask top clients to share testimonials/reviews. If you have a website, this is a perfect addition. In fact, 79% of people report trusting testimonials and online reviews just as much as word of mouth recommendations.
- Offer an incentive. You’re probably thinking, “My client is super busy and doesn’t have time.” However, people are more likely to do things when receiving something in return. As you reach out to your top clients for either testimonials, reviews or even for your marketing campaigns, offer discounts or services as an exchange for their participation and referrals.
- Organize a formal referral program. This will make the process for your clients fast and easy. Additionally, this will allow for you to measure the results.
- What is your story? As always, ensuring your website is up to date and interesting is important. But what will increase WOMM is sharing your unique story, right on your website. Why did you start your business? What drives your business? Whenever you give people something memorable, they will share it with the people around them even if you don’t ask them to.
If you have a great example of successful WOMM for your firm, share in the comments below!