Marketing techniques for financial services practices have changed dramatically in the last 25 years, but some of the most significant changes have come about in just the past three years. Most of the marketing strategies you previously used to grow your business are now either illegal—or just plain ineffective.
When you first started, you probably used some of the following:
• Cold Calling
• Forced Networking
• Direct Mail for Lead Generation
• Yellow Page Advertising
• Public Seminars
If these marketing strategies are working for you, by all means continue with them. If they are not working for you, stop wasting your time and money.
Here’s what works now.
The following up-to-date marketing strategies are proven to work for a majority of financial advisors. If these strategies don’t work for you, it’s because of peculiarities in your area or, perhaps, poor execution on your part.
Client Referrals − Generated because of a perceived expertise or specialization, solid relationship and superior service. If you aren’t receiving client referrals, frankly, your service stinks.
Professional Referrals (CPAs, Estate Planners, Attorneys, Human Resource Managers) – You can cold call to build these relationships, or you can deliver CE credits, but the most effective way to build relationships is to meet them via a client or by networking within the community.
Client Communication – Probably the easiest and most effective marketing strategy to maintain and improve client relationships. Consider using direct mail and direct e-mail to “touch” clients 12, 24 or over 60 times per year.