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Practice Management > Building Your Business

The Other Benefits of a Marketing Plan

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A solid marketing program combined with an emphasis on consistently great client service (and away from rainmaking) will increase outside prospects, referrals and closing ratios. But we’ve also found there are other benefits to getting all employees directly involved in the growth of the firm.

Firm morale almost always increases dramatically, as employees begin to feel that their contributions are important to the success of the firm. While most employees probably don’t know much about portfolio management or financial planning, marketing is an area where anyone can come up with a great idea, and many employees do, further increasing their feeling of contributing to the firm’s success.

Once your marketing programs start to take off, owners and senior management also typically find that they have more time—and increased motivation—to think about additional ways to grow their firm. While many owner-advisors significantly resist the transition from rainmaking to integrated marketing, those who embrace it invariably find that they have more time to work on the business, socialize with clients and train employees—as well as more time out of the office.

We’ve also found that effective marketing programs also provide a solution to one of the most pressing challenges facing owner-advisors today: succession. In most firm successions we’ve worked on over the past 10 years, the main concern of the owner-advisor is finding a rainmaker among his or her in-house successors. When you implement integrated marketing, you don’t need a rainmaking successor to make your business a success.