There are four ‘p’s to keep in mind when developing your marketing plan. In his book, “Bridging the Value Gap,” Thomas F. Rieman writes, “[W]hile a key component of marketing is to attract the attention of clients you want through seminars, referral programs and other prospecting techniques it’s ultimately about the client experience you create through the effective mix and congruence of the four ‘p’s, product, pricing, promotion and packaging.”
Product – Ultimately, Rieman says, your clients’ success is your product.
Pricing – Under-pricing is as dangerous as over-pricing. Affluent clients may assign a lower value to your product if they feel the price is too low.
Promotion – This is what most advisors think of when they think of marketing, Rieman says. The key goal is to entice prospects to engage with you, or at least be receptive, no matter what methods you use.
Packaging – Your packaging is your brand. There are three things to consider here:
- What people see: Your appearance, partners, surroundings and Web presence
- What people touch: Your office, collateral materials, business cards, brochures and proposals
- What people experience: Your client interactions, process and, of course, performance