To have an annual marketing plan and annual marketing calendar. This is to
go along with your written business plan for success.
Objective: There is nothing better in marketing than surpassing your
targets and growing your business as you planned. On the flip side, there
is nothing worse than finishing a slow month and starting a new month with
few prospects and little potential business than a desk full of cold calls
to make. We all have financial goals and targets. Now we need a blueprint
to start making those goals a reality. As an advisor I know that the ups
and downs happen. But I also know that with a consistent marketing
guerrilla attack program, you will smooth out your production and be more
consistent in your approach.
Strategy: How do you sit down and write a marketing plan? Budget at
least half to one full day. Grab a pad of paper and a pen and start
writing. Sounds simple, well it is, so make it simple. Unless you’re
running the marketing of Proctor and Gamble, why do you need an exhaustive
written plan. Try these simple steps:
First write down all of the marketing that you are doing now , the
frequency and their annual and monthly cost. You can use the attached
worksheet to help you.
Second, write down all of the marketing ideas that
you were thinking of pursuing in the next year. Write or collect a list of
ideas. Don’t discard anything until you have examined it further. At this
point write it down. If you are looking for ideas check out our websites
listed at the back of the book. Ask you manager or marketing wholesalers
for ideas. Use this book as a guide to some of the best ideas. Just write
Third, write down what your competition is doing for marketing. At the
same time write down who your competition is.
Fourth, write down what your peer group or top advisors you aspire to be
like are doing in terms of marketing and their costs.
Fifth, create an annual and monthly budget. Exclude the cost of personnel
and assistants, the marketing budget should be between 10-20% of your
gross income. Remember marketing is an investment in your business, not an
expense. The second part of budgeting is time. Either your time or a staff
person’s time, or both needs to be allocated. How much time will you
devote to developing your marketing. How much time during the day do you
spend on marketing? Now how much time should you spend on marketing during
the day? I always schedule a half day per month to work on my marketing
and client communication strategies. This scheduled time is very
productive time scheduled in my practice. If you don’t have time now, how
will you have time in the future to grow your business?
Sixth, we will identify your ideal client profile in a later chapter, but
for now write your ideal client profile down.
Seventh, decide what marketing mix will work for
you. What will work and what won’t work depends on your commitment to
them. This is where you make decisions based on projections of growth that
you want to achieve. For example, if you want to increase revenue from
$100,000 to $150,000 per year and your marketing budget is $2000 and you
have no major plans for marketing, then how are you going to achieve that
Although some advisors say that their business grows
by referrals only, what do they do to generate those referrals? Do they
provide exceptional service, which costs money and may be defined as an
excellent communication program. Well, guess what, their dynamic
communication program is part of their marketing strategy. We will discus
internal (existing clients) and external (new client) marketing in a later
chapter. What is your ideal marketing mix?
Eighth, once you have decided on what you are going to do in the next
year, break it down into a monthly marketing calendar. Decide which months
you are going to do what.
Ninth, decide on costs and put annual and monthly costs down on paper. At
this point make sure that you can afford your program. If you cannot,
consider the consequences of borrowing to invest into your business. That
is solely your decision. I remember once when I first started in the
business, I borrowed money on a credit card to attend a conference. I
couldn’t afford to go, however after I returned I realized I couldn’t
afford not to. I learned that I was investing in myself and not just
spending money on my business.
Finally, Put the plan into a working document. Share it with your peer
group or manager and your staff. Then commit to completing it, revisiting
it on a monthly basis and measuring the results.
Grant’s Tip: The simpler your marketing plan, the easier it will be to
complete successfully. The marketing plan should be simple to execute once
you have put enough thought and effort into it. The most challenging part
of your marketing plan may be time and timing. For example, I know several
advisors who start doing marketing only to stop after a few months because
they are too busy. The plan depends on a constant time commitment to
complete. If you plan your seminars a year in advance and book the rooms,
speakers and invitations, then you are committed. Instead, advisors have a
speaker coming to town and spend a lot of time hoping one event will pay
off big for them. Don’t put your marketing eggs into one basket. Have
multiple marketing ideas working for you.
Each quarter I take one day to review the success of the marketing plan,
look at future ideas that I may implement into my plan and set a course
for the quarter. Each quarter I write a mini-marketing plan for the
quarter. That way I can review it with my team and plan the next quarters
marketing events and ideas in advance.
Another key element of your marketing plan is to look back and look
forward. First, look back to what marketing worked for you and what didn’t
work. Then project a vision of how you want to position yourself in your
marketing messages. For instance, I manage retirement assets, so my title
is not Financial Planner, it is 'Retirement Planning Specialist’.
Positioning means determine exactly what niche you’re intending to fill. I
live in a retirement community, so it is natural to work in that niche.
Finally, If you’re happy with and expect average service then that is what
you are probably giving. But if you expect world class service, then bring
that element to your practice. The Ritz Carlton motto is ' we are ladies
and gentlemen serving ladies and gentlemen'. Look to first class
organizations with a high degree of service and attention to detail and
implement that type of philosophy into your business. This will help your
marketing efforts when thinking of attracting new clients.
Copyright 2003 By: Jay Conrad Levinson and Grant W. Hicks, C.I.M - Co-author of "Guerrilla
Marketing For Financial Advisors
", Trafford Publishing 2003.
You may use these articles in your
marketing, newsletters and web sites as long as you retain the copyright
information at the bottom, including the link to our web
site and inform us where it is being used as well as sending us a copy of
Always check with
your compliance office and or branch manager before implementing any
marketing idea. The information does not constitute a recommendation for
the sale or purchase of any securities or insurance.
'I could use a hundred people who don’t know there is
such a word as impossible'. Henry Ford