You cannot build a reputation on what you are going to do.
Henry Ford
How you can attract more ideal clients from your target market? Getting your marketing message out to the types of client you are trying to attract is essentially a five-step process.
Step 1: Where is their “pain”?
Understanding the worries, problems, concerns and frustrations of your target market and how these affect their lives both practically and emotionally is crucial to crafting your marketing messages. You have to be able to get their attention and being able to articulate their “pain” back to them, in such a way that they recognise themselves or their situation in your words, is the most effective way to do that.
Step 2: How do you take the pain away?
How does what you do take away those worries, problems, concerns and frustrations? This is your client proposition. Being able to explain in simple language how you can remove or reduce their worries, frustrations and concerns is key.
Step 3: Why should they choose you rather than anyone else?
It’s hard to stand out from the crowd when you’re offering what the crowd offer and from the client’s perspective advisory businesses look very much the same (just look at half a dozen adviser websites to prove the point). What sets you apart might be the level of specialist expertise or qualifications. It might be linked to the overall experience, but clients can’t judge that until they’ve been through it. In reality it is more likely to be that you understand and can articulate their worries and problems better than they can themselves and have helped other people just like them. How you will make them feel? Why are you different? What makes you stand out?
Step 4: Where’s the evidence?
How can you prove that you will be able to take away the pain? Satisfied clients, testimonials and case studies work well here. Having a small number of delighted client advocates to whom new potential clients can speak should be all the evidence you need.
Step 5: How are they going to find you?
There are many marketing strategies and tactics you can deploy to get your message out to your target audience. PR, writing, developing professional connections, client referrals, social media, internet marketing, speaking, networking, direct marketing, tele-Marketing et al, each of which is worth an article in it’s own right. Not all the options sit comfortably with (or will work for) everyone but suffice to say having 4 or 5 marketing strategies consistently in play, will help to build your profile, reputation, revenue and profits.
It doesn’t matter if you’re always right. It matters that you’re always moving.
All companies have a culture, some companies have discipline, but few companies have a “culture of discipline”. When you have disciplined people, you don’t need hierarchy. When you have disciplined though, you don’t need bureaucracy. When you have disciplined action, you don’t need excessive controls.
Jim Collins, “Good to Great”
The number of column inches devoted to adviser charging recently has rocketed. Understandable I guess, as more advisers look to find a way to migrate from the old commission world to the new adviser charging environment. I read this blog post from Seth Godin (author and prolific blogger) which summed up for me the whole issue around charging for your services and which really does suggest that in many cases the “resistance” is in the mind of the adviser, not the client.
Read it. Then read it again. Then start to think about how you make your proposition “irreplaceable, essential and priceless”.
An investment in knowledge always pays the best interest
Benjamin Franklin
The business environment is tough right now and likely to become even more so as further cuts and job losses impact people’s confidence. Resilient businesses are far better able to cope with a downturn in the economic cycle, but some struggle to grow even when times are good. The old adage “fix the roof while the sun is shining” certainly holds true here. But what are the signs that your business could be in trouble, irrespective of the current environment?
No (or very few) enquiries
Put simply, you just don’t know where the next client is coming from. Having a consistent and reliable flow of new enquiries from “ideal clients” is the sign of a healthy business. Marketing and lead generation are usually at the heart of businesses that find themselves in that situation.
Disgruntled Employees
D-grunts as Sam Parker calls them. Employees who just aren’t engaged in what they do, who for and why. Such people undermine a positive, client centric and accountability culture. Indeed it can be pervasive. If these “attitudes” aren’t addressed by the owner/senior management, the “good guys” will start to think… why bother?
You take few (or no) holidays
Much has been written about owner reliant businesses and whilst I agree with some of what is often said, as the owner of a business that is reliant on me, you won’t be surprised that I’m not in 100% agreement with all of it. For me, it’s a question of personal choice and what’s important to you. More specifically it’s about decision and discipline. Making the decision that you will take the number of days off that you want to and then having the discipline and relevant structure that allows you to keep your promise to yourself. I take all the holidays I want and need, but still find the time to “take care of business” and most importantly clients, marketing and writing commitments.
Unhappy customers
Bill gates once said that you unhappy customers are your greatest source of learning. Maybe so, but in this sector complaints are the last thing anybody wants. But if you are losing customers it’s only a matter of time before it starts to really hurt. Inattention, poor service and poor communication are usually the three main causes of client disatisfaction and those are usually the result of trying to juggle too many balls (clients) at the same time.
No Passion
If you don’t genuinely care about what you do and who you do it for, you’re probably already on the slippery slope. If you lack that passion, you’ve probably also got few leads, disgruntled employees, unhappy customers and are in need of a break! For me, passion is at the heart of all of the above. I’m fortunate to have been able to help a number of advisers rediscover their passion for what they do and watch them transform their businesses and their lives. Passion matters. As I have been known to say to prospective clients, if it matters more to me than it does to you… I can’t help you!
What clients want
Many adviser propositions are built around assumptions. Assumptions about what clients want/need and the even more dangerous assumption that they value what they currently get (and most likely have always got!)
This can result in shortcomings within your client proposition and the actual services that clients genuinely value and potentially client defections.
Providing clients with services they want and value will increase their “loyalty” and propensity to refer and also give you greater control over pricing.
Providing them with services they don’t want or value is a complete waste of resources (time, effort, energy, money, people).
On the other hand, failing to provide them with services that they want and value, is likely to see them finding another adviser (who does) pretty swiftly.
So, how do you find out what your “ideal clients” need want and value? Ask them! Radical perhaps, but worth a try. Invite half a dozen top end clients to your office (rent a hotel room if you work from home, it will be the best money you’ve ever spent). Put on a few nibbles or some cheese and a glass of wine and hold a discussion around three questions…
1. What 3 things do you value most about what we do for you?
2. What do we do for you that you don’t value at all?
3. What would you like us to do for you that we aren’t currently providing?
If you think that clients won’t be “open” in a group environment, meet with them individually over coffee or lunch, purely to ask these 3 questions. Listen carefully to what they say. Drill down into their answers.
Send them a hand written “Thank You” note and take time out after the exercise to refine your client proposition to incorporate or remove elements based on the feedback they gave you. Get back to them once you’ve done that so that they can see that you’ve taken their feedback seriously.
Your proposition will be much more compelling as a result and your most valuable clients will be delighted, just because you asked.