Hit the ground running in 2003 and keep going!

(January 2003) You’ve thought about taking real steps this year to grow your book of business. So what are you waiting for? The year is brand-new, and now is the time to hit the ground running. Here are some thoughts about marketing techniques that can help you grow your business both in the short and long run.

My ideas about short-term tactics have to do with change because that is what many of you may have to do to get serious about marketing. Change is difficult and so is blazing a new trail or even being enthused after a year like 2002 — this is not a marketing reality, but a human behavioural truth.

Quick and early victories

For people to change, they need to have some early victories. They don’t need to be huge wins, just simple triumphs so they know how good it feels. You are no exception. But before I get to a couple of quick-win, short-term marketing suggestions, there are a couple of strategies I want to caution you about.

Media relations — or public relations — is not a quick win. It’s an essential part of a successful marketing mix, but it takes time to generate results. Depending on what publications you want to be published in, for example, it can take well over 60 days to see your name print. That’s way too long for this exercise.

I’m also a huge fan of direct mail but wouldn’t start with it either. From concept and copy to production with approval from compliance, you can easily land in the same 60-day quandary.

Making the call

For immediate short-term victories, I would start with some well-placed telephone calls to clients and prospects who said they need to do “X” after the first of the year. I know some of you are thinking that’s “order taking,” not marketing. I’m not going to argue with you, but getting moving and getting a win is an important first step.

Be sure to call the top 20% of your clients this week. You need to answer their questions and position yourself as an active expert who is there to help them with all their financial needs. It’s also important to remember that during challenging economic times, other advisors may be looking at your top clients as great prospects for their business and will do whatever it takes to get your clients interested in doing business with them.

Call the last 10 clients you lost. You need to know why they left. Get the answer to that question and you may be able to get them back quickly.

E-mail efficiency

E-mail can be an effective way to reach a targeted group of people very quickly and get a response. I’m not saying that you should send out spam asking people to invest $1 million today — that won’t work. But what if you passed along some great tax-saving tips or described some viable investment alternatives to simply parking money in GIC? Now is the time to yell this type of information from the top of the mountain so all your clients and prospects can’t help but be aware of what you have to offer.

Longer term marketing

Once you have achieved some early victories and created some momentum, it’s time to think about some longer term marketing strategies. Start by making one marketing effort five days a week. It could be as simple as contacting a client or visiting a networking event — the most important part is that you take action.

What are your clients’ greatest financial fears and how can you reduce them or — better yet — make them disappear? If you haven’t done so already, develop a marketing plan that’s focused on your mission and purpose:

• What is it you want to do that will help people?
• What is it you want to offer that people will pay you to do?

Your marketing plan needs to be driven by a more serious goal than just writing a document. It needs to have passion that comes from your bigger purpose.

I see people wanting to make the most of 2003 and that means getting started now so they can move forward quickly. Will you be the one with the message that they see? Will you get your first wins this week so you can wash the bad taste of last year out of your mouth and savour the taste of this year?

Ronald E. Osborn once said, “Unless you try to do something beyond what you have already mastered, you will never grow.” Don’t “try” new things this year. Just do them.

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Martin R. Baird is president of Advisor Marketing, a full-service marketing management firm that provides a variety of services to financial advisors to help them improve their marketing methods and increase revenues, including seminars and conference speaking engagements on such topics as referrals, marketing, client communication and transitioning to fee. The firm’s Web site, www.advisormarketing.com, offers free marketing information and tools for financial advisors, including a free weekly e-mail newsletter. Baird is author of The 7 Deadly Sins of Advisor Marketing, a book that offers easy-to-implement marketing ideas for advisors. Advisor Marketing may be reached at 480-991-6421. Visit www.advisormarketing.com for marketing tactics that will help your business grow.

(01/22/03)