Category Archives: Marketing

8 prospect questions you have to answer

Written by Steve. Posted on May 15, 2013. Filed under Marketing. No comments.

As promised last week here are the 8 key questions your prospects will be looking for answers to, with some thoughts on the best way to go about answering them. Whether you are developing physical marketing materials or developing the key messages for your website, the questions and principles are the same.

What exactly is this service and why should I be interested?

You need to provide an overview of what you do, how you do it, who for and how your clients feel once you’ve done it! The 60 second pitch that we looked at in our recent post is the ideal structure for this.

Is this service for me?

Talk about the needs, problems, issues, challenges, worries and frustrations that your ideal clients are facing. This is about them, not you.

What kind of results can I expect if I use this service?

Answer the question! Don’t do what politicians do and simply restate the message you want to get across. Provide information on the results and outcomes they can expect.

Who else has used this service and what results did they get?

This is about evidence. Provide case studies or success stories that prove that you deliver what you claim.

How exactly do your services work?

Let them know what the process is and how long it will take. Tell them how the service you provide is structured.

Are you any good?

Demonstrate your credibility (case studies again). Tell them something about your background and qualifications. Evidence that you have the expertise required and why they should hire you rather than someone else?

How can I find out more?

Explain to them the steps they need to take to work with you and what will happen when they first contact you.

What valuable/relevant free information can I get from you right now?

Develop relevant guides, create “FAQ’s” let them subscribe to your newsletter and capture their email address so that you can send them more relevant information about the areas they are interested in.

Being able to answer these questions in a consistent, clear and compelling way is key to marketing success and connecting with your prospects.

8 key marketing messages to master

Written by Steve. Posted on May 8, 2013. Filed under Marketing. No comments.

Crafting your marketing messages in a way that helps clients to understand what you do, who for and how those people benefit is one of the keys to marketing success. Here are the 8 key elements or marketing messages that your marketing communications need to address.

Target – These are our ideal clients, the people who will benefit most from working with us
Problem – These are the key challenges that those ideal clients are trying to solve
Outcome – This is the outcome we help them to achieve
Evidence – Here’s a story (case study) that proves that we help our clients get the outcome and results we promise
Benefits – These are ALL the things that clients get when they work with us
Process – This is the process we use to deliver these results
Credibility – Here’s some information about our background and experience which shows that we know what we’re doing
Call to Action – Here’s what we suggest you do next if you want to find out more

Developing a compelling and differentiated set of words, using simple straightforward language, around each of these points will significantly enhance your ability to help clients understand why they should be working with you. It will help potential clients to make sense of your proposition, raise their level of interest in what you do and make them want to know more.

Next time we will look at the specific questions that your prospects will be asking and help you to address them effectively.

What’s your “marketing mindset”?

Written by Steve. Posted on May 1, 2013. Filed under Marketing. 1 Comment.

Many owners of professional services firms have mindsets about marketing that are hindering their marketing efforts. These mindsets are the lenses through which we see the world; our thoughts, beliefs, assumptions and prejudices. If these beliefs and assumptions are negative, you will see marketing as something that is difficult, to be avoided, a waste of time.

In reality, if you want to grow your business, marketing is the single most important function to master and make part of your “business critical” priorities. Here are some typical negative marketing mindsets and beliefs that I’ve seen and heard from professional advisers, accountants and solicitors with some alternative, more positive approaches or “self-talk” to compare them with.

Marketing leads to rejection (only if you allow those who say “no” to make you feel that way. You’re never going to be right for everyone)
It probably won’t work, so we may as well not bother (if you don’t bother it definitely won’t work)
If I ask for referrals it will sound like I’m begging or desperate (of course it will if you ask in the wrong way, or at the wrong time)
People won’t be interested (mind-reader now are we?)
I don’t have time to do any marketing (it’s a business critical activity, I need to make the time)
Marketing is a complete waste of time and resources (you’re right… if you use the wrong marketing tactics to the wrong target audience)
You only need to do marketing if what you’re offering isn’t any good (I guess that’s why Emirates, Rolex and Apple spend so much on marketing each year then?)
No one is going to be interested in reading what I write (what… really? No one at all? How do you know that? Didn’t J K Rowling get rejected by 20 or so publishers to start with?)
Networking makes me feel awkward and uncomfortable (just be yourself, be prepared and ask great questions to engage people in conversation)

What unhelpful marketing beliefs and mindsets are holding you back?

