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4 'Can't-Miss' Marketing Tactics for Rookie Advisors
4 'Can't-Miss' Marketing Tactics for Rookies
By Daryl Logullo
July 16, 2003
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When I'm coaching newcomers to the financial advisory business, I tend to hear the same question over and over again: "How can I come up with innovative ways to attract new clients?" After all, lack of experience, a competitive marketplace, a tight economy—that's a tough combination for advisors who have yet to nail down an effective marketing plan.
If you're a rookie—or simply casting around for some new marketing ideas—ask yourself the following question: "If money were no object, what would be the best way of reaching my target prospects?" The point is to tap into your entrepreneurial side—to jump-start what I call your "green-light thinking." Then, start focusing your efforts using the following four tips:
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Commit to providing "unique service extras." Zero in on what makes you different—the small details that set you apart. Be aware that prospects notice little things—your office décor, references to your personal interests, seemingly small service extras, even the look of your conference room. And while these details might not carry much weight individually, together they can make a dramatic impact—what I call a "Wow" experience.
Find out how the big shots do it. Look around your office. Who's successful—and why? Consider approaching an experienced FA about a short-term team relationship. Apprehensive? Don't be—seasoned advisors often welcome the added help. John Baxter, who works for a regional brokerage firm in Teaneck, N.J., teamed up with a top producer in his office. "I learned more in one week than in my first nine months in the business," Baxter reports. "One partner was looking to transition out, so the experience helped us both."
Suggest working together on activities like seminars, direct mail, client appreciation functions, or radio shows. Be aware that a veteran advisor may not be interested in splitting commissions or revenues 50/50. But anything that you learn in the course of the relationship—even if it's simply exposure to new styles or approaches—will amount to more progress than you'd make trying the same tired old tactic again and again.
Think like LeBron James. How did the teenage basketball phenom secure a $100 million dollar payday? Granted, he's good. But more than that, LeBron is tapping into the power of branding. Think you're too green to start investing time and money into a brand-building campaign? Look at LeBron—he hasn't even started playing professional ball yet. "Every dollar I've spent on my name I've gotten back 100-fold," says Nancy Hite, CFP, a 25-year veteran based in Boynton Beach, Fla. "Tapes, books, and mailings come and go," Hite adds. "But your name is something that's around a lot longer." And don't worry if you don't have a Nike-sized budget at your disposal. For some tips on building your brand on the cheap, click here.
Become a player. Feel like skipping out on that conference or cocktail party? Too bad. To make it in this business, you need to network—constantly. And as you do, you'll need to help people realize how you can help them—rather than focusing on helping yourself. Approach every Chamber of Commerce, Rotary Club, or business leads networking group function with the goal of meeting and helping new people; then, if you can't help them resolve their concerns, make it a point to match them up with colleagues who can. You'll feel good—and you'll enjoy reciprocal benefits down the line. Also, as you're out there making connections, consider potential referral partners beyond the usual attorneys and CPAs. "Work out alliances with other professionals, such as doctors, dentists, even auto mechanics," suggests Heath Shackleford, a publicist with Seigenthaler Public Relations in Tennessee. Remember: this is a people business—to succeed, you need to get out there and play.
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