Indubitably, marketing is a vital factor determining the success of business; however, it has been neglected by many companies and enterprise. To begin the importance of marketing, we should have a clear knowledge of its definition:
Marketing is doing what it takes to convince enough customers to pay the necessary price for your products and/or services to produce the desired profits for the business.
Having a comprehensive marketing plan will help independent advisors more easily influence their clients and build mutual trust between them. Here, let’s discuss the keys advisors can use to greatly improve their marketing success.
It is necessary to make a marketing plan
A marketing plan is fundamental to business survival. It can be for a product or service, a brand, or a product line. A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan.
According to the report surveyed by powerful organization, more than half (54%) of the advisors have no marketing plan in place compared to almost every best practice (91%) have a marketing plan. Thus, marketing plan should be put into high priority.
Making use of your marketing tool
Under today’s circumstances, the challenges for investors is how to sharpen and broaden their marketing tool, I mean, not only depending on solely referrals, but exploit a new way which would be produced in extant environment.
For example, seminar marketing and direct mail marketing are the new methods we didn’t utilize before. Client prospecting does not need to consume 90% of your time.
With seminars, you will spend 90% of your time in appointments and only 10% of your time doing marketing. And you will have the ability to attract better quality clients by using direct mail to invite people from a qualified list.
To be successful by advisor seminars is not an art—it’s a science that you can easily learn to master and rapidly increase your income and clientele.
Iris out your market niche
Small segment of a market is particularly suitable as a target audience for a specific product. Generally a market niche offers significant potential for sales of the product and is often free of competitors for the particular product.
However, quite a few advisor firms have absolutely “no focus” on market niche, and most firms consider wealth range to be a “niche” market. Alternatively, top firms are much more focused than their “average” peers.
Your Client is Priority #1
Remember: you always have much to do for your clients.
At first, learn all you can about your potential clients. You have to conduct in deep research of your chosen potential clients. You will want to learn everything possible about who your potential clients are, what your potential customers desire to buy, why and when they like to buy.
Secondly, know and appreciate the value of your existing clients. You may often become so focused on getting new customers that you ignore your existing repeat clients. Your business will probably not survive without repeat business.
Actually, repeat clients present a wealth of opportunities to you. They frequently provide you excellent feedback; they provide an excellent reference and referral service (read free advertising); they are the least expensive and most likely source of additional business, and their unnecessary departure causes substantial damage.
Thirdly, having a specific client type in mind also enables you to be much more specific in your marketing efforts. Your marketing plan will reflect a strategy of finding the “right” clients for your firm. Understanding your niche market, identifying their unique needs and the channels for reaching them is essential for any practice, not to mention advisory firms.
By finding your market niche, determining your expertise and taking a close look at your client base, you’ll be on your way to creating a robust marketing plan that helps you succeed in a competitive marketplace and pave a way for your future success.