A few years back many advisors added fee-based business to their commission-based model as means of creating a more predictable stream of income. Through these last two years, with the economy staggering, that once predictable stream of income became unpredictable or even diminishing. So, is there something advisors can do that will more than likely increase revenue year after year? The answer is marketing.
One of the most important things any advisor can do to increase their revenue is to create a marketing plan and implement the plan. Most advisors say they don't have a marketing plan because they're too busy to tackle another to do item. But often these same advisors have stagnating profits or only marginally higher profits year after year.The only way to really ensure an increase in revenue stream is to be hands-on. Marketing is a proactive process and you need a plan.
Ideally your marketing plan should be written annually. At our firm, we prepare a marketing plan every October for the next calendar year. Everyone in your office should have input on the plan and receive a copy of it. If the entire staff is on board with the firm's goals, then they're more likely to participate and to motivate you to stick to the plan. A successful marketing plan doesn't have to be lengthy or complicated. A plan of any length will suffice as long as it pinpoints a specific goal, sets a date by which the goal should be achieved and outlines a plan to attain the goal.
The first step in creating your marketing plan is to outline your marketing goals. The goals should be simple and straightforward, such as:
* Schedule two lunch meetings a month with prospects
* Receive local publicity once a quarter
The next step is to make a list of actions under each goal detailing how you plan to accomplish the goal. For example:
* Goal: Schedule two lunch meetings a month with prospects
Action: Every Tuesday afternoon from 1 - 5pm make outbound calls to prospects
* Goal: Receive local publicity once a quarter
Action: Reach out to the media 12 times a year
Action: Hire a PR firm to help promote my firm
An important part of goal setting is to put a date or set a frequency on each of your goals. When people set goals without putting a date on them, the goal becomes nothing more than a dream. However, if a date is established, it's much harder mentally to avoid taking action.
To ensure that you're working towards your marketing plan goals it's imperative to re-read your marketing plan on a regular basis and track your progress. If you write a marketing plan, but set it aside because life gets too busy and never revisit it, then the marketing plan wasn't worth creating in the first place. Therefore, you should create a calendar reminder to review your marketing plan once a month and discuss it regularly at employee meetings to keep the momentum going. It's okay to make changes and adjust your marketing plan goals to adjust for life's circumstances.
Many advisors run their practice on a reactive basis. But to advance to the next level of success you need to set some time aside to plan out your marketing actions for the year and review your plan on a regular basis. A little planning can result in big rewards.
One of the most important things any advisor can do to increase their revenue is to create a marketing plan and implement the plan. Most advisors say they don't have a marketing plan because they're too busy to tackle another to do item. But often these same advisors have stagnating profits or only marginally higher profits year after year.The only way to really ensure an increase in revenue stream is to be hands-on. Marketing is a proactive process and you need a plan.
Ideally your marketing plan should be written annually. At our firm, we prepare a marketing plan every October for the next calendar year. Everyone in your office should have input on the plan and receive a copy of it. If the entire staff is on board with the firm's goals, then they're more likely to participate and to motivate you to stick to the plan. A successful marketing plan doesn't have to be lengthy or complicated. A plan of any length will suffice as long as it pinpoints a specific goal, sets a date by which the goal should be achieved and outlines a plan to attain the goal.
The first step in creating your marketing plan is to outline your marketing goals. The goals should be simple and straightforward, such as:
* Schedule two lunch meetings a month with prospects
* Receive local publicity once a quarter
The next step is to make a list of actions under each goal detailing how you plan to accomplish the goal. For example:
* Goal: Schedule two lunch meetings a month with prospects
Action: Every Tuesday afternoon from 1 - 5pm make outbound calls to prospects
* Goal: Receive local publicity once a quarter
Action: Reach out to the media 12 times a year
Action: Hire a PR firm to help promote my firm
An important part of goal setting is to put a date or set a frequency on each of your goals. When people set goals without putting a date on them, the goal becomes nothing more than a dream. However, if a date is established, it's much harder mentally to avoid taking action.
To ensure that you're working towards your marketing plan goals it's imperative to re-read your marketing plan on a regular basis and track your progress. If you write a marketing plan, but set it aside because life gets too busy and never revisit it, then the marketing plan wasn't worth creating in the first place. Therefore, you should create a calendar reminder to review your marketing plan once a month and discuss it regularly at employee meetings to keep the momentum going. It's okay to make changes and adjust your marketing plan goals to adjust for life's circumstances.
Many advisors run their practice on a reactive basis. But to advance to the next level of success you need to set some time aside to plan out your marketing actions for the year and review your plan on a regular basis. A little planning can result in big rewards.
