November 15, 2018
Whenever you own a business, there is a highly stressed importance on obtaining clients. You go out and prospect, conduct various marketing events, network and meet as many people as possible. You find people who are interested and you showcase your services to them. If you’re a financial planning firm, you might develop the perfect financial plan for your new customer and send them on their way. However, I think we often forget the importance of maintaining our relationships after the customer has bought our product or service. Whenever you strengthen your relationship with your clients, it increases their loyalty to your services and increases referrals. As a result, this helps and grows the business that you have worked so hard to develop.
Now, I also want to talk about the importance of strengthening relationships between your clients. Whenever your clients feel connected with each other, they will definitely feel more connected to you. How should you go about connecting your clients? I have a few pieces of advice for you!
Firstly, think matchmaker. How could your clients benefit one another? There is a possibility of them becoming business partners, friends, and even golf partners. Approaching this idea could be as easy as saying to your client, “I am planning a fundraising event for a cause that you and another one of my clients, Becky Jones, care strongly about and I think you two should connect regarding ideas!”
Another way to connect your clients is through intimate events that are frequent, preferably every month. The events could range from small dinner parties to golf outings. Also, local events such as running races, yoga events, or wine tastings are a great way to gather your clients. Consistent events will bring your clients together and develop strong relationships.
Have other strategies to grow and strengthen customer relationships? Let us know in the comments below!
October 25, 2018
In 2017, the financial planning industry revenue was $56 billion. However, in order to be successful in the market, financial advisors need to be able to establish themselves as trustworthy. In order for an advisor to be established as trustworthy in the industry, it all starts with their chosen marketing tactics and strategies. We constantly read on ways to market our business, but how can we make it creative and fun? I’ve got just the advice for you!
- Develop an interesting and relatable hobby. Have you ever wondered what you should talk to your prospects and clients about? Sometimes when finance and investing is your only topic, it could intimidate your prospects and clients. When you develop an interesting and relatable hobby, rather it is golfing or fishing, it creates trust between you and your clients. This relationship-building strategy could differentiate you big time!
- Start podcasting! As of 2017, 73 million people are listening to podcasts monthly. It has made a major comeback and customers truly value this medium for ways to gain and expand their knowledge. Creating a podcast could not only provide financial value to your clients and listeners but also show off your personality.
- Create a monthly company newsletter. This could be one of your many tactics, that is also inexpensive, to keep your clients and prospects engaged and aware of your practices. Simply create a brief monthly newsletter and send it out to your email subscribers or post it on your website. Don’t forget to focus on sharing your expertise.
- Host local conferences. Rather it is is in your local libraries or senior centers, this could be a great way to get your name out there. You could host a local conference to give advice on 401(k) plans, budgeting, savings, etc.
Creating marketing tactics to spread the word about your business doesn’t have to be boring! What are some of the creative marketing tactics you have used with your business?
September 13, 2018
Ever noticed a new restaurant in your area and wonder what’s their future outlook is? All of the sudden, two months later, it becomes the new “hotspot” in town. You think to yourself, “What’s their secret? How did they market so well that they grew so much in just a few short months?” One thing that we know for sure is that their branding is strong and they know exactly how to express who they are. A company’s brand reflects their identity. Branding is what draws clients in and keeps them coming back for more. Here are three ways to get your branding noticed:
Be unique. I think within the financial industry, it’s easy to get stuck and do exactly as your peers. However, what’s going to differentiate you is your uniqueness. Often, something that doesn’t fit in will stand out. What are you doing that’s different in your industry?
Switch up your promotion techniques. Yes, having a billboard that some drivers will notice occasionally could serve as a form of advertising, but I always suggest marketing to your specific target market. Whenever you’re brainstorming ideas, think of questions such as:
- Where does my client spend their time when they’re not working? What are they involved in?
- How do my clients find their information? Is it via internet, books, magazines, etc.
Let’s say your client is an important businessman who spends a lot of his time attending networking events. Rather than purchasing a 30 second radio ad, you could purchase tickets to these events and invite your prospects.
Consider creative partnerships. Think of businesses that also cater to your target audience. These types of strategic partnerships are an essential component to differentiate your services amongst your competition.
In conclusion, dare to be different and see where it takes your business!
