Know-How Exchange : Advertising/PR

Hi, Linda,

First of all, a financial planner or anyone, for that matter, gets new clients in this tough economy the same way you do in a good economy. It's justeasierin good times because money falls out of the sky. In tough times, it takes more attention to details to make it work.

Second, you certainly DON'T get new clients by reminding them why they shouldn't spend (or invest) by reminding them this is a tough economy. In fact, it's dangerous for you to think that because they will sense it and just not make a decision. Get "tough economy" out of your vocabulary and your mind!

Truth is, you need to have core competencies and leverage them into unique selling points and meet clients' needs better than your competitorsalways, not just in bad times. However, in bad times, by focusing on your clients' needs versus your own company's (cutting costs or desperate for new clients). This is opposite of many of your competitors' behaviors and you can steal clients from them because they aren't focusing on clients! That works well in good times too, so once you have it down, it's your way of operating. Period.

So how do financial planners get new clients? Word of Mouth Marketing (WOMM) and networking is a big part. What are you doing to seek referrals actively from your existing client base? I'm talkingmorethan the "If you know of anyone who needs a good financial planner, give them my card!" That works very rarely! Next in line for real clinkers is "I'll give you $50 if you refer me to a client!" Truth is, even with a token incentive, your clients don't think of you in their every day lives! Nor do they ask people, "Hey, how's your net worth? Need to improve it? I know a lady..." Sometimes, it will come up in conversation, but most times, people are too private with their money matters. What I mean is asking your present clients who they know that meets your description of an ideal client and can they introduce you. Of course, you need to have a "client retention" component in your marketing plan. Do you do something for your clients to thank them for their business right after they sign up with you? Do you keep in touch with them somehow so you remain top of mind? This helps them feel comfortable and trust you so you can seek those referrals actively.

As far as networking, are you in an organized referral organization? Not like chamber mixers - but one that is dedicated to giving each other referrals? Once you gain trust, these are referral machines. It takes more than just showing up; you have togivereferrals and meet face-to-face outside the meetings. But the organizations work for financial planners. You can do similar things with chamber events and such, but you have to go with a plan and then follow up with meetings after. It's also best to plan to seek (and give) referrals versus sign up clients! Look at which professions also work with your ideal clients and begin to establish relationships.

Seminars, webinars, and lunch and learns work well as long as you are truly giving valuable information. You can have time at the end for your "commercial" and you can seek meetings with people, but that can't be the only purpose.

Another component that works is to market jointly with other professions. For instance, financial advisers target some of the same people as health insurance brokers. A realtor runs into people who are down-sizing homes and end up with a lot of cash after. They target first time home buyers also and those folks probably don't have a financial plan. Seminars, webinars, and lunch and learns can be done in conjunction.

Email marketing works. Establish yourself as an information leader by having an ezine with useful tips and information. You don't have to write it all yourself - there's lots of sources for the information. You just have to act as editor.

These aren't novel things. They are the elements that everyone should be doing all the time. The success of any of these activities in good times and bad depend mostly on the message. Why would anyone want to plan their financial future with you? What makes you different than the other millions out there who are financial planners. And this isn't "I care" or "I have hours of training" or "I'm knowledgeable about my products" or the usual things that every financial planner says. Your unique selling points are key to your success in good times and especially in tough times.

I hope this helps.

Wayde

Hayek traditionally been a business-to-business marketing guy rather than a business to consumer marketing guy. And so when I did work for a friend of mine in the financial area, I looked for ways to call on businesses rather than consumers. We put together a series of lunchtime seminars which would be arranged through either the human resources Department or, better yet, an employee recreation Association. These free seminars provided a way for employees to become comfortable with my client. It seems to me that with the challenges facing people today, and with shrinking budgets of HR departments, companies might be more open than ever before for this sort of on-site presentation.