The past few weeks we have been discussing an advisor’s end-of-year checklist. In this post, we will finish with a look at marketing your business.
Marketing your business is important, especially in the early stages. Many talented practitioners have gone out of business due to poor marketing. At some point, you should have a sufficient number of clients and name recognition in the community that referrals will sustain your practice. A prominent advisor once stated that an advisor’s best marketing plan is their customer service. In essence, he was saying that satisfied clients would refer their friends. This has been a centerpiece of my practice from the beginning. I have always believed if I could become the best possible practitioner, the referrals would follow.
Over the past 25 years, I have utilized a number of marketing strategies. More recently, all new business has come from referrals from clients, CPAs, tax attorneys, and even Google searches. Technology will likely play a larger role in business development in the future. In addition to the aforementioned sources, our website (currently under reconstruction) should play a more active role. However, having a good website is not enough. Individuals must find you. Therefore, I am looking at ways to increase traffic to our site. A PR firm and a knowledgeable IT person can be very helpful.
There are many ways to market a financial service business. Some strategies will depend on the advisor’s skills. Here is a brief list to consider:
2) Speaking to groups