It’s fascinating to me the number of financial advisor practice owners who live for their practice but are bashful about sharing the value of their practice with others. Hopefully, that’s not you.
What you as a financial advisor do has an incredibly positive, life-changing impact on not only yourself, but everyone around you — especially your staff members and customers. You owe it to everyone in your community to show them, convincingly, what it is you offer and the value of your product for them.
Financial Advisor Practices Need Raging Thunder Lizard Evangelists.
Marketing, or publicity, is just communications with the people in your community. You can purchase advertising (print, broadcast, direct mail, etc.) or you can communicate for free (publicity). Be a speaker or teacher to affinity groups (college, networking events, job fairs, etc.) and introduce your business to large numbers at once. Or be a telemarketer or door-to-door salesperson and introduce your business to individuals one at a time.
You must have a great product, however, and be a true believer (and your staff should be too). Be passionate about sharing the value of your program with everyone willing to listen. In other words, be a Raging Thunder Lizard Evangelist for your financial advisor practice. Be excited and enthusiastic about sharing with anyone and everyone how you can help them. So, how do you convince people in your community the products and services you provide as part of your business are really valuable?
6 Rules to Become a Raging Thunder Lizard Evangelist.
Rule Number 1:
‘Long-form’ communication is better than ‘short-form’, which means a one-hour live presentation is better than a 30-second live presentation. On television, 30 minutes (or 27:30) is better than 30 seconds. By mail, a 20-page letter or large package of information, with a DVD or CD, is better than a postcard. A series of presentations are better than one presentation. The more information you can convey and the longer you keep your leads or prospects listening, attentive, and engaged, the more opportunity you have to ‘make your case’.
Rule Number 2:
In-person communication always trumps broadcast communications. For instance, if you have a choice of a prospect visiting your website or talking to you in person (by phone or at your office), then in person is almost always much better. If you have a choice of prospects (or potential customers) receiving an email or you call them, then the call will be more effective. If you have a choice of talking to them live or them receiving a ‘robocall’, then in person is always better.
Rule Number 3:
A ‘participation’ event is always better than a ‘demonstration’, with clients as ‘spectators’. In all cases, convincing customers to participate and keeping them engaged will always trump passive observation, especially when you’re showcasing a new product or offering discounts.
Rule Number 4:
Even if a prospect is not interested today, it doesn’t mean he or she won’t be interested next month, quarter or year. You always want to obtain contact information from all ‘spectators’, ‘potential clients’, and ‘interested parties’, so you can constantly and repetitiously follow-up. You must do this. Email your lead list weekly or daily. Mail information to your potential customers monthly or more often. Call them quarterly, or more often. Send them invitations to events or activities. Without contact information, you will obtain a very small portion of clients. In comparison, if you maintain frequent contact with prospective clients it will lead to more engagement with your financial advisor practice.
Rule Number 5:
‘Farm your community’. Remember, your community is always changing. Individuals are getting married, divorced, and moving to and from your community. Couples are having kids and their kids are growing, developing, and evolving. Adults and families are sometimes rich and sometimes broke (and typically someplace in between). Sometimes they are bored; sometimes overwhelmed. Certain members of the community will experience trauma which moves them to explore new activities or buy new products. Others will experience trauma which moves them to withdraw from buying things.
Be constantly in front of as many people as possible and as often as possible, so you stay at the forefront of their minds. You must expose them to your message seven-nine times before they pay attention. It is also important to place your message in front of them when they are receptive. That means you must constantly and repetitiously generate leads, mail them and call them, and constantly return to the same community of people to reinforce your business and brand.
Rule Number 6:
You must ‘do enough stuff’. For some financial advisor practices, it’s as simple as doing more things. Most financial advisors underestimate the effort and expense to attract new clients. If you are bringing in five clients a month and you need to bring in 20, then it may be as simple as doing four times as much (time and energy or spending). Never discount the fact you just may not be doing ‘enough stuff’ to generate the results you need. There is no ‘Magic Pill’. You may just need to work harder or invest more money in your business, or both to generate those results to keep your business afloat.
Become a Raging Thunder Lizard Evangelist
Want to become a Raging Thunder Lizard Evangelist for your practice but not sure where to start? Download free checklist 10 Things to Grow Your Financial Advisor Practice. These ten things will help you take the first steps.