July 26, 2018
Through out our careers, we’re always taught to make sure our marketing is perfect. The right words, the right pictures, and the right advertisements. And this has been a safe approach for a lot of companies. However, when a customer visits your professional website, they rarely take a look at the content because they already feel like something is being sold to them. The more the marketing materials seem “perfect,” the less likely a consumer will purchase them. Instead, your marketing should be authentic and customized to who you truly are.
So what exactly is authentic marketing? This approach simply shares who you are and your business focus, all while utilizing your own words. I stress the importance of authentic marketing because if you are a financial advisor and you ask your clients to trust you with their entire life savings, they’d want to know who they are working with.
Some of the best ways to achieve authentic marketing is to share your companies personality through your website and marketing materials such as: pictures, videos, blog, etc. Consumers buy real and when you share with them who you really are, they are more likely to trust you.
June 14, 2018
In the business world, it seems that it’s always a company’s goal to be better – better price, better product, better service. However, that’s not always the best way to go about your business. Whenever a customer says “why shouldn’t I just go to the financial firm across the street?” and your answer is “because we’re better,” does the customer necessarily believe that?
What truly matters and what we should all be focusing on is being different. Think about what’s unique about your company. Most of the time, customers choose your business because of you, not knowing the products you offer because they loved what’s unique about you. If you look at really successful companies, they didn’t become successful because they wrote “WE ARE BETTER THAN THE OTHER GUY” as their headline. They outlined what’s unique about them and shared it with the world. And people bought their product because of them.
So, you’re probably wondering: what’s something that could be different about your firm? The people, your leader, and staff. No other firm has the same people as yours does, and that’s one of the best ways to describe your uniqueness.
I’d like to leave this post with a few questions for you to think about:
- What’s something that you are doing that your competitors aren’t?
- What are you doing that’s exactly like your competitors that you could change?
May 24, 2018
In this blog, we talk a lot about all of the different ways you can market your business: social media, website, cold calling, referral programs, etc. However, one major marketing practice that I think is often overlooked is event marketing. What if my event goes horribly? How do I go about planning it? Am I just going to waste all my money? These are valid questions and the thought process in terms of event marketing for a lot of financial advisors. But what if the opposite happens? And you gain a good amount of new potential clients. Or if you are putting on a marketing event for current clients, this could allow for them to feel truly appreciated.
Now that you understand why I think you should definitely include event marketing in your strategy, let’s talk about how you can actually get people to attend.
Firstly, when planning your marketing event, it’s important to create an invitation that shows what’s in it for them. State the benefits they could receive right away!
Give a call to your prospects! Another way to make potential clients feel important is to actually invite them yourself. Nowadays, everything is automated. So anything personalized goes a long way.
Another thing that’s often missing nowadays is follow up. It’s important to follow up right after the event. You need to plan this in advance so that you don’t feel overwhelmed when the time comes. Some ways you can go about doing this is by sending follow up hand written notes, a professional picture of the individual from the event, or scheduling an appointment and calling.
What successful marketing events has your company hosted? Let us know in the comments below!
May 10, 2018
In today’s world, there are financial advisors left and right. As the businesses grow so will the need for clients. One thing that most financial advisors and planners are constantly curious about is: how do you attract a wealthier clientele? In other words, your ideal client. There’s a lot that goes into attracting prospects. Today, I’d like to focus on the marketing aspect of it and provide you with four tips you can use to find your ideal client.
- Be the best at what you do. What are you doing differently than other financial advisors? What’s your track record? How are you sharing this with your prospects? In order to attract a wealthier clientele, it’s important for you to become the best at your service so that the client will feel confident with the assets they’re going to trust you with.
- What’s your story? I know I mention this often in my blogs but I can’t stress enough the importance of having a unique story for you as an individual and your company. You need make sure your story is providing value to the customer. Remember, people will pay for your story.
- Marketing communication must be 50% emotions 50% logic. Going off my #2 advice, how you communicate the value that you can provide to your clients is important. An example of combining emotions and logic into marketing communication would be: “Through my daily financial practices, I have been able to change people’s lives by helping 5,000 clients.”
- Ensure you are visible to your ideal clients. I know this seems obvious, but sometimes we get so caught up in our marketing efforts that we forget about our ideal clientele. Attend networking events, whether they’re virtual or live, be a speaker on webinars and events, and write articles and books. All of these ideas will not only make you more visible but will also build your credibility!
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!