chessAfter all that brainy thinking exercise, let’s get down and dirty to the “doing” part. What are the crucial preparation and actual implementation of a marketing plan that will create explosive results for your financial practice?

Would your strategies be sustainable and be profitable long term? And what are the check and balance you should have to bring your business over obstacles and into the next level?

Market Positioning and Branding

Studies have shown that  first impressions have shorten over time to just over 6 seconds, when you first meet your prospective client. If you just slip up a little, it could leave an impression you would need to work very hard to change.

Therefore, leaving it to chance during the first meeting is not a good idea at all. Why not have your prospective client have a great opinion about you even before you meet him?

That’s what intelligent Market Positioning and Branding can do for you.

Here are a number of suggestions for you:

  1. If the prospect was introduced, get your friend to give you an endorsement via a testimony or phone call.
  2. Email the prospect with a simple introduction about yourself, your company and it’s services. Use benefit statements when explaining your services.
  3. If you have a web-page/blog, you may provide links to it, where your prospect gets a first-hand experience with what you represent through your website.
  4. If you have been featured in magazines, newspapers or other forms of media, include it in as well.

You get the idea? It’s all about building Credibility, the strongest which comes from the referral from a highly-regarded friend, next comes public or third party endorsements, and finally a strong message from your web-profile.

Client Acquisition Strategies

Client acquisition methods are numerous limited only by your creativity. However, one should not forget about some principles, ask yourself these questions:

  1. Is it targeted to your Ideal Client Profiles and market?
  2. Is it something you can cope with in the long run? In other words, is it sustainable?
  3. What’s the cost-benefit? Can the effectiveness be measured and improved?

I have classified the Acquisition Strategies to three Main Categories:

  1. Direct Marketing: Mail, Email, Leads-buying, Online Strategies
  2. Third Party Arrangements: Referrals, Tie-ups, Professional Alliance
  3. Other Marketing Programs: Advertising, Articles in magazines, Seminars

Having defined the broad acquisition strategies, work out the costs and logistics (including manpower) of running your campaigns.

Client Relationship Management & Retention Strategies

Getting the client is just one part of the story. As your client life stage changes or has a windfall, will you be the adviser he will call upon?

This will depend on how successful has your client relationship management program been. You’ll have to gain mind-share and over time establish top-of-mind presence.

Clients enjoy personal contact more than just electronic means, which can only supplement but not replace the need for face-to-face interaction. Having said that, mastering the use of technologies like Auto-Responders, Web 2.0 applications, and Blogs can really ensure continuous contact with your clients, eliminate admin time, and free up your time.

Retaining and cultivating your clients into supporters (or advocates) is very important, thus you can also think about how to add-value to your clients like perhaps a Rewards program, or annual client appreciation night etc will go a long way to maintain strong relationships with your client-base.

Think about what are your client relationship management and retention strategies. See if they can be enhanced or supported by technology.

Sales Targets, Performance Gauges and Practice Milestones

targetgoalNo plan is complete without measurables and deliverables. Work out SMART goals, and review them often to see if you are on track. The marketing plan will certainly change in response to feedback from your campaigns, but give it a good shot before moving on to different methods.

Examples of Sales Targets could be revenue or income based, or based on number of clients acquired. Performance guages are important to check that your time is spent cost-effectively, and low-value tasks should eventually be out-sourced.

Sales targets should be checked weekly, while performance reports should be done at least once a month.

Break down your vision of your dream financial advisory practice by years, and check back at milestones you have achieved or yet to achieve.

Step by step, little by little. Slowly but surely, you’ll be able to reach your goals. Start with some thinking and research and take massive action.

Good Luck!!



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