Archive for March, 2009
This blog is by Bob Hanson
A Financial Advisor’s Most Important Number for the
2009 Marketing Plan and Budget
If I asked you to invest a few hours of your time
this year and offered to pay you $5,000 a year
starting next year for 7 years, would you take it?
Most financial advisors would. And that is the
power of the Lifetime Value of the Client.
Many advisors, though, focus on the marketing
investment to acquire a client this year, and
look for the “quick fix” to their income this year,
rather than getting “rich” a little slower.
After working with and interviewing hundreds of
financial advisors, one of the things that separates
the top producers from those who struggle year after
year is knowing your clients’ lifetime value (and
Lifetime Referral Value, (that is how many referrals
you get per client).
If you know, for example, that the average client pays
you $5,000 in fees, stays with you 7 years, and
refers you one other similar client, then each new
client produces $70,000 in fees over time.
So, I would submit, the top producers focus on this
number, above all, when looking at a marketing budget or
client acquisition investment, not the fees for 2009.
March 18th, 2009
This blog is by Bob Hanson.
Invariably the conversation will start something like this, “What’s working for my fellow financial advisors?”
I’ll say, “Website marketing, reports, email marketing, centers of influence . . .”
Then, they will jump in, “I used to do referrals and seminars, but I’m glad to hear no one is getting clients with these.”
I’ll continue, “Seminars, referrals, direct mail, telemarketing, web presentations . . .”
They’ll say, “Hmm, most of the guys in my office can’t make those work, what gives?”
You see, each of my clients does marketing a little differently. Generally when I meet them, each advisor has one or two tactics going at one time, with one creating anywhere from 3 to 12 new clients a year. But no two advisors are doing things exactly the same.
“So how is it that some tactics work for some, and some work for others?
Isn’t it all about picking which marketing tactic is working now, in 2009?”
Actually, no.
If you randomly pick 10 different advisors, you’ll probably see 2 that are generating 80% of the new clients. The 80/20 Principle in action. But if you picked 100, 10 sets of 10, while the top 2 in each set would be generating close to 80% of the clients in each group, the marketing tactics that each of those top marketers selected would probably be different.
So, what’s the secret to a winning marketing plan if not the selection of the “hot marketing tactic?
1. Select the right tactic(s) for you and your target market
2. Execute that marketing well using proven direct response principles (select a responsive list/media, make sure you have a good headline and compelling offer, use copy which supports your case, call them to action with urgency, etc.)
So what’s hot for financial advisor marketing?
“The right marketing tactics for you right now, done right.”
March 18th, 2009
By Bob Hanson
Long-time subscribers to our Financial Client Attraction eNewsletter
know that one of the ways our clients create a winning marketing plan
is to capitalize on the power of eMarketing.
Our clients get more leads through the web, automate the conversion
of prospects to clients, and lower marketing costs by using email,
web seminars and other eMarketing tactics.
We are now sharing this full eMarketing system, we’ve been developing,
perfecting, and proving since 2001, for the first time. If you are an
independent financial advisor looking to grow your client base
this year, this webinar is for you.
How Independent Financial Advisors Can Profit from the
eMarketing Revolution
Free Webinar on Wednesday, March 18 at 4pm EDT, 1pm PDT
https://www2.gotomeeting.com/register/531038729
In this free, webinar, you will learn:
- Why we live in a “Permission Marketing” world and how that is
changing the marketing strategy of virtually every financial advisor,
- A simple way to dramatically improve your website overnight to
get more leads, and
- The single, biggest eMarketing tactic which should be in your
eMarketing arsenal, yet is one most financial advisors ignore.
And, get your top Marketing questions answered in a live
Q and A session.
https://www2.gotomeeting.com/register/531038729
March 18th, 2009
