MARKETING
Marketing’s Field of Dreams –
Build it based on client needs
“This isn’t a ‘Field of
Dreams.’ You will not
be successful just
because you build it.”
Kim Magdalein
An advisor with 30 years of speaking
and writing experience about
prospecting and marketing in the
industry. Co-founder of Seminars
for Less nearly 20 years ago, he
is a leader in seminar marketing,
assisting financial advisors and
insurance agents. Contact Kim at
www.seminarsforless.com
What pressing, even urgent problem must your target client solve? The reason marketing
fails for most practices is because of not satisfactorily answering this question. Notice each
element of the question, “pressing, even urgent.” What kind of pressure does your typical
client feel? What is creating stress? If you find problems to solve that are urgent, in nature,
and your practice addresses and solves them, you have a marketable practice. If you can’t
solve problems, that are urgent, then you may want to modify a few services you offer to
address problems. Then you will be able to create a marketing campaign that creates new
client acquisition. This isn’t a “Field of Dreams.” You will not be successful just because you
build it. They will not come.
There is one exception to that rule. A mature practice with a large, loyal client base that
will bring referrals, even without asking for them can grow or maintain. How many of you
can raise your hand to say, “that’s me?” The rest of you must start answering the questions
satisfactorily.
Thou shall not kid thyself
I created an 11th commandment. It’s not in the Bible but is a good principle for every
advisor — Thou shalt not kid thyself. It’s time to take a serious assessment of your practice.
These concepts are not intuitive and are rarely taught because they are based on a business
model not a fly-by-the-seat-of-your-pants model. Every marketing concept brought to you
by a marketing organization may not work for you. In fact, few will if they are not answering
these questions.
The second half of the question is about target client demographic. You should choose a
demographic that would be your first choice and what is best for your current practice. Other
questions to ask:
What is the age group?
What gender, if not both.
What realistic liquid assets should they have?
How many prospective clients who fit your demographics live in your marketing area?
Should you expand or contract geography to meet the criteria?
Do you want your clients to come to your office or do you want to go to them?
If clients come to you, how far, in time, must they drive to see you?
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Perspectives
Q4 2019