How does your marketing strategy compare with other Australian advisory firms? Here are three simple tips to ensuring your marketing activities drive your bottom-line.
For advisers, communicating the value of your services is critical to attracting and retaining customers, yet many are not taking the best steps to position themselves in the market.
According to Rubik Financial and Business Health's recent study of 328 Australian advisory firms1 only 35% have a "clearly defined, formally documented marketing plan", and less than half of these use a marketing plan to truly guide marketing activities. How does your practice compare?
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How a marketing plan can benefit your advisory firm
Marketing plans are strategic documents that link clear business objectives with your market position, target customers, communication strategy and resources to expand your business.
The process of developing your marketing plan will get you thinking about critical business operations that drive your bottom line. It will help you:
Select the right target client and the right communications
Deepen your understanding of your industry and identify gaps and opportunities
Track your competitors and develop points of difference
Develop objectives so you can measure the profitability of your marketing activities
CommInsure's Smart Advisor Marketing program can kick-start your strategy with a simple marketing plan template that helps you map your marketing objectives and campaigns throughout the year.
Build a brand that cuts through the noise
According to Rubik's study, most advisory firms are investing time to clearly articulate their value-add to their customers: 62% have a fully documented customer value proposition1.
It's not enough to do a good job and hope that potential customers will just find out about you. You need to help build your unique 'voice' or brand in the market. Often the strength of an advisory practice comes down to highly personalised, trusted relationships and it's precisely these personal and unique brand characteristics that need to be communicated more strongly than ever before. Customers want to know why they should choose you and how you're different from your competitors.
Start developing a clear definition of your brand and what it stands for with CommInsure's Smart Advisor Marketing's easy-to-use brand worksheets.
Strengthen your customer bonds with social media
With every marketing touch-point, there is opportunity to demonstrate that:
You know your customers (who they are, how they like to be "talked to"), and that
You understand their needs (their delights, their pain points).
Social media is a perfect customer touch-point to build connections with potential clients and help establish credibility in the industry, yet only 54% of Australian advisory firms have a social media presence1. An effective social media strategy takes advantage of a fundamental shift in how individuals and businesses connect - connections with potential clients can build exponentially if done well.
A strategic social media plan will help you identify your true target market so you can refine and polish how you connect with your target customers in a way that truly resonates with them.
CommInsure's Smart Advisor Marketing program provides you with some useful templates for building your social media plan.