Creating a Plan for Marketing Success

By Matt Iverson on Monday, October 4th, 2010

If you’re an advisor who wants to get a leg up on the competition, just create a marketing plan.  Seriously.  It’s no secret that most advisors, even those who deliver planning services, fail to create a plan for marketing success.

Here’s a challenge: This Friday afternoon, turn off the phones, close down your browser/email and take 4 hours to create your marketing plan. If you’ve already got a marketing plan (good for you!), take that time to review your plan in order to figure out what’s working and how you’re going to do more of that.   

Your marketing plan should be highly actionable, not take a lot of time and include:

  • Positioning:  What you do, your client profile and the specific problems you solve

  • Objectives: Do you want more clients or the same number who are more profitable or...

  • Activities: What will you do to realize your objectives?
    Create a formal client referral process? Organize client events?  Send direct mail? Enlarge your professional network of attorneys or CPAs? Create a client advisory board? Give workplace presentations? Jump in and start with social media?

  • Budget:  How much are you willing to spend?  Identify the top two activities you want to engage in and put a dollar sign next to them.

  • Calendar: Break the activities into easy, actionable steps and hold yourself accountable with dates

  • Tracking: Evaluate your marketing ROI on a quarterly basis.

  • Rewards: Marketing success does not happen overnight, especially if you’re not used to doing it.  Rewards for reaching marketing milestones is key.

Besides selecting marketing activities based on what you do well and enjoy, it’s important to provide prospective clients with a safe, easy and valuable first step that let’s them engage with you on their terms.

Finally, showing that you are committed to helping educate members of your community is a big plus.

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