Articles
Marketing Financial Advice During Tough Times
Tougher economic times have prompted many IFA firms to revisit their marketing strategies. Some have ditched their marketing budget altogether, whilst others are upping the pace.
The wisdom of slowing down your marketing activities during a recession is debatable, but understandable. However, I take the view that when markets get tougher, marketing is what you should be doing more of – not less.
But rather than spend more on marketing, what I’m suggesting is that we modify our marketing to make it more appropriate for today’s circumstances. Smart IFAs are looking to do several things:
- Differentiation between financial advisers is vital during tough times, but what are you doing to prove it to both loyal clients and potential prospects?
- Talk to multiple prospects - all at the same time. I.e. why speak to one prospect, when you can speak to five, twenty, fifty or even one hundred at a time?
- Enable your prospects to see and experience your expertise live.
- Interact, engage, add value and get really close to your prospects. Get even closer to your existing customers too.
- Collaborate with professional connections to broaden your reach into the marketplace. Use the press and other business associates to help get your message out there.
- Develop and strengthen your team of advocates such as long-term loyal clients to encourage more referrals.
This ‘tweaking’ of your marketing approach is about smarter marketing – rather than doing more marketing. Thankfully, there are two sales and marketing techniques which enable IFAs to do all of the above – all at the same time; Seminars and Internet Marketing.
Seminars, workshops and networking events are the ideal way for clients, prospects and professional connections to see and experience an IFA’s expertise live. They satisfy all the tests above.
- Seminars provide the opportunity for people to really see how you are different from the competition.
- Seminars enable you to speak to multiple prospects – all at the same time.
- Seminars enable people to see, experience and sample your expertise live. They get to ‘try before they buy’.
- Seminars enable you and your prospects to interact and engage – and so build trust and ongoing relationships.
- Joint venture seminars are very powerful as your marketing is supported by the press and other business connections.
- Your seminar attendees will become loyal advocates for your business. Ensure that you keep in regular contact and ask for referrals and testimonials.
In short, seminars are one of the single most effective ways to rapidly increase your client base, enhance your professional credibility and to add value to your existing customers. The icing on the cake is when you charge people to attend your seminars, as this can result in an exciting and profitable new income stream. What’s more, people are paying to be your prospects – a very nice position to be in!
When I wrote my book Successful Seminar Selling in 2003, I suggested a range of tried and tested ideas to get ‘bums on seats’ at seminars. But since then, the Internet has produced new tools, which not only are effective at promoting seminars – but which achieve much the same result as the seminars themselves.
Social networking sites are the fastest growing phenomenon on the Internet, and are used by large numbers of professional service providers as a means to raise their profile, enhance the perception of their expertise and to find new clients. Not only that, they are valuable in giving service professionals a place where they can share best practice and learn from their peers. Take a look at IFA Life – a social network for IFAs and Financial Planners where you can interact and engage with fellow industry professionals. Other sites to use include Ecademy, LinkedIn and even Facebook (it’s not just for kids!)
The good news is that there is growing evidence that financial advisers are rapidly starting to embrace opportunities that the Internet has to offer. Many are realising that an IFA’s website is not just a means to promote their business, but a vehicle to communicate with and to add value to existing clients. Today’s financial press provides a wealth of articles and information on financial matters which sophisticated investors and IFAs’ clients use to keep themselves updated. But presumably IFAs would rather their clients visited their own website for their financial updates - so right now could not be a better time to look at ways to transform your website into a ‘financial portal’ which becomes clients’ first choice for financial news, information, tips and guidance.
If for no other reason than to satisfy clients’ demand for information and reassurance during today’s turbulent times, IFAs should now be looking at seminars, workshops and the Internet to communicate and add value.
Philip Calvert
Originally published in Money Marketing business supplement w/c 17th November 2008
Author: Philip Calvert
Posted: Tuesday, November 25, 2008 | 6:18:03 AM
Comments
http://www.ifalife.com/articles.asp?AID=772
As independent financial advisors I would have thought this is the very time IFAs would have risen to the challenge to try and help their clients - on not just the ASSET side of their balance sheets but on the LIABILITY and debt portfolio side. Clearly this party of the CFP and Chartered Financial Planner syllabuses has not been written or taught.
But this is not new. When I ran a financial advisory group in the turbulent 90s we set up a special Unit to deal with Liability portfolio management as well as Asset portfolio management. It was not only more profitable on a time cost basis than but more emotionally rewarding than the longer term financial planning side of the business. Ironically, we found ourselves advising IFA firms in trouble. I see a repeat of the 90s now with clawbacks and poor cash management by IFA firms going to take its toll.
My business today is focused on Liability Portfolio Management (a fee only business), not asset management. I intend to run a seminar soon for IFAs to learn how to serve clients on BOTH sides of the balance sheet which will strengthen their businesses, increase client loyalty and referrals. Anyone interested? How else can the word 'holistic' be used honestly on the tin?