6 steps to success with solicitors and accountants (part 3)

Written by Steve. Posted on April 24, 2013. Filed under Marketing, Professional Partnerships. No comments.

This week we’re concluding this 3 part series by looking at the final 3 stages of the relationship development process.

Stage 4: Nurturing

Nurturing is about how to make sure that you follow up consistently and effectively and develop the relationship over time?

Creating a robust process for following up and keeping the dialogue and relationship moving forwards is critical. No professional will refer their clients on the back of one meeting. You’ll remember that stage 3 was the initial meeting. This stage looks at what do you need to be doing after that initial meeting. Take an approach that is both professional and structured. One which takes the relationship forward a step at a time.

Stage 5: Implementation

Implementation is the home straight, where you reach agreement to enter into a referral relationship. Cementing the relationship and establishing an introducer agreement and celebrating the fact that you have agreed to work together.

Stage 6: Build and embed

Once you’ve reach agreement to work together, you will need to developing a formal marketing/referral/client communication plan. You will also need to create, establish and execute a contact plan.

This is where you work together to identify joint marketing opportunities and implement an appropriate set of metrics to track the results.

Our Professional Partners Success Blueprint drills down much deeper into this 6 stage relationship development process and provides all the tools templates and materials you need to execute it effectively. Contact us for more information.

6 steps to success with solicitors and accountants (part 2)

Written by Steve. Posted on April 17, 2013. Filed under Marketing, Professional Partnerships. No comments.

Last time we looked at why advisers often struggle to develop successful relationships with solicitors and accountants. Today, I want to outline the first 3 strategic steps in the relationship development process.

Stage 1: Prepare

Do your research. You need to be clear about which firms to target and why and about what criteria you intend to use to make those decisions. I’d suggest a rifle rather than a shotgun.

Stage 2: Approach

You need to define how you intend to approach and connect with them?

What type of approach is likely to be most effective for the firms you’ve targeted. The interesting thing here is that, according to research by J P MOrgan Asset Management, 40% of solicitors and accountants questioned said that they had relationships with advisers who had approached them, rather than the other way around. In other words they tend to be passive, which means you’ll have to make the first move typically. If you are waiting for them to come to you, you may need lots of patience! So, write to them, phone them, get your clients to introduce you to them, go to networking meetings. But make the first move.

Stage 3: Initial meeting

How are you going to evidence your credibility and start to build trust from the outset? How are you going to position you and your firm effectively from the off?

You only get one pop at the initial meeting. Establishing rapport by asking the right questions and building your credibility a step at a time is crucial.

And don’t be impatient. A firm that specialises in arranging appointments for IFAs with solicitors and accountants (for a fee) told me about one such appointment that, from the IFAs perspective didn’t go well. The feedback from the solicitor on the other hand is that it had been a really worthwhile meeting and that she was really impressed with the adviser… until that is, he pulled out a formal introducer agreement for her to sign! Schoolboy error.

Next time we’ll look at stages 4 to 6.

6 steps to success with solicitors and accountants (part 1)

Written by Steve. Posted on April 10, 2013. Filed under Marketing, Professional Partnerships. No comments.

Developing successful (by which I mean long term and profitable) referral relationships with solicitors and accountants is an issue many advisers find challenging.

Today I want to share with you why I believe that is the case and in my next 2 posts provide you with a 6 step framework to help you to rise to the challenge and succeed.

So, why do advisers find developing these relationships challenging?

It comes back largely to what they say and do (or don’t say and don’t do). Here are the 7 main reasons advisers struggle.

