Client Attraction Action

What Works And What Doesn’t Work For Financial Services Marketing?

July 26th, 2007

We just received these two important questions from a Client-Attraction reader. We’d like to answer them here because many other financial advisors asked similar marketing questions.

>>> First Question: “What works and what does not in marketing for financial services professionals (seminars, direct mail, calling friends/family, etc.)?”

A: There is no one-size-fits-all answer.

Any of these marketing techniques can work and dozens of others such as your website with efficient web marketing (and/or offline marketing) behind it, articles, teleseminars, networking, and many more.

So the questions we ask to home in on the various techniques that can work for you include:
To read more . . .

* What are your strengths? What are you good at?
Your strengths lead you to the techniques that will actually get done.

* What are your resources: Time, Money, and People?
Your resources let you know what’s possible.

* Which techniques will cost-effectively reach your target market and are likely to attract highly qualified prospects?
This assumes that you have have pinpointed your target market. (Most financial services professionals have not.)

Now, that may seem like a non-answer. So the answer to your second question answers your first one, too.

>>> Second Question: “To someone new to the business, what one suggestion would you make to help them build a successful financial services practice?”

A: Here’s where I recommend you start: With a strategic marketing plan. And, not surprisingly, that plan’s foundation is your target market. Your services are not going to appeal to everyone. Your approach to providing financial services is not going to be what everyone wants.

So why sell to everyone?

What if you carefully considered the people you really want to work with and then did what it takes to be able to describe them in great detail?

What if you discovered from people just like them the places where you can reach them in a group?

For example, a financial advisor who specializes in working with women business owners or executives found an active, thriving group of over 2000 members in his region (90 percent women) that helped women business leaders. He chose to become a committed participant and a corporate sponsor in that group.

Another example is the financial advisor who is an independent 401(k) plan specialist. He identified his target prospects as the Human Resource people, CFOs, CEOs, or COOs in his region who administer $5 million to $500 million in assets in the plan along with 100 or more employees. For them, administering the plans is a hassle.

Also, he knows through public information where he can find a list of 401(k) administrators, and he’ll generate a sequence of contacts to them with a hard-to-refuse offer.

Two more ideas:

First, I want to make it clear that we wouldn’t recommend one tool, and one tool only. No, we’d look for complementary tools that reach your ideal prospects and as soon as possible add those strategies and tactics to your marketing plan.

Second, we’d take very seriously keeping in touch with your prospects at least once a month. Develop your “Keeping-In-Touch” system. We’d start even with a handful of prospects (who haven’t yet become clients), and set up a process that becomes almost automatic.

And one last thing . . .

Please ask YOUR questions. What two questions would you like to ask me? What would make your lead generating easier? Where do you need help?

We promise we’ll answer . . . either individually or in an article. (And we always keep our questioners anonymous.)

What are your nagging questions?

Entry Filed under: Financial Lead Generation, Direct Marketing, Financial Advisor Marketing Plan