3Rs
Marketing 3Rs from page 16
Survival of the fittest
“ To be among the fittest , there are several survival strategies that need to be implemented and followed . First , develop a philosophy and commitment to survive . No one survives who is half committed . They either run away and hide or they end up overspending and running out of money to pay the cost of funding the enterprise .
“ A good steward always measures the cost before they make the commitment , as well as managing their resources properly , or they will run out of money and be forced to shut down their company . They also need to take a long-term view , meaning the steward must measure the cost of survival and budget appropriately . It may mean having a tough conversation with the team and getting everyone onboard with the plan to survive . Tough conversations are important to have with the members of the team who will be needed when the economic cycle changes direction .
“ A third consideration is to have a marketing plan to survive ,” continued Baker . “ Do the first things first . Go back to all of your best clients and affirm your staying power . Confidence and strength are the keys to survival . Demonstrate confidence in your plan and show you have the fortitude and strength to stay the course . If you show strength of conviction and courage to your clients , they will respect you and stay with you . Help them to be strong by being strong with them .
“ Remember , most of what is feared never happens . Worst-case scenarios rarely come to pass . Trust the capitalistic system . Find the survivors and help them through the crisis . When everyone comes out the other side they will be stronger . They will have a common bond of courage . Never break the chain of compound interest . That simply means , by staying the course , you are always moving ahead . Failure is not an option .”
Power of client relations
“ I have found that the best way to market our professional services within our communities is through the advocacy of our own clients . When we successfully help them achieve their financial objectives and provide them with service that exceeds their expectations , clients share their positive experiences with friends and family ,” shared Regina Bedoya , CLU , ChFC , president of RB Financial Advisors .* With a focus on marketing , Bedoya stated , “ Our business is based on trust and competence , which means personal recommendations are the most effective way of growing our practices .
Note : Securities and investment advisory services offered through Woodbury Financial Services , Inc . ( WFS ), member FINRA / SIPC . WFS is separately owned and other entities and / or marketing names , products , or services referenced here are independent of WFS . Insurance services also offered by RB Financial Advisors .
“ Given the uncertainty we are facing with volatility in the markets , historically high inflation , and a possible recession , many clients are asking to take a closer look at their current and future financial needs . With widespread media coverage on postpandemic finance and the potential looming recession , there is a heightened awareness of the need to reduce debt , increase savings , and prepare for the future . I expect the financial services profession to continue doing well in 2023 as we continue offering our clients strategies and recommendations that will help them manage risks and enhance options for the future .”
Being there when they are
Gregory B . Gagne , ChFC , founder of Affinity Investment Group , LLC , and 2023 first vice president of MDRT shared his ideas on marketing , saying , “ The most important and productive marketing tool I am using is a monthly content video . This idea came from my MDRT study group at the start of the pandemic .
“ Each month , we send our clients a video containing a brief market update and additional content that is useful for them to know . They are typically no longer than three minutes . It does not cost much to produce these , and they are very impactful because clients have the opportunity to hear what we ’ re thinking , gain some valuable insights , and learn more about their finances . It is like a meeting without having a meeting – we come to their computer on their terms , and they can review it when they are ready .”
“ Volatility is at an all-time high ,” Gagne said , “ and our clients need to have voices of reason to help guide them . In short , our goal is to manage behavioral finance during uncertain times and prevent clients from making mistakes due to the volatility . While we really have no idea what the markets or the economy will do in the short-term , we do know that sticking to a long-term plan will provide dividends for the clients we are fortunate enough to serve .”
No doubt the positive attitudes of these high-achieving BGAs and advisors make a big difference in their success . All have talent and experience , all are still generating and implementing great new ideas , and best of all , are feeling confident about the future .
Each month , we send our clients a video . It ’ s like a meeting without having a meeting – we come to their computer on their terms , and they can view when ready .
Gagne
18 Perspectives Q4 2022