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October 22, 2014 at 12:00 AM
It’s time to start planning next year’s marketing. Without a clearly defined focus, however, even the best marketing efforts can fail. So before you sit down to work on your marketing plan, make sure you’ve got these five foundational items in place:
1. Vision. Your vision defines what kind of company you want to become. Do you want to be a small firm, which provides a comfortable cash flow while allowing you flexibility? Or do you want to aggressively grow to $1 billion and possibly transfer your firm to the next generation? Your goals for your business will dictate your marketing messages and tactics.
2. Mission. Your mission is the purpose of your company. Is your company’s purpose to guide your clients toward good financial decisions which they can execute themselves? Or is it to work with them over the long term to help them leave a legacy for future generations? You need to be clear about what you’re trying to achieve in order for your marketing to accurately reflect your mission.
3. Target market. Your target market is a broad definition of your clients. Some examples are young, high-earning technology professionals just starting to build their nest eggs; retired professionals who need to optimize retirement income; and close, multigenerational families with a strong sense of responsibility to future generations.
If you want your marketing to attract the right client, you need to know who the right client is. Defining your target market will focus your marketing message, provide a direction for your brand and guide your marketing campaigns.
