Got Marketing?

4. Negotiate marketing rates. Advertisers are as interested in doing business with you as you are with them. With newspapers and magazines discounting their rates, it's a good time to negotiate a media deal. If you advertise in a newspaper, Kaufman advises bargaining for an online tie-in so that you can track results on your website.

5. Consider outsourcing. If you haven't institutionalized your marketing process, it could be an appropriate time to outsource. Virtual PR teams and small boutique agencies, for example, will work on a per-project basis rather than requiring a retainer. However, as Blase notes: "The firm has to offer a real return. They need to know your business and your space. Getting a consumer products specialist, for example, to help with your PR is not a good bet."

6. Become an industry leader. Touch base with the media who cover your space. Offer an insight or benefit that will make your relationship with them stronger and more valuable. "Everybody talks about thought leadership, but few do it well," says Blase. "If you have something to say that is insightful and gives pause, people will take notice."

7. Nurture your niches. Consider how the niches you serve are likely to be impacted by the current climate and address that head-on. As Dubick points out, a dry cleaner and a car dealer are probably going to be affected differently in a down climate than a dentist and an accountant. "It's good to be sensitive," she says.

8. Build your brand. The biggest misconception advisors have is that they define "marketing activities" as having lunch with a CPA, according to Bogan. Brand-building requires systematic and disciplined marketing that isn't dependent on founders or partners but systems and processes that promote a firm. As an example, Bogan recently created a series on how to manage wealth through the generations for an advisory firm that's targeting high-net-worth clients. The "series" includes white papers and conference calls to clients, prospects and centers of influence. As Bogan frames it: "It's about rising above the noise."

9. Uncover your passions. A lot of advisors tell Kaufman their business model is "different" because they cater to pre-retirees, age 50-60, with $1.5 million in investable assets. Different? Not at all. Kaufman's response: What are you passionate about? Kaufman says the best marketing he has ever done has paired an advisor with hi s or her passion. In one instance, he connected an advisor who raises and jumps horses with a prominent hunt club event. "It combined her passion with her business. It simplifies everything, and she's gotten business from it," he says. "It's a magic bullet that makes marketing worries go away because you're speaking the same language."

10. Heighten your community profile. Whether it's hosting a 10-K run or addressing a local civic organization, you're creating a win-win in terms of goodwill. "Community service is such a good way to go. When you do this, you meet the best possible clients — people who care about other people," says Dubick. "And when people meet you in those surroundings, you have instant credibility. When people see you, they already have a comfort level. In this day and age, that's a nice thing to think about."

11. Review your website. Does your website still reflect your marketing message? A lot of advisors fail to shift content on a timely basis. Does your positioning reflect your current strengths and services? Is it true to your mission and vision? As Blase observes, "Is there a way to make it more relevant to people? Is there a way to make it resonate better so that people can see that you do have your finger on the pulse?"

12. Become network-savvy. Get familiar with business networking sites like LinkedIn and Plaxo Pulse. Once you input your profile, it takes minimal effort to participate — and it's free. Blase says it's a great way to make and get referrals. "Not only can it lead to new business," he adds, "but you're helping other people too, clients among them."

13. Focus on key clients. It's no secret that it's easier to get new business through current clients than through working prospects. "Picture your top 10 clients and then picture what it would look like if one of them walked out and got better service somewhere else," says Kaufman. "If that gives you a stomach ache, it should. Make sure that all your clients are taken care of not just well, but exceptionally well." Take a good hard look at the "client experience" and make sure it's shooting on all cylinders.

14. Refine your marketing message. There's no better time than in a turbulent market to rethink how to connect with your clients. How can you use the downturn to build a better mousetrap? The starting point, according to Blase, is trust. How do you communicate trust? "The important thing is for the client to say of an advisor: 'This is a guy I can rely on, a guy I can trust.' It's not about getting it right 1,000 percent of the time," he says. "We wouldn't have weather forecasters or economists if that were the case." As you refine your marketing message, think in terms of benefits to the client, not features. "The core of any marketing program is what's in it for the client," Blase adds. "What are they getting from you they can't get anywhere else?"

15. Build up your centers of influence. It's a good time to partner with experts on other concerns your clients may have: health care, educational funding, the housing malaise. Invite your clients, their CPAs and their clients to an event that showcases common concerns. "How is your market feeling and what can you do to communicate with them confidently? What you are communicating here is an advisor you can count on, service you can count on and relationships you can count on," says Bogan. "That's the message people want to hear."

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Freelance writer Ellen Uzelac is based in Chestertown, Md.; the former West Coast bureau chief and national correspondent for The Baltimore Sun, can be reached at [email protected].