1. Sector Reputation

Let’s be honest, justified or not, the sector doesn’t enjoy the best of reputations. I was recently speaking to another consultant who specialises in working with accountants and he told me that the main reason his accountant clients are fearful of referring their clients to an IFA, is that in their experience, they don’t do what they say they are going to do. One of his clients is currently working with an adviser that they have big concerns about, because he doesn’t do what he says he is going to do. They are actively looking for a new adviser relationship for that reason

The sector is changing with higher qualifications, increased professionalism and greater regulation but the fact remains that accountants and solicitor’s biggest fear in introducing their clients to you, is reputational risk and fear over the quality of your advice. You might not like it. You might say that it isn’t justified or fair, but they’re the facts.

Let’s face it, they are putting their reputation and relationship with the client, on the line. They are going to be cautious. So would you in their position.

2. Poor targeting

Advisers in my experience don’t spend time identifying the characteristics of the firms they want to work with (size, age of partners, geography, specialisms).

3. Unstructured execution

The approach to building the relationship is usually unstructured and little time is spent considering

what specific steps and materials might be needed to support the relationship development process
what specific actions and tactics are needed to move the relationship to the next stage
how to build credibility and trust a step at a time. This can lead to a perception of a lack of professionalism

4. No Nurturing

Advisers often fail to invest enough time to educate solicitors and accountants or nurturing the relationship through regular contact, identifying opportunities, providing education, resources, support and value along the way.

5. Poor follow up

Another failing can be poor or inconsistent follow up after any initial meeting. This is just a lack of process or discipline. It’s about following a clear process to thank them for their time, to confirm what’s been agreed and diarising the next contact.

6. Quiting too soon

Advisers also give up too quickly when referrals aren’t produced in the first month. They tend to give in and move on, get back on the hamster wheel and overlook the need to nurture the relationship and the need to stay connected, keep communicating, keep building credibility.

7. Unrealistic expectations

It’s important not to expect results too quickly. You have to take the relationship through the know/like/trust phases before you can expect even a sniff of a referral (think back to the earlier point about the potential for reputational damage and putting the client relationship on the line.)

Would you refer your clients to a TP after just one or even two meetings. No, nor would I. It’s about building rapport, empathy, trust and credibility quickly but professionally.

In my next 2 posts I will break that process down into 6 easy steps.

Finding your niche

Written by Steve. Posted on April 3, 2013. Filed under Customers, Marketing, Strategy. No comments.

Most mature professional services businesses have grown to where they are today by “catching and killing”. In other words, working with as many different people as possible resulting in the all too common situation of having too many unprofitable clients.

The segmentation work we do with clients indicates that despite that, the most valuable clients of each business share many common characteristics. It’s almost as if they have established a niche, but they just haven’t realised it yet.

A niche can be occupation related (e.g. Medical Professionals), age related (e.g over 50’s), related to personal circumstances (e.g. Widows and Divorcees) or any other general characteristics that different clients have in common. How do you find yours?

Analyse your top 20 clients/households (by recurring revenue to your business). Create a spreadsheet and capture the following information.

Client Name
Where they live
Age
Occupation (If they’re retired, what was their occupation before they retired)
Assets with your firm
Estimated Net Worth (if you know it)
Annual Income
How did they become a client? (e.g Referral, via website, networking, professional introducer etc.)
What products and services have they bought from you?

(We have a ready-made template for capturing this data. If you’d like a copy, please email me directly or through the website)

Armed with this information you can start to analyse the characteristics that your top end clients have in common. For example it may emerge that 70% of your most valuable clients are Business Owners and Senior Executives over age 50. They may even own or work in businesses in the same profession or sector.

Whether that was your intention at outset doesn’t matter. This has just become your “target market”. Whether deliberate or not, you have, by definition, done your best work and found your best clients from this niche and you can start to think about how to attract more clients like them.

Niche Marketing

Written by Steve. Posted on March 27, 2013. Filed under Customers, Marketing, Proposition. No comments.

Endless column inches have been devoted to “segmentation” over the last few years as advisers have wrestled with the challenges of identifying their most profitable client segments or niche and the prospect of disengaging sensitively and compliantly with lower value clients.

