Hi, it’s Rachel Staggs from SRSCC, and I’m going to share with you the five proven marketing principles for financial advisers. Let’s have a look at them, at a glance. There’s word of mouth. There’s digital reputation. There’s educational-based marketing, client segmentation, and social business. Let’s dive right in, and let me talk about these to you.
The first one is word of mouth. You may have heard me say, “It’s not your client’s job to get you more clients. It’s yours,” if you’ve been to any conferences and heard me speak or you’ve read any of my material. Now, that when I say that, many agree, but when I ask advisers, “How do you gain new clients?,” they typically respond with, “Through word of mouth.”
The scary thing about that is, whilst it’s there number one client attraction strategy, there’s actually no strategy written to support it. Rather, it’s what we call a “hope-based strategy,” hoping that one of their clients will refer a friend. Now, word of mouth isn’t a marketing strategy, unless it has some actions and processes around it. My question to you today is, “What are you creating that is relevant and can be shared?”
The second thing, the second principle, is your digital reputation, and I can’t stress enough about the importance of this. We all know how important your reputation is. Nine times out of ten, it’s how you get your work. It’s, once again, word-of-mouth marketing, but once again, it needs to be robust. Now, if I can just share a quick story with you.
I was working with an adviser a while ago who has a LinkedIn profile, but he was telling me that he doesn’t do LinkedIn. You know what? If you have any sort of social profile, you do social. You might not do it very well, but others who do can see you. They will make a call on whether you have a good reputation or not, purely based on that LinkedIn profile you created, perhaps a while ago, and never bothered looking at again because you don’t do LinkedIn.
Now, the interesting shift that we’re seeing is what we call “blurred lines.” Years ago, Facebook was very much your own personal page, and LinkedIn was very much a professional world. The two never really impacted the other. That is no longer. With our love of social has come our- With our love of social, sorry, has come our love of interacting with many different platforms and devices. How you look online can equate to how your reputation is perceived. That part’s really important.
The third principle is educational-based marketing, and I’ve been talking about this for years. Here, we’re talking about your communication strategy. What do you have in place that ensures you are communicating and educating people about your value for the lifetime of that client, constantly? The fourth one is about client segmentation. Now, it doesn’t matter what size your business is. You could have multiple advisers or one adviser.
Segmenting your client base on a regular basis leads to excellent results. First of all, you can identify new services so retention of clients. You can create space for innovative thinking so you can stand out from all the others. You can create targeted educational-based marketing messages, so there’s potentially new revenue opportunities. You can understand your client’s persona far better, which means you’re going to build a better business.
The fifth principle is social business. Now, I’m not talking about social media. I’m not talking about posting an article once a week on Facebook. Businesses are evolving. They’ve mastered the art of social media, and now they’re transforming their businesses into social businesses. Let me clarify. A social business is engaged. It’s engaged with its clients, third-party suppliers, staff, its community, and it’s broadcasting the same message all of the time. It’s very transparent. This makes it very nimble, which means it’s far easier for them to meet their client’s requirements faster than their competition.
My question to you is there’s five principles here on the screen, word of mouth, digital reputation, educational-based marketing, client segmentation, and social business. What do you need to do, in your business right now, to implement those five proven marketing principles? My name’s Rachel Staggs. Thanks for watching. Here come my contact details. You can contact me anytime and find out further information. Thanks a lot. Bye.