Hot business tip number 23: Have a marketing plan

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Get your marketing plans in order.

Get your marketing plans in order.

Dismissed by some as too ‘right brain’ or ‘warm and fuzzy’, a marketing plan which complements and supports your overall business plan is now essential for advisers seeking to profitably grow their practice.

At a simple level, a marketing plan articulates your target audience(s), your proposition to those audiences, and how you plan to find more of these people and what and how you will communicate with them.

Formalising such plans makes it easier to set your direction and track your progress. It can act as a catalyst to consider whether your direction is the right one and whether your proposition is internally consistent (for example is your ideal client actually aligned with your expertise and strengths as an adviser).

An important component of any marketing plan are objectives which are SMART (specific, measurable, attainable, relevant and timebound). An example might be to generate a certain amount of online enquiries within a month, or to attract XX new clients within a year.

A marketing plan is not just about sales, it should cover off:

  • Your proposition
  • Your brand identity
  • Your objectives
  • Your marketing budget
  • Specific initiatives, including a calendar and expected outcomes (e.g. hold a networking event within first quarter and have 30 guests attend, leading to 3 referrals)

The communications mix including:

  • Your website
  • Advertising
  • Social media and video
  • PR/media
  • Sponsorship
  • Events
  • Email marketing and newsletters
  • Collateral(brochures)
  • Lead sources, target volumes and conversion rates

Your plan should be regularly reviewed, both for tracking purposes and to adjust as the environment changes and assumptions are proved/disproved.

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This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

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