Client segments can be as broad or as narrowly defined you wish. Males are a segment. But so are blond, left-handed females under age 30 who live in Guildford and drive Volvos. As this example suggests, segmentation can, to quote Tony Putman, the marketing guru and author, “be an endless exercise in accomplishing nothing much” unless you understand why you are doing it.

Why segment

Theodore Levitt the renowned author and professor at Harvard Business School once said, “If you’re not thinking segments, you’re not thinking”. How so? Well,

Some segments are better prospects for your services
Some segments have a greater need for your services
Some segments will take more effort to nurture, build and maintain relationships with
Some segments will be more profitable than others

Again to quote Tony, “”You want to dig your well where you have the best chance of finding water with the least amount of digging”

Key Characteristics

So, what are the key characteristics of an attractive and potentially profitable segment or niche?

They have the means: they have enough money to both get value from your services and afford to pay your fees. Anything else and you both lose.
Willing to pay a premium price for a premium service: some people will always buy on price but on the whole, you’ll enjoy better results if you focus on people who recognise quality and are willing to pay for it.
Abundance: There are enough of them to capture a level of enquiries (in response to your marketing activity) that is sufficient to sustain your business (or new business requirements).
Easy to communicate with: It will be easy for you to reach this segment to communicate your marketing messages.
You already have (or can easily build) credibility with them: You have to get prospective clients to take what you have to say seriously. You are clearly at an advantage if that credibility is already established.
They already know that they need what you offer: Whilst it is possible to get people to see a need they didn’t know they had, you are pushing against an open door if they already know they have a problem that your services can solve.

Use these characteristics to evaluate the potential of each niche that you are considering focusing your marketing efforts on. The niche doesn’t have to meet all these criteria, but if it isn’t meeting 4 or 5 of them, there’s probably a better option elsewhere.

3 keys to a compelling proposition

Written by Steve. Posted on March 20, 2013. Filed under Customers, Marketing, Proposition, Strategy. No comments.

Being able to make a compelling case to yourself for why your target market should engage your services, is the first step in developing the key components your client value proposition.

In simple terms, your value proposition is the collection of reasons why your clients buy from you (rather than someone else) and it has to do three things; resonate, differentiate and substantiate.

Resonate

Your prospects have to want and need the service (or results/outcomes) you provide. And your positioning statements and marketing copy has to resonate both rationally and emotionally. Most buying decisions are made emotionally, so don’t overlook the need to make the emotional connection in your marketing materials and on your website.

Differentiate

It has to help your target market to see why you stand out from the other available options. If you appear to be just the same as every other firm, why should they bother to chose you?

Substantiate

Potential clients have to believe you can deliver on your promises. Testimonials from delighted clients and case studies that summarise the value/results that other clients have received, provide social proof that you will do so.

Do your marketing materials, messages and website resonate, differentiate and substantiate your service?

Understanding your target client

Written by Steve. Posted on March 13, 2013. Filed under Customers, Marketing. No comments.

To help you think strategically about your online marketing, you need to define and understand your target client. Your target client for the future, may differ, possibly considerably, to the type of client you have served until now, so it is worth asking yourself some searching questions. For example

Who is your ideal client?

What topics and issues are these ideal clients interested in? What problems are they trying to solve?

Where are they spending their time?

Are they on LinkedIn? If so, which groups do they belong to? Are there any influential blogs or forums that these people regularly read?

How do they prefer to be reached? Do they prefer a monthly newsletter or weekly blog posts? Do they watch webinars?

These are really difficult questions to answer unless you can get inside the mind of your target client. The best way to do that is to speak to them. Ask them some questions. Interview them. Better still get an independent third party to do that because people are more inclined to be open and offer valuable perspectives without worrying about offending you. From these interviews you should be able to establish…

The most significant challenges they are facing

How they want to be marketed to

The type of content they subscribe to, read or watch

Who they consider to be your competitors

What they see as the biggest benefit of working with you

What you are likely to find is that their perceptions are very different to yours. And that is where the value is, because these are the insights that help you to develop a strategy that exploits real world opportunities and resonates with the very people you are looking to attract. In other words, you can stop guessing what your ideal clients need, want and value. And that’s the key to effective marketing.

What are you waiting for… get calling them!