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October 27, 2014 at 08:00 PM
Once owner-advisors get past a rainmaker mentality and create a marketing foundation within their firms, executing a solid marketing plan can have many benefits beyond simply attracting prospective clients. For most advisory firms, we don’t advocate a mass marketing approach: The results are usually too low to warrant the high cost. Instead, we prefer targeted marketing, involving groups and media that are aimed at the firm’s target clientele. But within these parameters, the right local presence often has the following unexpected results:
Strengthens client relationships
When clients find that their friends, colleagues and acquaintances have heard of their advisory firm, they usually can’t help but feel better about their advisor. It’s human nature. Consequently, they are less likely to leave the firm, more likely to work out any problems that arise, more likely to listen to their advisor and way more likely to give glowing referrals.
Increases referral awareness
On the other side of those referrals, when prospective clients have already heard about a firm (in a positive light), we find that they are much more likely to act on a referral from one of the firm’s existing clients. This, of course, translates directly into higher closing rates.
