Moving to Marketing Action!

by, Beverly Flanxington, The Collaborative

Setting a goal is not the main thing. It is deciding how you will go about achieving it and staying with that plan.
–Tom Landry, Coach of the Dallas Cowboys

Each year, along with their business planning process, advisors may set a goal of increasing revenue and profit. Marketing efforts are needed to support this goal, but often advisors don’t have a clear strategic and tactical plan to ensure their marketing efforts are successful.

Consider these six steps to creating your marketing plan:

  1. Know where you are going. Do you desire additional referrals from existing clients? Are you hoping to increase leads from Centers of Influence and other strategic partners? Do you want to do more PR and awareness building? Be clear about the focus of your efforts.
  2. Know your target client. What problems do they have? How do you help them? What is their age, profession, marital status and educational level? Look at your existing client base and try to construct a profile of the type of clients you work best with to weave into your marketing efforts.
  3. Have a clear and concise message. In order to stand out in a crowded market, you need to let people know who you are and what you do differently. Check your message and make sure you have clear platform points about what makes you different.
  4. Pick the right tools and tactics for your audience. There are so many different opportunities on the marketing menu – everything from video sales letters to seminars and workshops. Don’t start doing anything until you look at everything you could do and then decide what’s best for your needs.
  5. Construct a budget. How much is right? The answer is “it depends” – on what’s in place, on your particular market, and on how aggressive you want to be. Know what you can spend and pay attention to each individual cost.
  6. Find the right resources. Create a clear enough plan so you can assign pieces to different individuals. Seek outside resources where necessary. Make a clear and concise plan so that each person knows their piece. Keep everyone engaged so that marketing efforts are at the forefront.

Marketing takes time and effort but the payoff, when it’s done well, can be enormous. Commit this year to not only setting a new revenue goal, but also creating the plan to support it.

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