Does it really take money to make money?
Developing a marketing plan can be daunting for many financial advisors. Some advisors I work with have avoided the topic of marketing because they say there are too many options, fulfillment decisions, and fear of little or no return on their investment. The opportunities available to them are numerous and range from museum sponsorships and billboards to radio spots and postcards. And even after they have selected a medium, they may think: Who is going to write and design those postcards, and how much will it cost to print and mail them? And after all that, will any of the recipients even become a client?
Unfortunately, without a marketing initiative, many advisors may find their book of business on a plateau. One common misconception is that a marketing initiative means shelling out millions on a Super Bowl commercial. In reality, gaining exposure and connecting with new prospects can be done through a variety of less-expensive ways.
One way of gaining exposure is by hosting or attending an event. Through events, large or small, an advisor is able to meet prospective clients and cultivate a relationship.
Host an event
Hosting a social event is a great way to kill at least three birds with one stone. A properly planned and executed event can help you nurture your relationship with existing clients, meet new prospects and become a community pillar.
A lighthearted event geared toward catching up with your existing clients can be considered a success because it is an opportunity to reconnect. One way you can get more value out of these events is by asking these clients to bring a friend or guest. This is an almost surefire way to get some introductions in a non-threatening environment.
Social events can range from renting a box at a local baseball game to hosting an intimate dinner. Many of the advisors I work with host larger events on an annual basis to serve as a means of client appreciation. I have suggested they expand the budget a tad and open the event up to some prospects. This could mean some folks who are close to becoming clients, or even friends and family of existing clients, and tacking on a few extra tickets for prospective clients usually won’t break the bank. One advisor does an annual baseball outing at a local minor league field. Each year his clients look forward to this outing and ask to invite their friends and family.
Host an Educational Seminar